Incomparable Algiers Point Development Site

Office for Sale
Also listed as Special Purpose, Vacant Land
Catylist Listing ID: 30274741
Property Subtypes: Office Building
Building Size (RSF): 80,834 SF
Gross Land Area: 122,294 SF
Sale Price: $4,950,000
Unit Price: $61.24 PSF
Property Use Type: Vacant/Owner-User
Building Name: Former LP&L Headquarters
Class of Space: Class C
Usable Size (USF): 80,834 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/30/2018

Overview / Comments

The former Louisiana Power & Light (LP&L) headquarters in Algiers Point is a unique offering in one of New Orleans’ oldest neighborhoods. It sits across the street from the Algiers Ferry terminal, providing direct access to the Warehouse District, Central Business District and French Quarter every day of the week. It provides an amazing adaptive reuse use opportunity, potentially with the use of state and/or federal historic tax credits. But it also presents an opportunity to redevelop into a mixed-use project from scratch in a dense, energetic neighborhood with an unparalleled view of the New Orleans skyline.

The offering includes nearly 81,000 square feet of improvements constructed over several years, as well as nearly 65,000 square feet of developable land across Delaronde Street. With the entire area being spread over almost two adjacent city blocks, there is an opportunity for a development that could have a long-lasting impact in one of the most noteworthy vantage points in New Orleans, Louisiana. This is a rare opportunity to be part of the 21st century renaissance in the heart of the 300-year-old City of New Orleans.

Please execute and return the attached confidentiality agreement for access to full offering memorandum.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Westbank
Taxing Authority: Orleans Parish Assessor's Office
Tax ID/APN: Multiple
Zoning: MU-1, MEDIUM INTENSITY MIXED-USE DISTRICT / HU-RD2, HISTORIC URBAN TWO-FAMILY RESIDENTIAL DISTRICT
Property Located Between: Seguin, Morgan, Bouny & Pelican Streets (bisected by Delaronde Street).
Area Description: Algiers was established in 1719, making it the second oldest neighborhood in the City. A major fire in 1895 destroyed much of the area. The rebuilding effort took place in the midst of the Victorian era, however, and left a remarkable collection of Victorian architectural styles, including Italianate, Eastlake and Queen Anne. The first bridge crossing the river in Orleans Parish was built in 1958, linking the East and West Banks. A second bridge was added in 1988. Today, Algiers remains a vibrant neighborhood with a storied past and a bright future.
Total Number of Buildings: 4
Number of Stories: 5
Year Built: 1951
Roof Type: Flat
Construction/Siding: Block, Brick, Concrete, Panelized
Parking Type: Surface
Passenger Elevators: 3
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Zoning Description: The majority of the properties are zoned MU-1, the stated purpose of which is to “encourage walkable neighborhood centers and corridors, with a mix of residential and commercial uses. Buildings may contain vertical mixed-use as well as single purpose uses designed to provide transitions to adjacent lower density residential areas.”
Lot Frontage: Various
Lot Depth: Various
Sewer Type: Municipal
Land Ownership: Fee simple

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,212 169,318 391,289
Median Age: 42.12 36.5 36.52
Households: 9,955 74,329 163,134

Contact

Photograph of Listing Agent

Jonathan D Shaver

RE/MAX Commercial Brokers Inc Metairie, LA 70002
The information presented herein is provided as is, without warranty of any kind. Neither Louisiana Commercial Database, LLC nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.