Large-Scale Central City Redevelopment Opportunity

Vacant Land for Sale
Also listed as Industrial, Special Purpose
Catylist Listing ID: 30214484
Property Subtypes: Hospitality, Multi-Family, Office, Retail, Other
Gross Land Area: 314,700 SF
Sale Price: $14,625,000
Unit Price: $46.47 PSF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/30/2018

Overview / Comments

RE/MAX Commercial Brokers, Inc., in coordination with Cushman & Wakefield, is excited to present this opportunity to the market.

The former Brown’s Dairy complex is a unique property in an even more unique neighborhood in the heart of New Orleans. It is in close proximity to numerous signature experiences and vibrant neighborhoods and presents the largest infill development opportunity to hit the market in recent years. It provides an unparalleled adaptive reuse use opportunity, potentially with the use of state and/or federal historic tax credits, but also presents an opportunity to tear down and start a mixed-use redevelopment from scratch in a dense, energetic neighborhood.

The complex was constructed in multiple parts over many years, and includes a number of buildings on separate squares. Ownership is willing to sell the complex as a single piece or consider splitting and selling separately. References below are to the attached "Brown's Property Summary - Survey Overlay".

• Property 1 – 1401 Baronne Street (in blue) includes a standalone warehouse building of approx. 5,500 sq.ft. with an additional 7,000 sq.ft. of land. Asking price: $675,000.

• Property 2 - 1713-1735 Erato Street (in orange) is a fenced, paved lot of approximately 18,500 sq.ft. Asking price: $975,000.

• Property 3 – 1300-1328 Oretha Castle Haley Boulevard (in red) is a large fenced, paved lot of approximately 89,000 sq.ft. Note building (H) is an existing duplex that is not a part of this site. Asking price: $4,000,000.

• Property 4 - 1300 & 1400 Blocks of Baronne Street (in green) encompasses the main plant with a large fenced, paved lot. Improvements total approximately 120,000 sq.ft. built in multiple phases and land area totals approximately 200,000 sq.ft. The warehouse buildings appear to have been built in at least four different phases, with the oldest portion of the building(s) dating back to as early as the turn of the 20th century. The original buildings that face Erato St. appear to be about 12,500 sq.ft. (see historic photo below). The largest portion of the building appears to have been constructed in 1950s, and added onto in at least two other phases in the 1960s-70s and then the 1980s-90s. The footprint is approximately 75,000 sq.ft. and with second floor area of approximately 44,000 sq.ft. Asking price: $9,000,000.

The zoning of the Subject Property is MU-2, High Intensity Mixed-Use District, the stated purpose of which is to “encourage walkable neighborhood centers and corridors conducive to transit, with a mix of residential and supportive commercial and office uses. Buildings may contain vertical mixed-use as well as single purpose uses designed to be located both at neighborhood centers and along major arterial corridors.”

Permitted uses within the MU-2 zone include multi-family, art galleries, bars, micro-breweries, office, reception facilities, recording studios and restaurants. Importantly, the Subject Property is also permitted for use as commercial short-term rental (e.g., Airbnb), which has become a huge factor in the New Orleans real estate market in recent years. MU-2 calls for a minimum lot area of 800 sq.ft. per dwelling unit for multi-family development, a maximum of 85’ or no more than 7 stories of building height with a minimum of 20% of the lot area reserved for permeable open space. Taken together, this is an attractive zoning classification that will allow developers to build a dense, mixed-use development.

Please contact listing agents for a full Offering Memorandum and/or for additional information.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District
Tax ID/APN: Multiple
Zoning: MU-2, HIGH INTENSITY MIXED-USE DISTRICT
Property Located Between: Oretha Castle Haley Boulevard, Martin Luther King Jr. Boulevard, Carondelet Street & Thalia Street
Property Visibility: Good
Largest Nearby Street: Oretha Castle Haley Boulevard
Feet of Frontage: 225
Development Name: Former Brown's Dairy Complex
Topography: Level
Available Utilities: Electric, Water, Gas, Sewer, Cable, Internet Access
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,424 201,113 405,414
Median Age: 36.9 35.65 37.01
Households: 11,716 86,997 169,261

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.