Market Street Power Plant

Special Purpose for Sale
Catylist Listing ID: 30640190
Building Size (RSF): 162,854 SF
Gross Building Area: See Agent
Gross Land Area: 7.13 Acres
Sale Price: $16,910,000
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 11/29/2021

Overview / Comments

The Market Street Power Plant (MSPP) is a historic facility that includes seven plus (7+) acres of ground. The actual power plant buildings contain a total of approximately 163,000 sf of gross building area.

The ground floor is approximately 72,000 +/- sf. Within the building footprint are seven (7) individual buildings that have been constructed, and are interconnected, with various floor sizes.

The facility sits on the Mississippi River between the high-demand New Orleans Warehouse District and the Lower Garden District. The property is immediately upriver from the 1.1 million sf ground floor exhibit space Ernest N. Morial Convention Center and its forty-seven plus (47+) acre development site and offers unobstructed views of the Mississippi River. This area, called the Entertainment District, is in the final planning stages of development into a mixture of retail, residential, hotel, office, and entertainment venue components. The Entertainment District will also include a proposed 1,200 room Convention Center Headquarters Hotel. The MSPP is adjacent to a newly expanded cruise ship terminal and a short distance to the $500 million Four Seasons Hotel, expected to be completed in 2021.

The MSPP is located just south of the New Orleans Central Business District (CBD), the center of commerce for New Orleans. It features fifteen (15) Class A office buildings that contain 9,043,000 +/- rentable square feet of space. Current occupancy of these buildings is 87+%. Both the CBD and the historic French Quarter, located immediately north of the CBD, contain numerous hotel rooms and world-class restaurants, all within short walking distances from the hotels.

The CBD also has a very strong residential presence that features in excess of 6,700 residential apartments and condominiums in the popular Lafayette Square, Warehouse District, and South Market District submarkets. Since 2005, this area has been the recipient in excess of $7 billion in development and investment expenditures.

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Uptown-Garden District
Tax ID/APN: 41135898
Zoning: MU-2
Property Visibility: Excellent
Largest Nearby Street: S. Peters St.
Highway Access: I-10 and US Rte 90 Business (Ponchartrain Expressway)
Airports: MSY
Total Number of Buildings: 7
Year Built: 1902
Construction/Siding: Brick
Parking Type: Surface
Zoning Description: High intensity, mixed use district

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,139 187,736 388,803
Median Age: 36.08 36.09 36.61
Households: 9,066 80,068 159,869

Contact

Photograph of Listing Agent

Hayden Wren, CCIM, SIOR

Corporate Realty - Main Office New Orleans, LA 70170-0000
LACDB Member
Photograph of Listing Agent

Michael J Siegel, SIOR

Corporate Realty - Main Office New Orleans, LA 70170-0000
LACDB Member
Photograph of Listing Agent

Scott Graf, CCIM

Corporate Realty - Main Office New Orleans, LA 70170-0000
LACDB Member
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