Catylist ID:
#30803131
| Catylist Listing ID: | 30803131 |
| Property Subtypes: | Extended Stay, Hostel, Hotel, Vacation Rental(s), Other |
| Number of Units: | 200 Units |
| Building Size (RSF): | 108,000 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 35,150 SF |
| Sale Price: | $15,900,000 |
| Unit Price: | $79,500 Per Unit |
| In Opportunity Zone? | Yes |
| Property Use Type: | Investment |
| Name of Establishment: | Governor House Hotel |
| Sale Terms: | Cash to Seller, Other |
| Cap Rate: | Undisclosed |
| Last Updated: | 8/4/2022 |
Overview / Comments
|
Talbot Realty Group presents this Multi-Family / Hotel Development Opportunity (“the Property”), a ±200 room (±108,000 SF) CBD multiuse redevelopment site. This highly visible building is ideally located on Canal Street in the BioMedical District of New Orleans, Louisiana. The Property offers approximately 180 feet of frontage along prominent Canal Street and is directly situated on the streetcar line. Its highly visible positioning is in the epicenter of New Orleans businesses and transportation routes allowing for first-class convenience and accessibility. 1630 Canal St. is in the city’s BioMedical District, which provides world-class biosciences research and development, healthcare delivery, and high-paying jobs. The BioMedical District— which includes the Veterans Administration Hospital, the new University Medical Center, the Louisiana Cancer Research Center, and the New Orleans BioInnovation Center—is creating an economic impact of $3.3 billion and has created 34,000 new jobs in the region. The Property has been determined to qualify for Historic Tax Credits on the Federal and State levels and is located in an opportunity zone. The Canal Street location offers the opportunity to redevelop an impressive short/ long-term stay service or hotel tower, with direct access to the CBD, Medical District, Warehouse District, and the French Quarter. 1630 Canal Street is strategically located for walkability to the most acclaimed restaurants, premier shopping, and entertainment in the heart of New Orleans. It is only blocks away from The Superdome, and a drive of less than five minutes to Caesar's Casino and the Convention Center. PROPERTY OVERVIEW: The property is vacant and has been remediated. The current condition is a steel frame blank canvas ready for development. The property is comprised of a single building with a brick exterior. The hotel's flat roof is constructed of concrete with a rubber membrane. Sections of the roof were replaced in 2005. The previous full-service hotel featured 216 guest rooms, a restaurant and three bars, an attached parking garage with 125+ spots, an outdoor pool and cabana, two conference halls with a prep kitchen and bar, private offices for staff, and a laundry facility. HISTORIC SIGNIFICANCE: The former Governor House Motor Hotel is a six-story hotel built in 1963 as the first motor hotel in the New Orleans Central Business District. The steel-frame building is clad in brick and designed in the French Quarter Revival Style, making prominent use of iconic elements such as French doors, shutters, arched openings, and balconies. The building's exterior has not been altered since the hotel opened. The original building included a restaurant, three bars, two meeting rooms, a swimming pool and cabana, and restrooms - which are historic contributing elements in addition to the hotel and parking structure. The building was placed on the National Registry of Historic Places on May 31, 2016. Building Highlights: • Single building with attached garage • Steel frame blank canvas ready for development • Currently vacant and remediated • Outdoor pool and cabana • Potential for rooftop development and entertainment • Experience a virtual tour of the current prop within the link embedded in the OM attachment. Previous Hotel Features: • Full-Service Hotel strategically located • 216 Guest Rooms • 1 Restaurant and 3 Bars • Attached parking garage with 125+ spots • Outdoor pool and cabana • Two conference halls with a prep kitchen and bar • Private offices for staff • Laundry facility |
Attachments & Media
Additional Details
| Nearest MSA: | New Orleans-Metairie |
| County: | Orleans |
| Submarket/Township: | Greater New Orleans |
| Tax ID/APN: | 41031372 |
| Zoning: | CBD-7 |
| Retail Clientele: | General, Family, Business, Traveler, Tourist, Convention, Casino |
| Property Visibility: | Excellent |
| Largest Nearby Street: | Canal Street |
| Feet of Frontage: | 180 |
| Total Number of Buildings: | 1 |
| Number of Stories: | 6 |
| Year Built: | 1963 |
| Roof Type: | Flat |
| Construction/Siding: | Brick |
| Water Recreation: | Outdoor Pool |
| Total Parking Spaces: | 100 |
| Parking Type: | Structure |
| Parking Description: | Internal parking garage with a potential for 100+ parking spots |
| Zoning Description: | CBD-7 Bioscience District |
| Lot Frontage: | 185 |
| Lot Depth: | 190 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Legal Description: | SQ 404 LOT A-1 190' X 185' CANAL DAYS INN CANAL 216 ROOMS |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 21,856 | 199,293 | 405,671 |
| Median Age: | 37.14 | 35.91 | 37.06 |
| Households: | 10,113 | 86,888 | 171,541 |
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