Catylist ID:
#30835758
French Quarter Hotel
Hospitality
for Sale
Sale Pending/Contingent
Also listed as Vacant Land
| Catylist Listing ID: | 30835758 |
| Property Subtypes: | Hotel |
| Status: | Pending/Contingent |
| Building Status: | Proposed |
| Number of Units: | 100 Units |
| Building Size (RSF): | 18,749 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 6,940 SF |
| Sale Price: | $5,850,000 |
| Unit Price: | $58,500 Per Unit |
| In Opportunity Zone? | Yes |
| Property Use Type: | Vacant/Owner-User |
| Building Name: | Royal Cosmopolitan |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 4/6/2024 |
Overview / Comments
|
French Quarter redevelopment opportunity with very attractive CBD Zoning. This is one of the last opportunities for a new lodging property in the French Quarter due to the property's CBD zoning. The existing historic building contains a ground-floor lobby/restaurant space with a mezzanine level, and 24 historic hotel rooms, 6 on each of floors 2-5. The zoning allows for a 120 foot, 13-story hotel tower + roof-top amenities, with approximately 72 additional rooms, to be constructed at the rear of the property. The building is located in a Qualified Opportunity Zone, the Vieux Carre National Register Historic District, and the Downtown Development District Cultural District, making it eligible for both State and Federal Historic Tax Credits, as well as Opportunity Zone Tax Treatment. A Payment in Lieu of Taxes (Pilot) or inclusion in the state's Restoration Tax Abatement Program are also possible options. Contact listing agent for more information on available development incentives. The existing 5-story masonry and cast iron building constructed as the Cosmopolitan Hotel in 1892 and designed by prominent local architect, Thomas Sully. The building originally featured dual frontage on Bourbon and Royal. It later became the Astor Hotel in 1925. |
Attachments & Media
Additional Details
| Nearest MSA: | New Orleans-Metairie |
| County: | Orleans |
| Submarket/Township: | French Quarter |
| Tax ID/APN: | 41021689 |
| Zoning: | CBD-2 |
| Retail Clientele: | General, Family, Business, Traveler, Tourist, Recreation, Convention, Casino |
| Property Located Between: | Canal and Iberville |
| Property Visibility: | Excellent |
| Largest Nearby Street: | Canal |
| Feet of Frontage: | 44 |
| Airports: | Brand New MSY |
| Site Description: | 44' of frontage on Royal Street. 160' of lot depth towards Bourbon Street with an offset in the rear. Adjacent to service alley at the rear of the property. |
| Nearby Attractions: | French Quarter, Casino, Aquarium, Super Dome, Smoothie King Center, Riverwalk, Woldenburg Park, Convention Center, and more |
| Total Number of Buildings: | 2 |
| Number of Stories: | 13 |
| Property Condition: | Average |
| Year Built: | 1892 |
| Roof Type: | Flat |
| Construction/Siding: | Aluminum Siding |
| Zoning Description: | CBD-2 Historic Commercial and Mixed-Use District use permissions include Hotel, Multi-Family, Live Entertainment – Secondary Use, Reception Facility, Commercial Short Term Rental, and Standard Restaurant, among others, with a height allowance of 13 stories and 120 feet. |
| Lot Frontage: | 44 |
| Lot Depth: | 160 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Legal Description: | SQ 66 LOT 26 ROYAL |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 17,589 | 187,454 | 408,148 |
| Median Age: | 41.41 | 35.89 | 36.97 |
| Households: | 9,636 | 82,204 | 171,469 |
| © Copyright 2024 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Louisiana Commercial Database, LLC nor Moody's assume any liability for errors or omissions. |
