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.

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

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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


Photograph of Listing Agent

Gordon McLeod

The McEnery Company Inc New Orleans, LA 70112
LACDB Member
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