Multi-Family/Hotel Development Property

Hospitality for Sale
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: $14,900,000
Unit Price: $74,500 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: 11/8/2022

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

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

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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

Contact

Photograph of Listing Agent

Chris Talbot

Talbot Realty Group New Orleans, LA 70130
LACDB Member
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