New Orleans Federal Savings & Loan Building

Office for Sale
Sale Pending
Catylist Listing ID: 30082623
Property Subtypes: Office Building
Status: Pending
Building Size (RSF): 44,000 SF
Gross Land Area: 38,579 SF
Sale Price: $1,400,000
Unit Price: $31.82 PSF
Property Use Type: Vacant/Owner-User
Building Name: New Orleans Federal Savings & Loan Building
Class of Space: Class D
Usable Size (USF): 44,000 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/12/2017

Overview / Comments

Incredible opportunity to redevelop a historic office building that was listed on the National Register of Historic Places in 2015. The New Orleans Federal Savings & Loan (NOFSL) Building is an 8-story bank and office building located at the edge of the Gentilly Woods neighborhood a short distance from the Industrial Canal. The building was designed in the style of famed architect Frank Lloyd Wright (Wright) according to 1964 plans by local firm Leonard Reese Spangenberg and Associates Architects (Spangenberg) for developer Samuel J. Recile, whose anchor tenant and building namesake was NOFSL. Completed in 1965, it is steel-frame construction faced with coarse-aggregate cast-stone panels and color-tinted glass. It has been vacant since Hurricane Katrina, which badly damaged the building. Unfortunately, since that time, the building has fallen victim to significant vandalism.

The building features relatively small (approximately 5,500sf) floor plates, which would seem to lend themselves well to a residential conversion. There are plentiful windows on the north (lake) and south (river) sides of the building, but the east and west facades are windowless to reflect the intense New Orleans heat. The windowless facades remain emblazoned with "New Orleans Federal" lettering that is visible from a distance. The building was serviced by two passenger elevators (both out of commission) and two stairwells.

The ground floor of the building is divided in the center by a 30-foot-wide driveway that leads from the Chef Menteur frontage through a circular drive, underneath the building, past a drive-up teller’s window, and into a long rear parking lot that extends all the way to Old Gentilly Road. From its conception, the NOFSL Building provided extensive parking - even more than the then-in-effect zoning called for. The parking lot is now overgrown with weeds and needs repaving, but plans originally called for 60 parking spaces.

The building was nominated, and listed, on the National Register of Historic Places because of its architectural significance. More specifically, it is the only known example of a Wright-style bank and office building in New Orleans. In addition, it is one of only two of architect and former Wright apprentice Spangenberg’s remaining commercial designs in Orleans Parish that exhibit his strong connection to Wright (the other being the circular Unity Temple at 3722 St. Charles Ave.). The property's listing on the National Register of Historic Places likely deems it eligible for Federal Historic Tax Credits. Likewise, its age and location within the Gentilly Pontchartrain Park Cultural District should make it eligible for Louisiana State Historic Tax Credits. More information on these programs are available at the below links.

https://www.nps.gov/tps/tax-incentives.htm

http://www.crt.state.la.us/cultural-development/historic-preservation/tax-incentives/state-commercial-tax-credit/index

The building is also eligible for the New Orleans Redevelopment Authority's Commercial Corridors Revitalization Program. Information on that grant program, which can cover up to 15% of total development costs with a cap of $1M, is attached.

There are expansive views in every direction from the upper floors, and roof, of the building, including unobstructed views toward the New Orleans CBD. The building is likewise highly visible from the I-10 High Rise Bridge and Chef Menteur Hwy./Gentilly Blvd. (US 90).

Much of this overview was lifted from the NOFSL Building's National Register of Historic Places Nomination, which was prepared with great care and detail by Gabrielle Begue of Clio Associates LLC (http://www.clioassociates.com/).

Additional Details

Nearest MSA: New Orleans-Metairie
County: Orleans
Submarket/Township: Greater New Orleans
Tax ID/APN: 41202708
Zoning: C-2, AUTO ORIENTED COMMERCIAL DISTRICT
Property Located Between: France Rd. & Desire Pkwy.
Property Visibility: Excellent
Area Description: The Gentilly submarket has seen a resurgence in real estate related activity in recent years. A Walmart Supercenter located on the site of the former Gentilly Woods shopping center on Chef Menteur Hwy. opened in 2014 less than 1/2 mile from the NOFSL Building. The award winning nearby Columbia Parc mixed-income residential community includes the new McDonogh 35 High School and elementary school. The primary retail corridors of Gentilly Blvd., Elysian Fields Ave. and Chef Menteur Hwy. are among the most frequently traveled roads in New Orleans. Many previously closed shopping centers are currently being redeveloped to meet demand created by new residents wanting to shop and dine in Gentilly. The area has an abundance of educational institutions including the popular University of New Orleans, which was recently ranked the 18th most popular University in the United States; it has an enrollment of slightly over 8,000 students. An additional 4,000 students are enrolled at nearby Dillard University and Southern University of New Orleans. A state of the art library reopened near the busy intersection of Gentilly Blvd. and Elysian Fields Ave. Top performing schools such as Brother Martin High School and nationally ranked Benjamin Franklin High School are located in Gentilly. Gentilly is easily accessible from I-10 and -610 and contains multiple high traffic corridors. Easy access to City Park and Pontchartrain Park provides residents with multiple venues for recreation and relaxation.
Total Number of Buildings: 1
Number of Stories: 8
Typical SF / Floor: 5,500 SF
Year Built: 1965
Roof Type: Flat
Construction/Siding: Panelized, Steel Frame, Stone
Exterior Description: The façade features the densest concentration of Wright-influenced stylistic detail. It is visually divided into 3 distinct zones: a 2-story glass and bronze-finish aluminum storefront base, where the bank was located on the left and rental office spaces on the right; the 5 intermediate floors of rental offices above, which are defined by pier-like vertical bands of coarse-aggregate tan cast-stone panels; and the top floor of rental office space, where larger windows replace the pier-like vertical bands and projecting cast-stone mullions appear to sprout from the tan bands to support the cantilevered roof projection.
Parking Type: Surface
Total Parking Spaces: 60
Passenger Elevators: 2
Interior Description: The building has been vacant since Hurricane Katrina badly damaged it in August of 2005. Both the interior and exterior of the building have been extensively graffitied and vandalized in the years since then.
Zoning Description: Per the City of New Orleans Property Viewer, the zoning of the NOFSL Building is C-2 Auto-Oriented Commercial District. C-2's stated intention is "for a wide variety of commercial activities, generally serving a wide area and located along major arterials. The C-2 District is intended for large-scale, auto-oriented commercial uses and strip commercial developments, which require significant parking." See www.property.nola.gov for additional information.
Lot Frontage: 100'/86'
Lot Depth: 410'/426'
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee simple

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,565 101,147 237,240
Median Age: 36.66 35.89 35.32
Households: 3,220 40,797 96,712

Contact

Photograph of Listing Agent

Jonathan D Shaver

RE/MAX Commercial Brokers Inc Metairie, LA 70002
LACDB Member
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