Fire Damaged America’s Best Hotel Going Back Into Commerce As Office/Retail Center
NEW ORLEANS, Louisiana. March 26, 2015 – Tulane Avenue is the most anticipated area in New Orleans for new developments, and the largest tract of land in the area will finally be put back into commerce after 4 years of work by a local commercial real estate broker. Louisiana Commercial Realty president Robert Hand says, “Our firm has been involved with almost every major development in the Tulane Avenue area, and we are proud to announce another vacant property will be put back into commerce. The fire-damaged America’s Best Hotel at 2820 Tulane Avenue has been sold to a local businessman who hopes to transform the property into a new office and retail development.”
The 4 year struggle to get the 32,579 square foot of land developed started in April 2011, after the property was severely damaged by fire caused by one of the hotel’s residents who was cooking on a hot plate in a room on the third floor. The fire destroyed the roof and most of the third and second floor. The property went on the market to be sold in AS-IS condition, and many hopeful developers thought it could be revived as a moderately priced hotel. In June 2011, a developer agreed to purchase the property, but it turned out they did not have the proper financing and the property went back on the market. In October 2011, there were negotiations from a nearby property owner to purchase the property, but things fell apart when the buyer again could not get financing. Finally in January 2012, the property was purchased for $650,000 by a local hotel owner who believed Tulane Avenue was a good location and envisioned putting the property back into commerce as a hotel. The new owner incurred over $100,000 in fees from architects and attorneys just so he could present the development to the City Planning Department for approval, but after nearly three years he was still unsuccessful. The owner decided a hotel would require more effort and expense than he expected, and decided to entertain offers to purchase the property. A verbal offer from a local construction company in December 2014, for $1,000,000 could never be finalized in writing, but in February 2015, negotiations started with a local businessman who owned nearby retail property and wanted to do more in the area. Finally in March 2015, the businessman purchased the property for $1,060,000 under the name 2820 Tulane, LLC.
Hand says, “We are reminded when properties like this are put back into commerce, that real estate is often the vehicle by which the average person can achieve their lifelong dream. The seller of this property moved to the area 25 years ago, arriving in the middle of a recession with a dream to operate his own hotel. He purchased a small hotel in Houma and built the business up successfully, then sold it and used his family’s life savings to buy this property. The buyer of this property is a trained physicist from Europe, whose most likely job was work in the military but sought a better life in the US. He now does work with the National Institute of Health and saves his money so he can buy real estate. It is the grit and determination of an average person, looking to make a better life for their family who in the end helps revitalize New Orleans and transform its landscape. We are proud to have been a part of helping people realize their dream.”
About Louisiana Commercial Realty LLC
Louisiana Commercial Realty LLC, based in New Orleans, Louisiana, is known for marketing high value, complicated commercial properties. President Robert Hand is the only commercial real estate broker in Louisiana with an MBA and the CCIM and SIOR designations.