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Robert Hand,
Louisiana Commercial Realty, LLC
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Metairie, Louisiana 70002

Phone: 504-289-8172
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Licensed in Louisiana and Mississippi
email: roberthand@cox.net

www.LouisianaCommercialRealty.com

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Featured Properties » SOLD-Largest Vacant Hotel Near New Orleans French Quarter


Description

931 Canal Street is a 131,891sf eight-story masonry building constructed in 1909 and has been completely gutted in anticipation of use as a 204-room Hilton hotel which did not materialize, resulting in foreclosure in 2009. The structure is steel, reinforced concrete frame with concrete floors and a terracotta and brick facade. The building was occupied as offices until early 2004 when the interior demolition commenced, and has full floors on levels one through three, with a first floor height of 23 feet with a mezzanine, and is C-shaped from the fourth floor up around a light court facing south. A Phase-1 was completed in 2003, advising no further study was needed. Interior demolition work is mostly complete, with reconstruction expenditures as of July 2005 exceeding $2,000,000 which was estimated at 14% of the entire work for the hotel project. Following Hurricane Katrina in 2005, $205,000 was spent in electrical upgrades for a new 550 volt three phase transformer. Work ceased in 2007. Since foreclosure, the exterior elevator has been removed and there is currently no access above the first floor.

Canal at Burgundy. Zoned CBD-3, which also allows RM-4 use, the property could be used as a hotel, apartment hotel, condominiums, bank, or hospital. The property is within the Biosciences District, and strategically located in the French Quarter. Favorable financing options still exist, including 26% Federal Historic Tax Credits, 20% State Historic Tax Credits, Facade Donation Deduction and Gulf Opportunity Zone Bonds.



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