The Ernest N. Morial Convention Center holds approximately 47 acres of undeveloped lands located along which The McEnery Company was retained to provide an opinion of value in the fall of 2018. The McEnery Company was engaged by the Ernest N. Morial New Orleans Exhibition Hall Authority to provide multiple opinions of the market value of an aggregate of approximately 47 acres of highly marketable land situated directly adjacent to the New Orleans Convention Center. We have successfully provided accurate appraisal determinations on similarly complex urban in-fill sites, including the entirety of the land on which the South Market District was developed in Downtown New Orleans. The series of sites represent what is by far the largest undeveloped site within the urban core of New Orleans. The valuation included analysis of numerous sales from the immediate market area, as well as a land residual analysis for a portion of the property based on the hypothetical development of a flagship hotel. The real estate development plans contemplated for this key, in-fill tract is easily classifiable as the one of the most substantial real estate developments in the City of New Orleans in decades. The publicly available renderings of the broad concept are included below.
Recent news reports indicate that a portion of the site is currently in negotiations to be leased for the development of an Omni Hotel located adjacent to the Convention Center.