Exceptional Development Opportunity: 1040-42 Magazine Street is a large three-story ~24,516 SF historic masonry warehouse and an adjacent 24+ space ~7,685 SF parking lot in the heart of the Warehouse District that has been home to Purveyor of Fine Wines wholesale wine distributors since 1988.
The building was constructed in the first quarter of the 20th Century as the Jose Escalante & Co. Cigar Factory and features large steel industrial windows, generous ceiling heights (10-18′), and original floors throughout. The building is climate controlled and fully sprinklered with recent capital improvements including three year old energy efficient membrane roofing system and updated HVAC and electrical systems. The first floor includes a large 12′ roll up door on Magazine Street and 20′ x 22′ column spacing.
The property is located in a Qualified Opportunity Zone, the Upper Central Business District National Register Historic District, and the Downtown Development District Cultural District, making it eligible for both State and Federal Historic Tax Credits, as well as Opportunity Zone Tax Treatment. The property is also directly across the street from the National WWII Museum and the brand new Higgins Hotel & Conference Center, and just steps from the Lower Garden District, Central Business District and French Quarter.
The CBD-3 Cultural Arts District use permissions include Hotel, Multi-Family, Live Entertainment – Secondary Use, Reception Facility, Commercial Short Term Rental, and Standard Restaurant, among others, as well as generous height and massing allowances, including 10 stories and 125 feet of height.
The property is available for sale at $6,750,000.
Contact Gordon McLeod (504.717.3648) for more information or to schedule a showing.