Address: 121 Royal Street New Orleans, LA 70130
List Price: $8,000,000
General Comments: French Quarter Property with very attractive CBD Zoning! One of the last opportunities for a new lodging property in French Quarter. Designed by notable local architect, Thomas Sully, the 5-story masonry and cast iron building was originally constructed as the Cosmopolitan Hotel in 1892, and later became the Astor Hotel in 1925. Renderings and plans of a proposed restoration of the main building and construction of a new 13-story, 120 foot hotel tower at the rear of the property to create a 98 key hotel are available for review.
Incentives: The building 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. A Payment in Lieu of Taxes (Pilot) or inclusion in the state’s Restoration Tax Abatement Program are also possible options. Contact listing agent for more information on available development incentives.
Zoning: The CBD-2 Historic Commercial and Mixed-Use District use permissions include Hotel, Multi-Family, Live Entertainment – Secondary Use, Reception Facility, Commercial Short Term Rental, and Standard Restaurant, among others, with a height allowance of 13 stories and 120 feet.
Contact Gordon McLeod (504.717.3648) or Parke McEnery (504.236.9542) for more information or to schedule a showing.