The McEnery Company was recently engaged by a regional lender to provide an appraisal report with multiple value scenarios for the former Times Picayune Building located along Howard Avenue in New Orleans, Louisiana. The requested scope of work required several value premises including an As Is market value of the property, As Proposed Market Value – under a ground lease analysis, and an As Proposed Value – as a Dark Special Purpose property. The highly complex scope of work required an intensive market area analysis and highest and best use discussion. The $29 million project is scheduled to break ground in the near future. The proposed improvements consist of a 62,000 square foot recreational golf facility with a restaurant, bar, arcade and conference room. There will be 90 golf ball hitting bays, a large AstroTurf area, and large parking accommodations.
More information on the proposed project can be found at the link below: