The Property is located at 451 South Galvez Street, New Orleans, Louisiana. The project is the conversion of an existing 11,400 s.f. commercial building situated on a 11,867 s.f. land parcel into a Food Hall.
The location is also being further evaluated for additional new vertical development which could include use as a hotel or “Airbnb style” short-term apartment rental. No cost has been developed for additional new construction here and such new vertical construction would generally not be eligible for historic tax credits. The Food Hall parcel is under contract to a 50/50 venture between an affiliate of the Sponsor and an unrelated local development partner that the Sponsor has prior experience with.
The Food Hall site is located in immediate proximity to the LSU School of Medicine, the University Medical Center and the Veteran’s Administration Medical Center, all key parts of a newly constructed $3 billion Medical District. This is a high-traffic, high-visibility, 24/7, urban-infill site servicing large daytime and evening populations. Preliminary indication is that the existing structure should qualify for inclusion on the National Registry of Historic Places making the development eligible to receive state and federal historic tax credits. Project cost for the Food Hall has not been developed yet but is expected to be approximately $3 million.
• This Property is located in the $3 billion Medical District of New Orleans.
• The site is in immediate proximity to the LSU School of Medicine, the University Medical Center and the Veteran's Administration Medical Center and a few blocks away from Tulane Medical School.
• Between these four facilities are 10,500 employees and staff, 3,000 students and 735 hospital beds.
• The traffic count along Tulane Avenue at this location is approximately 20,000 vehicles per day and signage from this location should be visible from I-10.
Qualified Opportunity Zone Census Tract 22071006000.
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