121 Royal StNew Orleans, LA 70130

Property Details for 121 Royal St

Year built

1900

Lot size

0.15 AC

Property size (Sq ft)

12,490 SF

Property type

Retail properties

Property subtype

Retail space

APN

206103021

APU

206103021

Description

This exceptional 18,749 square foot mixed-use property, located at 121 Royal Street in New Orleans' French Quarter, presents a rare investment opportunity. The five-story building, originally constructed in 1892 by renowned architect Thomas Sully, boasts a rich history as both the Cosmopolitan and Astor Hotels. Currently zoned CBD-2, this property offers significant development potential. Plans for a comprehensive restoration of the existing structure and the addition of a new 13-story, 120-foot hotel tower are available for review, envisioning a 98-key hotel. The 6,443 square foot lot sits within a Qualified Opportunity Zone, the Upper Central Business District National Register Historic District, and the Downtown Development District Cultural District. This advantageous location makes the property eligible for State and Federal Historic Tax Credits, Opportunity Zone Tax Treatment, and potentially a Payment in Lieu of Taxes (Pilot) or inclusion in the state's Restoration Tax Abatement Program. Permitted uses under the CBD-2 zoning include hotel, multi-family residential, live entertainment, reception facilities, short-term rentals, and restaurants. The asking price is $5,850,000, translating to $312.02 per square foot. This is a unique chance to acquire a landmark property with substantial upside in a highly desirable location.

Location Insight

City

New Orleans

County

Orleans

State

Louisiana

Latitude

29.9539

Longitude

-90.0689

CBSA code

35380

CBSA name

NEW ORLEANS-METAIRIE-KENNER, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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