Canal Street Hotel | 1630 Canal St
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Canal Street Hotel 1630 Canal St
216 Room Hotel New Orleans, LA 70112 $11,250,000 ($52,083/Room)
Investment Highlights
- • 180 ft of Canal Street frontage • Highly visible positioning in the epicenter of New Orleans businesses and transportation routes
- • Qualified Opportunity Zone
- • Rare redevelopment opportunity in the CBD
- • Take advantage of federal and state historic tax credits
- • Convert into a modern, extended and expanded stay hotel or multifamily building with attached garage
Executive Summary
Bring All Offers! Motivated Seller!
Talbot Realty Group presents this Multi-Family / Hotel Development Opportunity (“the Property”), a ±200 room (±108,000 SF) CBD multiuse redevelopment site. This highly visible building is ideally located on Canal Street in the BioMedical District of New Orleans, Louisiana.
The Property offers approximately 180 feet of frontage along prominent Canal Street and is directly situated on the streetcar line. Its highly visible positioning is in the epicenter of New Orleans businesses and transportation routes allowing for first-class convenience and accessibility. 1630 Canal St. is in the city’s BioMedical District, which provides world-class biosciences research and development, healthcare delivery, and high-paying jobs. The BioMedical District— which includes the Veterans Administration Hospital, the new University Medical Center, the Louisiana Cancer Research Center, and the New Orleans BioInnovation Center—is creating an economic impact of $3.3 billion and has created 34,000 new jobs in the region.
The Property has been determined to qualify for Historic Tax Credits on the Federal and State levels and is located in an opportunity zone. The Canal Street location offers the opportunity to redevelop an impressive short/ long-term stay service or hotel tower, with direct access to the CBD, Medical District, Warehouse District, and the French Quarter. 1630 Canal Street is strategically located for walkability to the most acclaimed restaurants, premier shopping, and entertainment in the heart of New Orleans. It is only blocks away from The Superdome, and a drive of less than five minutes to Caesar's Casino and the Convention Center.
PROPERTY OVERVIEW: The property is vacant and has been remediated, and is comprised of a single building with a brick exterior. The current condition is a steel frame blank canvas ready for development The hotel's flat roof is constructed of concrete with a rubber membrane. Sections of the roof were replaced in 2005. The previous full-service hotel featured 216 guest rooms, a restaurant and three bars, an attached parking garage with 125+ spots, an outdoor pool and cabana, two conference halls with a prep kitchen and bar, private offices for staff, and a laundry facility.
HISTORIC SIGNIFICANCE: The former Governor House Motor Hotel is a six-story hotel built in 1963 as the first motor hotel in the New Orleans Central Business District. The steel-frame building is clad in brick and designed in the French Quarter Revival Style, making prominent use of iconic elements such as French doors, shutters, arched openings, and balconies. The building's exterior has not been altered since the hotel opened. The original building included a restaurant, three bars, two meeting rooms, a swimming pool and cabana, and restrooms - which are historic contributing elements in addition to the hotel and parking structure. The building was placed on the National Registry of Historic Places on May 31, 2016.
Building Highlights:
• Single building with attached garage
• Steel frame blank canvas ready for
development
• Currently vacant and remediated
• Outdoor pool and cabana
• Potential for rooftop development and
entertainment
• Experience a virtual tour of the current prop within the link embedded in the OM attachment.
Previous Hotel Features:
• Full-Service Hotel strategically located
• 216 Guest Rooms
• 1 Restaurant and 3 Bars
• Attached parking garage with 125+ spots
• Outdoor pool and cabana
• Two conference halls with a prep kitchen
and bar
• Private offices for staff
• Laundry facility
Talbot Realty Group presents this Multi-Family / Hotel Development Opportunity (“the Property”), a ±200 room (±108,000 SF) CBD multiuse redevelopment site. This highly visible building is ideally located on Canal Street in the BioMedical District of New Orleans, Louisiana.
The Property offers approximately 180 feet of frontage along prominent Canal Street and is directly situated on the streetcar line. Its highly visible positioning is in the epicenter of New Orleans businesses and transportation routes allowing for first-class convenience and accessibility. 1630 Canal St. is in the city’s BioMedical District, which provides world-class biosciences research and development, healthcare delivery, and high-paying jobs. The BioMedical District— which includes the Veterans Administration Hospital, the new University Medical Center, the Louisiana Cancer Research Center, and the New Orleans BioInnovation Center—is creating an economic impact of $3.3 billion and has created 34,000 new jobs in the region.
The Property has been determined to qualify for Historic Tax Credits on the Federal and State levels and is located in an opportunity zone. The Canal Street location offers the opportunity to redevelop an impressive short/ long-term stay service or hotel tower, with direct access to the CBD, Medical District, Warehouse District, and the French Quarter. 1630 Canal Street is strategically located for walkability to the most acclaimed restaurants, premier shopping, and entertainment in the heart of New Orleans. It is only blocks away from The Superdome, and a drive of less than five minutes to Caesar's Casino and the Convention Center.
PROPERTY OVERVIEW: The property is vacant and has been remediated, and is comprised of a single building with a brick exterior. The current condition is a steel frame blank canvas ready for development The hotel's flat roof is constructed of concrete with a rubber membrane. Sections of the roof were replaced in 2005. The previous full-service hotel featured 216 guest rooms, a restaurant and three bars, an attached parking garage with 125+ spots, an outdoor pool and cabana, two conference halls with a prep kitchen and bar, private offices for staff, and a laundry facility.
HISTORIC SIGNIFICANCE: The former Governor House Motor Hotel is a six-story hotel built in 1963 as the first motor hotel in the New Orleans Central Business District. The steel-frame building is clad in brick and designed in the French Quarter Revival Style, making prominent use of iconic elements such as French doors, shutters, arched openings, and balconies. The building's exterior has not been altered since the hotel opened. The original building included a restaurant, three bars, two meeting rooms, a swimming pool and cabana, and restrooms - which are historic contributing elements in addition to the hotel and parking structure. The building was placed on the National Registry of Historic Places on May 31, 2016.
Building Highlights:
• Single building with attached garage
• Steel frame blank canvas ready for
development
• Currently vacant and remediated
• Outdoor pool and cabana
• Potential for rooftop development and
entertainment
• Experience a virtual tour of the current prop within the link embedded in the OM attachment.
Previous Hotel Features:
• Full-Service Hotel strategically located
• 216 Guest Rooms
• 1 Restaurant and 3 Bars
• Attached parking garage with 125+ spots
• Outdoor pool and cabana
• Two conference halls with a prep kitchen
and bar
• Private offices for staff
• Laundry facility
Data Room Click Here to Access
Property Facts
| Price | $11,250,000 | No. Rooms | 216 |
| Price Per Room | $52,083 | No. Stories | 6 |
| Sale Type | Investment | Year Built/Renovated | 1963/2007 |
| Property Type | Hospitality | Tenancy | Single |
| Property Subtype | Hotel | Parking Ratio | 1.17/1,000 SF |
| Building Class | F | Corridor | Interior |
| Lot Size | 0.81 AC | Opportunity Zone |
Yes
|
| Building Size | 108,000 SF |
| Price | $11,250,000 |
| Price Per Room | $52,083 |
| Sale Type | Investment |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | F |
| Lot Size | 0.81 AC |
| Building Size | 108,000 SF |
| No. Rooms | 216 |
| No. Stories | 6 |
| Year Built/Renovated | 1963/2007 |
| Tenancy | Single |
| Parking Ratio | 1.17/1,000 SF |
| Corridor | Interior |
| Opportunity Zone |
Yes |
Amenities
- Pool
- Meeting Event Space
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 216 | $63.00 | - |
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Walk Score ®
Very Walkable (80)
Transit Score ®
Excellent Transit (82)
Bike Score ®
Biker's Paradise (94)
PROPERTY TAXES
| Parcel Number | 1-05-1-036-21 | Improvements Assessment | $226,200 |
| Land Assessment | $295,260 | Total Assessment | $521,460 |
PROPERTY TAXES
Parcel Number
1-05-1-036-21
Land Assessment
$295,260
Improvements Assessment
$226,200
Total Assessment
$521,460
zoning
| Zoning Code | CBD (CBD-7 BIO-SCIENCE DISTRICT The CBD-7 Bio-Science District is intended for large-scale bio-science campuses and supportive services.) |
| CBD (CBD-7 BIO-SCIENCE DISTRICT The CBD-7 Bio-Science District is intended for large-scale bio-science campuses and supportive services.) |
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Canal Street Hotel | 1630 Canal St
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