Trophy "Shovel-Ready" Residential Project 401 Metairie Rd 160 Lots d’appartement Immeuble residentiel Vente aux enchères en ligne Metairie, LA 70005

Don’t miss this once-in-a-lifetime residential redevelopment opportunity to acquire irreplaceable land/improvements with grand-fathered in and variance approved 8 stories in the affluent Old Metairie submarket of New Orleans.

One of the most valuable properties in Louisiana, The Tower Residences of Old Metairie, is a unicorn asset that enjoys a virtual monopoly on upscale high rise units with potentially $200 million in sales and over $100 million in net profit. Additionally, the project provides unique advantages thanks to its approval for Economic Development District status, freezing real estate taxes on the property for 10 years.

This one-of-a-kind development is a “shovel-ready” package deal with all plans, reports, permits, designs, variances, construction bids, etc., completed/approved and ready to ramp up the build.

The Class A project is designed to include 160 residences on 8 floors with a total of 265,000 square feet and befitting of the upscale Old Metairie neighborhood. The new storm-fortified planned structure is elevated and secure with fixtures, finishes, appliances, amenities, safety features, etc. of a new top-tier development.

The new community will offer a wealth of top-of-the-line amenities that put it in a class of its own compared to local competitors. The spacious 4.04-acre fenced/gated lot will be enhanced to offer an oasis style pool area, dog park, car cleaning/charging station and abundant parking on-site. A new amenity wing will connect the pool deck with the lobby, boasting a game room, a state-of-the-art fitness center, a community lounge and event space, a community workspace, bike storage, spa and yoga studio. Beyond the elevated comforts of the upscale property, the development is in immediate proximity to top tier retail, restaurants and services and is mere minutes from all the world famous New Orleans sites, attractions and eateries.

Old Metairie stands out as the premier destination for new investment in Louisiana, showcasing the strength of this historic, affluent neighborhood. Within just 2 miles of 401 Metairie Road, Old Metairie boasts an average household income of more than $93,000, driving a strong performance across multifamily properties. Currently, vacancies in Old Metairie sit at just 5.5% while average rental rates have grown to approximately $1,290 per unit. This incredible opportunity will further benefit from capped supply-side competition, with no new inventory currently under construction in the area.

With a reserve price set at a steep discount to the current $75 million land/improvement replacement cost, the winning bidder stands to take advantage of substantial upside with nonexistent downside risk.