DEVELOPMENT OPPORTUNITY FOR SALE In Bywater, New Orleans Tracy Talbot Exclusive Agent 504.415.9730 talbothp@gmail.com Talbothp.com
TABLE OF CONTENTS PROPERTY DESCRIPTION page 1 LOCATION page 2 NEIGHBORHOOD page 3 NEIGHBORHOOD LINKS page 4 PROPERTY HISTORY page 5 PROPOSED PROJECT 2008 page 6-7 PARCEL #1: 3925 BURGUNDY ST., THE PLANT page 8 PARCEL #2: 924 BARTHOLOMEW ST. page 9 PARCEL # 3: 840 BARTHOLOMEW ST. page 10 PARCEL # 4: 901 BARTHOLOMEW ST. & PARKING LOTS page 11 COMPARABLE SALES page 12 AGENT CONTACT page 13
PROPERTY DESCRIPTION Zoning: Light Industrial Location: Bywater Historic Neighborhood, New Orleans, Louisiana
LOCATION Bywater, historically known as Downtown, is located just downriver from the French Quarter and the Faubourg Marigny. This development opportunity is only 2 blocks from the Mississippi River. Bayou Saint John Seventh Ward N W Canal St. French Quater Marigny Bywater E Central Business District S Tracy Talbot Exclusive Agent 504.415.9730 talbothp@gmail.com
NEIGHBORHOOD Before it was called Bywater: In the early 1700s, the commons or unassigned land below FaubourgMarigny were plantations. Pierre Dreux owned the LaBrasserie plantation and opened a brewery there. After various owners the land was sold to Nicholas Daunois (or Daunoy), who called it the Daunois plantation. In 1831, Daunois sold the lower fourth of his plantation to the Levee Steam Cotton Press Company. As a result of manumitted offspring of slave owners and immigrants from Haiti escaping its revolution, 20 percent of the city s total population by the late 1800s were free people of color. Many of them moved in the Bywater area. St. Vincent de Paul s Catholic Church was erected to serve the French speaking population, due to the large number of Creolesin the community. When the Irish populated the district in the 1830s and 1840s, St. Peter and Paul s Parish was established in 1848 to serve the needs of the Irish Catholics. The 1840s and 1850s saw a major influx of German immigrants who settled in Bywater. The Marigny-Bywater area was called Little Saxony and St. Paul s, a Lutheran church near Franklin Avenue, was founded to meet their needs. By the end of the 1800s, large numbers of Italians had settled in the area. Development expanded to St. Claude Avenue in Bywater into the early 20th century as immigrants from southern and eastern Europe continued to pour into the city. Today: Located 1.3 mile from the French Quarter. Bywater is a creole neighborhood with a variety of architecture as well as people. Victorian, Creole, Craftsman architecture houses generational families, occupants, waiters, writers, carpenters, retired people, real estate developers, second home residences, artists, entrepreneurs, babies, etc.
NEIGHBORHOOD LINKS 1) The new Crescent Park is currently under construction scheduled to be completed the summer of 2012. This linear riverfront park will be accessible at Bartholomew and Chartres, just 2 blocks from the proposed Downtown Lofts. The park will connect Bywater to the upriver neighborhoods, Faubourg Marigny and the French Quarter with a walking trail, dog park, music venues and an unobstructed and beautiful view of New Orleans that is unique to Bywater. www.reinventingthecrescent.org 2) Located only a few blocks from Downtown Lofts is the original site of the Stallings St. Claude Community Center. Construction will begin soon and will provide the community with indoor and outdoor athletic courts, a renovated swimming pool, gym, meeting room, and more. www.nola.gov/en/press/city-of-new-orleans/all-articles/city-of-new-orleans-begins- DEMOLITION-OF-STALLINGS-SAINT-CLAUDE-COMMUNITY-CENTER 3) The Bywater Neighborhood Association is an active organization of volunteers making a difference in the community. Established in the 1970 s, the BNA s mission is: To improve the living conditions and serve the needs of the residents of the neighborhood. To serve as a clearing house of information for the neighborhood. To preserve the architectural and cultural heritage of the neighborhood. www.bywater.org 4) New Orleans Planning Commission is currently working on final plans for the New Master Plan which will redefine the zoning and land use plan for the City. The citizens already voted to approve that when the plan is completed, it will have the force of law. www.nolamasterplan.org
PROPERTY HISTORY Frey Meats originated in 1865 by Alsatian Andreas Frey and expanded for over the next 100 years. What is referred to as the plant in our literature is the sprawling industrial complex at 3925 Burgundy Street. This site contributed greatly to the economic and social life of its downriver New Orleans community, now known as Bywater. At one point it employed as many as 450. There was even a business newspaper call The Frey Times. Innovations such as the cold storage plant, was a state of the art facility for its time. Frey used refrigerated trucks which spread the brand name of Frey products throughout the lower south. Many New Orleanians remember the favorite brand hot dogs, served exclusively at such local fun spots as Pontchartrain beach and Audubon Park. The buildings has taken on an architectural evolution. The first structure was built in 1921, added onto in 1955, 1963 and 1976. The Frey Brothers has created it s own community with the Bywater neighborhood.
PREVIOUSLY APPROVED DEVELOPMENT 1) ICInola was a unanimously approved mixed-use LEED certified development with 105 residential lofts and 50,000sf of commercial area. Commercial tenants included a grocery store, 3 restaurants, day spa and gym, wine store, and more. 2) In 2008 ICInola was set aside to allow economic recovery. Preliminary plans as well as full demolition plans are available as a part of the purchase of the property. 3) Previously approved zoning: LI with an MUPC overlay. Current zoning: LI Proposed Land Use per the new Master Plan: Mixed-Use Medium Density.
PARCEL #1 The Plant 3925 Burgundy St. E 3925 Burgundy St. is the location of the original L.A. Frey & Son s Meat Packing Plant. S The building is 52,500sf and lots next to plant available separatly to create needed parking. The application has been submitted to secure Historic Tax Credits for the parcel New Market Tax Credits as well as other tax credits will help make this phase of development easily affordable. Suggested plan: 26,000sf of commercial space located on the first floor; 33 residential apartments located on the second and third floors with an average of 750sf per unit; 50 parking spaces located in the open land on Bartholomew (available separatly).
PARCEL #2 924 Bartholomew St. 924 Bartholomew St., vacant land of 14,880 sq.ft next to the plant.
PARCEL #3 840 Bartholomew St. This parcel currently has a 1,500sf cinder block building and the paved land 25, 733 sq. ft. fronting Burgundy, Alvar Streets and Bartholomew.
PARCEL #4 901 Bartholomew & Parking Lots This building is 14,000sf, is primarily occupied by the City of New Orleans 5th District Police Headquarters and is owned by 901 Bartholomew, LLC. The 2 year lease agreement is completed May 3, 2012 and will be continued, at the City s choice for 2 one year renewable terms. (The lease agreement is available for review upon an acceptable sales contract). There are 2 parking lots included in the lease agreement. One is located adjacent to the building with an entrance on Burgundy Street. The second is diagonally across the street with the entrance on Bartholomew (the second parking lot will be developed with 3924 Burgundy Street, see above).
COMPARABLES SALES Parcel 2 Parcel 3 Parcel 1 Parcel 4 #1 3726 Dauphine: ART LOFTS II This is the second phase of a successful development by HRI Properties. It was created using Historic Tax Credits along with other tax incentives. Currently Under Construction. As-Is Sales Price: $1,248,000 27,000sf. cinder block shell $47/sf. #2 3317 Chartres: TURN SERVICES OFFICES Turn Services is currently under construction to build out offices. The building was a metal shell when purchased. As-Is Sales Price: $ 900,000 23,045sf. metal shell $39/sf. #3 3817 Chartres: TURN SERVICES WAREHOUSE When purchased, this parcel was as vacant and run down cinder block warehouse. Turn Services renovated the building and currently occupy utilizing the property as a working Industrial site. As-Is Sales Price: $1,715,000 28,000sf. cinder block $ 61/sf.
PRICING PARCEL # 1: 3925 BURGUNDY STREET The Plant $ 1,353,600 PARCEL # 2: 924 BARTHOLOMEW STREET $446,400 PARCEL # 3: 840 BARTHOLOMEW STREET & PARKING LOTS $772,110 PARCEL # 4: 901 BARTHOLOMEW STREET $1,200,000 Total Valuation: $3,772,100.00
CONTACT Tracy Talbot Exclusive Agent 504.415.9730 talbothp@gmail.com Talbothp.com