$980,000

623 Orange Street, circa 1845, offers a rare opportunity to complete a historic tax credit rehabilitation of a Designated Historic Landmark in the heart of the Lower Garden District, located within a federally designated Qualified Opportunity Zone. HU-MU zoning allows for many permitted uses: restaurant, micro-brewery, micro-distillery, office, retail goods establishment, recording studio, public market, and residential uses, among others. Conditional uses include hotel/motel, bed and breakfast, commercial short-term rental, among others. More information here: https://czo.nola.gov/article-12/ A Conditional Use has already been approved for a Reception Facility with live outdoor entertainment, with no off-street parking requirements. A full set of construction drawings is available. City, State, and Federal approvals are in place for project completion, including an approved Part 1 and Part 2 for State and Federal Historic Rehabilitation Tax Credits. More than $480,000 in Qualified Rehabilitation Expenditures (QRE) has been invested to date. A QRE Cost Certification is available. Eligible State and Federal tax credits may be claimed following project completion and an approved Part 3 application. The property sits within the shadow of the New Orleans Ernest N. Morial Convention Center, and the anticipated River District neighborhood development, which includes the new Shell office building, scheduled for a 2027 opening. Other nearby commercial landmarks include The Commissary, Race and Religious, Second Line Stages, and Mardi Gras World. The exterior of the main building has recently been rehabilitated, including extensive masonry work, all new front and side galleries, columns, porch floors, guardrails, exterior paint, and a new roof. The interior has been gutted to the studs in preparation for rehabilitation work. The site consists of two lots, zoned HU-MU, combined into a single lot of record as part of the conditional use. The lots can be resubdivided for other uses. Flood zone X. The seller may consider owner financing, or a partnership with an experienced operator.​​‌​​​​‌​​‌‌‌​​​​​‌‌​‌‌‌​​‌‌​‌‌‌ Owner/agent.