527 Third St is aland property for lease in New Orleans, LA.
This offering presents a unique, mixed use, urban infill development opportunity in the heart of the vibrant Irish Channel neighborhood. The site is the current location of the Building Specialties Company, which has operated in this location since 1947. Building Specialities will vacate the property at act of sale and move their operations elsewhere.
The six parcel property sits in the area of the Irish Channel bounded by Tchoupitoulas & Magazine Streets, and Washington & Jackson Avenues. It measures approximately 49,473sf; 43,048sf of which is zoned Historic Urban Mixed Use (HU-MU) and the remainder of which (6,425sf) is zoned Historic Urban Two Family Residential (HU-RD2). The site has frontage on Third (164'), Second (268') and Rousseau (100') Streets, and forms the hard corner of Second and Rousseau. See detailed and zoomed out aerials, attached. It features beautiful, mature trees on the Second Street side of the property.
Per zoning analysis by Richard Albert of Albert Architecture, the site can accommodate 61 residential units. It is believed that the optimum mix would include 60 units which are 565-800sf in size with 94 parking spaces. To achieve this, a developer would need to resubdivide into a single lot of record, which would allow utilization of HU-MU zoning for the entire parcel. HU-MU zoning has the following bulk & yard regulations (see full text of zoning, attached):
-Minimum lot area per dwelling unit: 1,500sf (single family); 1,200sf (two family); 1,000sf (multifamily); 2,000sf (townhouse); 800sf (dwelling above ground floor); none (non-residential)
-Maximum total floor area - commercial use: 5,000sf
-Maximum building height: 35' (single family & two family); 40' & no more than 3 stories (multifamily, townhouse & non-residential)
-Minimum permeable open space: 10%
There are four structures on the site that would need to be demolished.
It sits in proximity to the shops, boutiques, and restaurants of world famous Magazine Street. It is likewise just a block from Tchoupitoulas Street, a major uptown-downtown thoroughfare that connects to the Pontchartrain Expressway/Crescent City Connection and the Warehouse District/CBD. The Louisiana Regional Planning Commission reports average daily traffic of 19,372 on Tchoupitoulas between Jackson & Louisiana Avenues in 2012. The property is also near the following proposed and/or underway developments:
-Bakery Village: under construction 15 lot single family development at the site of the former Turnbull Bakery complex (www.bakeryvillagenola.com)
-Jackson Oaks: approved mixed-use development (211 residential units + 18,000sf of commercial space) at site of former Sara Mayo hospital on Jackson Avenue
-The Synagogue on Jackson Avenue: completed 12 residential unit development at Jackson Avenue/Chippewa Street
-Josephine Lofts: completed 36 residential unit development at former American Paint Works building at Jackson Avenue/Josephine Street
-under construction Mercy Endeavors Senior Center at Jackson Avenue/Rousseau Street
-under construction 10 unit condo development at site of former Baptist fellowship hall and community center on Clay Square Park
-proposed high end residential development at Belladoggie building at Washington Avenue/Annunciation Street
A central location, dense surrounding residential neighborhood, significant nearby development activity and lots of nearby amenities make this development site attractive for a variety of reasons.