3220-3222 Canal St 104,703 SF Specialty Building Offered at $2,722,044 CAD in New Orleans, LA 70119

Prominently located in the heart of Mid-City, nestled between City Park and the French Quarter, the former Sacred Heart of Jesus Catholic Church campus occupies the entire 3200 block of Canal Street. The 2.25-acre site consists of six (6) historic masonry buildings, boasting a collective gross square footage in excess of 100,000 square feet. The property is perfectly suited for dense development, which is exceedingly rare in the city-center. The property is eligible for the Federal Opportunity Zone Incentive Program, as well as both Federal and State Historic Tax Credit Programs.
The former 13,351 square foot sanctuary and the 3-story 18,180 square foot rectory buildings are immediately available for redevelopment. The former school buildings currently contain 109 senior housing units operated by Unity of Greater New Orleans. This portion of the property is subject to a long-term absolute net ground lease running through 2052, at which time the improvements revert back to the property owner, in the interim, and immense upside for future redevelopment. This opportunity represents a generational acquisition option for the patient investor, as well as investors seeking to place capital into an opportunity zone with interim returns in historic tax credit equity generated by the redevelopment of the sanctuary and rectory.