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The Plaza New Orleans

1001 Howard Ave, New Orleans, LA 70113, United States

The Plaza New Orleans

Iconic 44-Story Mixed Use Development

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LW
HREClwormser@hrec.com

Employment

  • HREC Investment Advisors – Senior Vice President - Opened New Orleans Office 2017 – Geographic focus Louisiana, Eastern Texas, Mississippi, the Gulf Coast of Alabama and Florida Panhandle.
  • Senior Managing Director NAI/Latter& Blum Hospitality Division – New Orleans, LA. 2010-2017.  Started Hospitality Division in 2010 and sold over 3,000 rooms in 6.5 years – Served as Investment Advisor in approx.  70% of all substantive hospitality transactions in New Orleans since 2010/11.
  • The Development Group (FW Development LLC, DEVGROUP Inc., and I-10 Development LLC) Founder/Principal/President – 1997-2010- a collection of single purpose entities that focused on Lodging development in New Orleans, La. Select transactions include the 331 room Marriott Convention Center, 182 Room Staybridge Suites, 141 room Marriot Courtyard, 92 room Whitney Hotel, 184 room Sheraton Galleria, and the 219 room Bourbon Orleans.
  • Sizeler Properties (NASDQ) – President, Taxable REIT Subsidiary- 2008-2010- developed $100 million in off balance sheet Shopping Centers, Apartments, and “for sale” residential in the Miami / Orlando metropolitan areas and Louisiana.
  • Stewart Capital/Enterprises (NASDQ) – Vice President of Acquisitions – 1988-1998- One of the largest merchant banking companies in the Gulf South Region with assets in excess of $500 million. Directed the company’s real estate efforts. Notable Lodging transactions include the 284 room Hampton Inn and Suites Convention Center New Orleans, 100 room Hampton Inn Garden District, and 120 room Marriott Courtyard Covington, La.
  • Living Center Enterprises – Director of Operations/Principal - 1983-1988- New Orleans La. based partnership which developed and owned retirement centers and nursing homes throughout Louisiana. 1000 beds – 6 nursing homes and a Continuous Care Retirement Community (CCRC) - sold all properties to ARA in 1988.

Education

  • University of Texas, McCombs School of Business Graduate - Austin, Texas
Justin Goodenow
Justin GoodenowVice President - Capital Markets
jgoodenow@hrec.com / (248) 345-7674
Property Type
Hotel & HospitalityMixed UseMultifamily
Deal Type
AcquisitionDevelopmentPre-Development
Risk Profile
Value-AddOpportunistic

The Plaza, an existing 44-story historic skyscraper, is arguably the most renowned high-rise in the City of New Orleans. This iconic asset, which is exclusively being marketed by HREC, is a mixed-use development opportunity located in the Central Business District (CBD) and anchors the South Market District and Warehouse/Arts Neighborhood, which is the fastest growing, highest income and most expensive submarket in the CBD. Fully entitled for all uses, the Plaza is a 7-12-minute walk to the French Quarter, Superdome, Convention Center, WWII Museum, and all major demand generators in New Orleans.

  • Trophy Asset location, signature property, with substantial upside potential with Peak Convention Calendar - 2024-2026
  • Fully entitled for all uses (CBD-1) including Hotel, Timeshare, Residential (for rent and for sale), Restaurant/Bar, Retail
  • 581,000 square foot , 44-story building (which is vacant) presently programmed for 175 Hotel rooms (with an avg. room size of over 400 square feet), 67 Apartments, and 30 Timeshare units, both of which are 1,450 square feet each. This configuration and unit mix is elastic and can be modified without City approval.
  • Rooftop restaurant/bar/music Venue, with unparalleled views of the French Quarter, CBD, Mississippi River (from every floor as well), 330 car garage, pool, fitness, banquet, spa, and lobby bar/restaurant
  • 40% Federal and State Historic Tax Credits estimated to range from $25-$35 million (based on qualified cost and spending)
  • The Plaza is located in an Opportunity Zone, and may well qualify for a TIF or PILOT from the City
  • Fee simple, with substantial Brand interest, in a top 25 hotel market, that has a very limited new supply of hotel rooms or residential units in the next 3-5 years.
  • Multiple exit strategies include refinancing, sale of the entire property, and/or the sale of each component separately.
  • Potential Joint Venture Opportunity with Seller
FilesUpdatedDownload
Plaza Tower NOLA.com article 2142023.pdf