Purchasing property at Canal St report. You are hired by a development company interested in purchasing the property at 1031 Canal St.
They ask you to produce a 3-4 page report (not including images, figures or tables) or a 5-minute recorded presentation briefing them on the property’s history and current status. Report format: Letter size, double spaced, size 12 font, 1 inch margins.
Read the background info and study the documents and videos about the 1031 Canal Street Saga (2007-2022).
Your report should include the following sections:
(15 pts) Introduction (what is in this report at why? how did you evaluate the property? what conclusions did you draw?)
(20 pts) brief property history/overview
(15 pts) possible best uses (based on demand, zoning, design, economic benefits to developer and City)
(20 pts) risk analysis
(20 pts) conclusions/recommendations.
Ensure you answer the following questions in your report (answers need not be included in this order):
(1 pt.) -What unique characteristics of the site make it desirable for development?
(1 pt.) – Describe amenities and public infrastructure investments that benefit this site, and how they would boost a project’s triple bottom line.
(1 pt.) – Who were the opponents to the original project and why did they argue against the project? (list at least two different groups opposing the project) Do you think they would oppose to a new project?
(1 pt.) – Who were the supporters and why did they argue to move forward with the project? (list at least two different groups supporting the project)
(1 pt.) – What kind of variances/conditional approvals to the New Orleans Comprehensive Zoning Ordinance (CZO) were granted to the project when City council approved the project to move forward in 2011? Do any of those “stick with the property”- could a new owner take advantage of those prior approvals?
(1.5 pts.) – Based on your knowledge and the info provided in the articles:
Hard Rock collapse site mostly clear, so what’s next for the controversial corner
In Hard Rock collapse, deadline for criminal charges nears. Here’s why the case is held up.
Hard Rock Hotel re-do: Developer of collapsed building says he wants to try again.
Explain: what kinds of issues should a future owner prepare themselves for if they wanted to buy this property and redevelop it TODAY?
(1.5 pts.) -What kind of encumbrances could this property have that a new owner should ensure have been cleared?
(1 pt.) – How would the project have to change in order to be palatable to today’s stakeholders?
(1 pt.) – How should this property be valued today, given its amazing, unique location and difficult history?