Historic Carver Theater Hits Market For $5.5 Million

by • June 16, 2016 • Sports & Specialty, Tax CreditsComments (0)1287

Photo of the Carver Theater via Latter & Blum

Photo of the Carver Theater via Latter & Blum

The recently renovated Historic Carver Theater has been listed for sale for $5.5 million.  The theater property, along with several other adjacent parcels, holds 925 people and spans an entire block along Orleans Avenue.

The property was listed with Richard Stone and Patrick Egan at Latter & Blum.

The theater originally opened in 1950 for movies.  Optometrist Dr. Eugene Oppman bought it in 1991 and used as an office building.  It was badly damaged in Katrina.  Oppman worked to renovate the facility and reopened it in 2014 as a venue.

In addition to a 17,613-square-foot theater, the facility includes four vacant lots, a vacant two-story, 3,232-square-foot commercial building and a two-story, 4,020-square-foot commercial building with a tenants that include a bakery and a barbershop. The addresses are 2101, -19, and -21 Orleans Ave.; 2125 Orleans Ave.; 2130 Orleans Ave.; 2036, 2118, 2126, 2128, 2134, and 2200 St. Ann Street and 2035 and 2209 Orleans Ave.

The ability to sell the building only 2 years after opening is a big question.  The project was financed in part by state and federal historic credits, which come with a 5 year “recapture period” that typically prevents the owner from selling before five years. Selling would trigger a recapture.

Check out the full property listing here.

 

Pin It

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *