Site of Proposed Elisio Lofts Trades For $3.5 Million

by • September 21, 2016 • Acquisitions, MarignyComments (0)2012

Photo of 501 Elysian Fields via Loopnet

Photo of 501 Elysian Fields via Loopnet

The vacant warehouse owned by developer Sean Cummings, where the Elisio Lofts project was once slated for, has sold to a hotel developer.

Developer Amit Patel, through his company 501EFA Hotel, purchased the 36,200 square foot property at 501 Elysian Fields Ave. for $3.5 million from Cummings on September 12.   First NBC Bank financed the transaction.

This site includes 24,327 square foot of improvements, and zoning allows a 55 foot height limit.

Brothers Amit and Pinu Patel specialize in hotel construction and development.  They have several other projects in the New Orleans area, including a 115-room Hilton Homewood Suites on Severn Avenue, a 120-room Marriott SpringHill Suites, and a $14 million 119-room Residence Inn at 1080 Elmwood Park Blvd. in Harahan.

Cummings purchased the property in 2007 for $1.1 million, and had originally planned to develop the Elisio Lofts, which would have been a $20 million mixed use development.  The City Council voted the project down in 2012 after strong neighborhood opposition.

Cummings is working on another large mixed-use development, Via Latrobe, just down the street in the Bywater.  Via Latrobe will feature 260 apartments, 23,000 square feet of commercial space including space for artists, a commercial bakery, a coffee shop/bakery, and a photography studio. Building heights will vary from 25 to 75 feet.

 Check out the renderings here.

 

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