Large Tulane Avenue Development Parcel Hits Market For $3,215,000

by • August 8, 2017 • Mid-CityComments (0)4651

Last month, a new listing appeared for the purchase of 39,141 square feet of soon-to-be vacant land at 2826 and 2836 Tulane Avenue, the site of the former La Petit Motel and America’s Best Value Inn.  The asking price is $3,215,000, or $82.14/square foot according to the listing.

Image of 2826 & 2836 Tulane Avenue via Stirling Properties listing flyer.

The owner of the two parcels, Bahram Khoobehi, demolished the America’s Best Value Inn in 2016, at the time claiming that a a new retail development would be built at the site.   The city recently granted a request to demolish the former La Petit Motel as well.  At the time, Mid-City Messenger reported that Khoobehi told the city he planned to build a two story development that would feature retail, a drug store or a coffee shop on the ground floor, offices for attorneys or others on the second floor, and 68 parking spaces.  Now it appears they are abandoning the plans and are just selling the vacant lot.

The listing states that “demo permits are currently in place to tear down the existing structuring, and the Owner will delivery the sites in grade condition.”

The land presents a great development opportunity, situated next to the Courthouse and on heavily trafficked and up-and-coming Tulane Avenue.  The site has 260 feet of frontage on Tulane Avenue and sits at the corner of Tulane and South Dupre.

The La Petit hotel at 2836 Tulane Avenue was purchased in April 2016 for $725,000 by San Francisco restaurateur Nicholas Fasanella and designer Devin Vermeulen of WeWork. The pair had planned to develop a boutique hotel before selling it to Khoobehi in May 2017.

Carly Plotkin and Joe Gardner with Stirling Properties are the listing agents.

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