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.