NEW ORLEANS (press release) — Corporate Realty, Inc. has announced that the historic Pythian Building at 234 Loyola Avenue is now available for acquisition. This is a premier investment opportunity in Downtown New Orleans.
The nine-story, 123,266-sf property was redeveloped in 2017 and now features 69 residential units, modern offices, an expansive event venue, and a ground-floor retail space that formerly housed the food hall Pythian Market.
It is located steps from the expanding Medical District, as well as Caesars Superdome, Smoothie King Center, and the French Quarter, benefitting from proximity to both the city’s major tourist attractions and its business core. With highly flexible CBD zoning as well at the property improvements and location, it is well-suited for a variety of uses, including hotel and short-term rental operations, multi-family housing, and workforce housing.
“This is an exciting opportunity to tap into one of the city’s most dynamic and important real estate markets with a remarkable property that is ideally suited for repositioning. The Pythian Building’s storied history, along with a recent modern renovation that preserved the architectural heritage, combine to make this a noteworthy investment with the potential to contribute significantly to Downtown New Orleans,” said Michael J. Siegel, SIOR, President of Corporate Realty.
Erected in 1909 as The Pythian Temple, the building served as the Grand Lodge for the Knights of Pythias of North America, South America, Europe, Asia, Africa, and Australia (also known as the Colored Knights of Pythias), an offshoot of the whites-only Knights of Pythias, a fraternal benevolent organization established by an act of U.S. Congress in 1880.
Smith Wendell Green, a prosperous local businessman and former freed slave, was the Grand Chancellor for the New Orleans organization at the time and paid for its construction. Designed by noted local architecture firm Diboll, Owen and Goldsmith, the seven-story building was constructed using a steel frame, which was a relatively new technology for building material at the time, and featured an exterior of tan magnesium pressed brick and terra cotta with architectural details like arched windows, grand stone entrances with plaster cartouches, and a sunburst pattern over the first floor windows.
The building also served as an incubator for African American business, politics, and culture. It contained businesses and shops that catered to African Americans as well as hosted fraternal organizations, the Negro Board of Trade, carnival balls, musical acts, and plays. In 1923 the eighth and ninth floors were added, and a rooftop garden bar opened that would encourage the talent of local musicians such as Louis Armstrong, Manuel Perez, and Manuel Manetta.
While the Knights of Pythias would ultimately lose ownership due to financial difficulties in 1941, the building would continue to play a role in New Orleans’ development under various names (Civic Center Building and de Montluzin Building) for another six decades. It served as a hiring office for Higgins Industries, the presidential campaign headquarters for Dwight D. Eisenhower, a district court, and medical offices. among other uses. In 1957 a new owner installed aluminum and porcelain sheath over the building’s exterior.
In 2012 new ownership removed the sheath to help the building gain historic recognition, and in 2015 it secured historic status through an expansion of the Lower Central Business District National Register. As a condition of historic recognition, the new ownership restored the exterior to its 1909 status then conducted a thoughtful, thoroughly modern renovation inside. It reopened in 2017 as The Pythian, a multi-use property that masterfully combined historic charm with modern design and infrastructure.
This is a property that is ready for occupancy – and ready to contribute to downtown New Orleans growth. With its excellent location, rich history, and recent renovations, The Pythian Building is a tailor-made opportunity for a creative and committed owner/user seeking property for repositioning or redevelopment.
About Corporate Realty
Corporate Realty is a full-service commercial real estate agency based in New Orleans, Baton Rouge, and LaPlace that serves the entire Gulf Region. The company has consistently been involved in the largest, most complex, and most demanding real estate transactions and management assignments in this region. Corporate Realty prides itself on having the most knowledgeable real estate professionals in the market. To find out more about the company and its services, visit corp-realty.com.
