NEW ORLEANS — Metairie Towers is for sale.
McCarthy Group Realtors, the listing agent for Metairie Towers Condominium Association, announced on Oct. 9 that its client is seeking offers from qualified purchasers for the building and site at 401 Metairie Road. The property totals more than four acres in one of the highest value neighborhoods in Jefferson Parish.
Shaun McCarthy, principal of McCarthy Group, said he plans to identify a list of qualified buyers and then issue a Request for Proposals so developers can present their price and ideas for redeveloping the property.
“This is a significant deal with important implications for the seller, the buyer and the Old Metairie community,” said McCarthy. “In addition to yielding the highest return for the Metairie Towers owners, the process is designed to identify a developer whose vision serves the best interests of people who live in and visit Old Metairie.”
The 219-unit Metairie Towers mostly housed senior citizens until August 2021, when Hurricane Ida caused severe damage to the roof of the building. Significant water intrusion meant the structure had to be completely gutted and it’s been unoccupied since. WDSU reported that additional flooding occurred weeks after the storm when workers reactivated the building’s water prematurely system during repairs.
Since the hurricane, residents have been stuck paying condo fees and other expenses while also having to find and pay for alternative housing.
Constructed in 1973, the original property housed multi-family apartments. In 1981, it became one of the first condominium developments in the area. For the next four decades, it was known as the Metairie Towers Condominiums and was home to one- and two-bedroom units.
Over that time, Old Metairie real estate has continued to rise in value thanks to good schools, ample parks and plenty of upscale retail options on Metairie Road.
The sale of the property that once housed Haynes Academy — only a mile down the road from Metairie Towers — has drawn interest from developers, and raised alarms for neighbors worried about commercial development on the roughly 8-acre site.
It’s easy to see why developers are interested in the area: according to data from Louisiana Commercial Realty and reported in the daily paper, the average income among households within a five-minute drive of Haynes is $140,000.
The former Haynes site has an R1 zoning designation, which limits its use to “low density single-family residential and non-residential uses” such as churches and schools. The height limit is 35 feet.
Metairie Towers, meanwhile, is zoned R3, which allows for “multi-family residential to be served by public and commercial services.” The height limit is 65 feet.
McCarthy said the Metairie Towers sellers are prioritizing what’s best for the neighborhood.
“It’s not just if someone can afford to do this, it’s about what’s best for the community,” he said. “This building been there for 50 years and everyone in the area knows someone who’s lived in Metairie Towers. It’s the next chapter for this piece of property and it’s going to be a fantastic opportunity.”
