The building that was once the Louisiana Children’s Museum on Julia Street is set to become a hotel and residential complex. AJ Capital Partners which is based out of Nashville, Tennessee will be in charge of the conversion.
The project will be called Memoir Residential and will be a multifamily space. The Historic District Landmarks Commission approved the new plans and will soon be underway. The building will remain intact for the most part, with the exception of the rear portion which will be torn down.
The first floor of the building will house around 10,100 square feet of retail space, while the top floor will be the home to twenty hotel rooms. The new construction consists of a five-story building that connects to the museum. The lobby and first floor will have retail space, the second floor will have 24 hotel rooms and the third through fifth floors will house seventy residential apartments.
Fortunately the project will fall under the companies’ Opportunity Zone group of projects. This means that the project falls under New Orleans designated area that receives a federal opportunity zone tax break. This means that investors can take the capital gains tax liabilities and put them into a new project.
