METAIRIE, La. (WGNO) — The Metairie Towers condominium complicated, a seven-story constructing on Metairie Street that’s been empty since Hurricane Ida, is formally up for public sale.

A neighborhood developer, Darren Aschaffenburg, bought the property in 2024 for $24.5 million with plans to show it into “The Tower Residences of Previous Metairie,” a luxurious apartment undertaking full with upscale facilities and hurricane resistant upgrades. However when financing fell by, the undertaking stalled, and the location has remained vacant ever since.

“This property must get again into commerce as rapidly as potential,” mentioned Jefferson Parish councilman Hans Liljeberg. “If any person desires to go in a distinct course, that could possibly be a way more drawn-out course of.”

Opening bids for the property begin at $10 million, although consultants say it could possibly be offered for as a lot as $30 million.

In an e mail to WGNO, Aschaffenburg described the undertaking as “shovel prepared,” writing partially:

“The undertaking is basically ‘shovel prepared’ with all plans, permits, variances, engineering, experiences, budgets, designs, Authorities approvals, and so forth., accomplished. This undertaking presents that uncommon unicorn mixture of low danger and excessive reward.”

In the meantime, retailer homeowners within the space say they simply need to see one thing lastly occur on the long-vacant property.

“We’re simply trying to see it actually get renovated and occupied,” mentioned Beth Harris, a close-by enterprise proprietor. “I believe they talked about placing some industrial within the backside, which might be nice. We actually do want locations like that on this space.”

The public sale runs by Wednesday morning on Loopnet.com. As of right this moment, the itemizing has been considered greater than 2.2 million occasions, with 100 confidentiality agreements signed by potential bidders.

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