American Can Apartments is a unique adaptive-reuse property in Mid City, New Orleans. Set in a historic district, the redevelopment project transformed a long-vacant and decaying landmark industrial complex into a vibrant apartment complex with neighborhood retail amenities. The former factory complex now contains 268 apartments—20 percent of which are set aside for low- and moderate-income residents—plus a flexible, 20,000-square-foot commercial/retail area and parking for 430 cars.
It sold in March 2023 in a deal arranged by the Cushman & Wakefield Sunbelt Multifamily Advisory Group and Larry G. Schedler & Associates, Inc. The property is surrounded by major landmarks including City Park, Bayou St. John, Lake Pontchartrain and the BioMedical District. The uniqueness and size of the adaptive -reuse project helped it stand out and be selected for a CoStar Impact Award, as voted on by local judges with knowledge of the market.
Built in 1929 as a manufacturing facility and redeveloped for conventional multifamily use, with retail in 2001, the building was about 10% vacant at the time of the sale.
The historic property is a local landmark easily recognized by locals and tourists alike and was popular when it became available for sale in 2023.
About the Project: Modern industrial design pairs perfectly with beautifully preserved accents. The property has historic architecture throughout the one-, two- and three-bedroom loft-style apartments in New Orleans’ vibrant Bayou St. John neighborhood. Finishes in the building include original hardwood flooring as well as stained concrete. The building was sold for $68.4 million, containing 268 units.
What the Judges Said: The sale and occupancy of this property "Brought jobs to the market and was completed during a challenging time. 96% lease up and a conversion from a hotel benefits the community," said Sabrina Kortlandt, first vice president of SRS Real Estate Partners.
They Made It Happen: Larry Schedler, Cheryl Short and Christian Schedler of Larry G. Schedler & Associates and Mike Kemether of Cushman & Wakefield represented the landlord.