HILCO REAL ESTATE SALES CONTINUES PARTNERSHIP WITH NORA FOR UPCOMING NEW ORLEANS AUCTION FEATURING RESIDENTIAL & COMMUNITY DEVELOPMENT OPPORTUNITIES

NORTHBROOK, Ill., May 30, 2025 /PRNewswire/ -- Hilco Real Estate Sales is pleased to announce its continued participation with the New Orleans Redevelopment Authority (NORA) and their upcoming online auction of 100± vacant land parcels. Bidding will begin at 8:00 a.m. (CT), Tuesday, June 17, 2025, and conclude between 12:00 p.m. and 6:00 p.m. (CT) on Wednesday, June 18, 2025.

This next installment features 97 vacant residential lots and 11 non-housing development opportunities, all with opening bids starting at $4,000. The addition of these non-housing sites presents a unique opportunity for individuals, neighborhood groups and local organizations to transform underutilized parcels into key community assets such as impactful spaces such as community gardens, green spaces, playgrounds, pocket parks, art installations or other public-use projects that serve local neighborhoods. These parcels are ideal for enhancing the livability and sustainability of the surrounding communities, especially when acquired by adjacent property owners for expansion or beautification purposes.

"We are excited to expand this auction to include non-housing development options that can serve as catalysts for community connection," said Brenda Breaux, executive director of the New Orleans Redevelopment Authority. "With the inclusion of these parcels, we're encouraging innovative, community-driven projects that breathe new life into NOLA." Fernando Palacios, strategic consultant with Hilco Real Estate Sales, added, "This auction offers buyers an accessible entry point into property ownership while also supporting broader city revitalization. It empowers New Orleans residents to invest in their neighborhoods through creative and meaningful uses of land."

The properties are being sold on an "as-is, where-is" basis. Winning bidders are required to complete rehabilitation or construction within 18 months of closing. For properties with a non-housing development option, buyers must complete a non-residential use—such as a garden, green space or similar project—in accordance with the New Orleans Comprehensive Zoning Ordinance within the same 18-month period. All buyers must keep properties code compliant from the time of closing through project completion.

Prior to the auction, on-site inspections can be conducted at any time at the viewer's leisure. Closing is required within 30 calendar days after the auction and financing will not be a contingency so buyers will need to know they can close on their purchase within the required timeframe and have available pre-approval for their own personal financing. Buyers must obtain and maintain flood insurance for any structures as a condition of closing.

There will be a virtual "Buyers' Seminar" on Thursday, June 5, 2025, at 5:30 p.m. (CT). For more information, including registration requirements, about this NORA auction, please contact Fernando Palacios at (504) 500-1891 or visit hilcorealestatesales.com/NORA.

The terms and conditions set forth herein are for informational purposes only and shall not be deemed to be and are not intended to be a comprehensive or complete listing of the applicable terms and conditions. All potential buyers should read carefully the terms and conditions of the auction and sale set forth at hilcorealestatesales.com/NORA. The terms and conditions set forth at hilcorealestatesales.com/NORA shall govern and shall supersede any terms and conditions set forth herein.

For further information on the properties, sale process and terms, please visit HilcoRealEstateSales.com or call (855) 755-2300.

About Hilco Real Estate Sales

Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), we advise and execute strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. We help clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments.

The trusted, full-service HRE team has secured billions in value for hundreds of clients over 20+ years. We are deeply experienced in complex transactions including artful lease renegotiation, multi-faceted sales structures, strategic asset management and capital optimization. We understand the legal, financial, and real estate components of the process, all of which are vital to a successful outcome. HRE can help identify the most viable options and direction for a company and its real estate portfolio, delivering impressive results in every situation.

SOURCE Hilco Real Estate, LLC