Historic New Orleans Whitney Bank Building Complex Sells

NEW ORLEANS, Sept. 24, 2019 /PRNewswire/ -- Mike Wampold, CEO of Wampold Companies, a commercial office, multifamily and hospitality developer and property manager, today announces its purchase of the Whitney Bank Building Complex from the Hancock Whitney Corporation in a joint venture with Lenny Lemoine, founder and CEO of The Lemoine Company, a commercial general contractor. The estimated 500,000-square-foot complex is comprised of seven buildings in a four-square-block region in the heart of the Central Business District.

The Whitney Building is a key landmark in New Orleans' business and economic life, most recently serving as the headquarters for Hancock Whitney Bank. Wampold explains, "Each building is spectacular in design. Interior finishes feature remarkable marble columns and granite flooring along with ornate plaster ceilings." The property, located two blocks off Canal Street, is an easy walk to the French Quarter and is adjacent to the Place St. Charles office complex and the JW Marriott Hotel. "Due to its superior location in the heart of the New Orleans Central Business District and its unique design, the property lends itself to being developed as a high-end mixed-use property consisting of a hotel, multifamily units, a restaurant and retail," added Wampold. 

Wampold and Lemoine are currently in the design and planning process with construction expected to begin in mid-2020.

"It's a great honor to acquire a complex of buildings with as rich a history as the former Whitney Bank headquarters. Our team is experienced at sensitive redevelopments and is committed to preserving these magnificent structures. We look forward to working with city leaders and the community to return the buildings to commerce in a way that creates jobs and promotes economic development in the heart of downtown," remarked Wampold. 

"We are pleased to have reached an agreement with Wampold Companies to acquire our historic facilities in the New Orleans CBD," said Hancock Whitney CEO John Hairston. "It will be a pleasure, from just one block away, to see the grand old bank buildings renovated into a property the city and entire region can be proud of."

Situated within Opportunity Zone designated boundaries, this project qualifies for tax incentives within the Tax Cuts and Jobs Act of 2017, the program outlined by Congress to spur investment in rural and urban areas typically overlooked by institutional investors. This property is also eligible for State and Federal Historic Tax Credits. 

About Wampold Companies
Wampold Companies, founded in 1981 by Mike Wampold, is a full-service real estate firm specializing in real estate development, construction, major capital renovations, and property management. Since inception, Wampold Companies has developed, constructed and/or performed major renovations on approximately 4,000 rental units throughout Louisiana. The firm's portfolio consists of luxury rental housing in Shreveport, Baton Rouge, Lafayette, and New Orleans in addition to 600 military housing units at Fort Polk, LA.  In addition to multifamily housing, the Wampold portfolio consists of 5 Class A office buildings and two Marriott branded hotels in the Baton Rouge area. For more information, visit https://www.wampold.com/.

About The Lemoine Company
Based in Louisiana, The Lemoine Company is one of the most respected full‐service general contracting and construction management firms in the Southeast. Lemoine constructs and manages projects ranging from minor interior renovations to some of the most complex commercial, education, healthcare, public and industrial landmarks in the Gulf Region. Founded by Lewis "Hoss" Lemoine in 1935 as The Cottonport Lumber Company, the organization remains family‐owned and operates today as The Lemoine Company. Son Tim Lemoine transitioned the organization into a general contracting and construction management firm in 1975, relocating the company to Lafayette, and broadening the organization's geographical footprint. In 2001, younger brother Lenny Lemoine assumed the role of President and remains in this position today. Throughout the years, our purpose has remained the same: To achieve excellence in construction while enhancing the lives of all involved. Lemoine employees stand behind this mission and ensure we achieve our purpose each day by delivering unparalleled customer service and building quality products, people, and relationships.

MEDIA CONTACT:
Caitlin Wolf
[email protected]
410.935.2363

SOURCE Wampold Companies

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https://www.wampold.com/