FOR IMMEDIATE RELEASE
July 25, 2022
New Orleans Redevelopment Authority to Auction 25± Commercial Properties and 90+ Residential Properties in Citywide Online-Only Auction
The auction is open to the public. Anyone can register to bid on the properties.
NEW ORLEANS, LA - The New Orleans Redevelopment Authority (NORA) is conducting another ONLINE-ONLY auction of 25+ Commercial lots and 90+ Residential vacant lots and structures located citywide. Bidding for this online auction event for the Commercial properties will begin at 8:00 a.m. (CT) Monday, August 22, 2022, and end between 3:00 p.m. and 5:00 p.m. (CT) on Tuesday, August 23, 2022. Bidding for the Residential properties will begin at 8:00 a.m. (CT) on Wednesday, August 24, 2022, and end between 12:00 p.m. and 6:00 p.m. (CT) on Thursday, August 25, 2022.
The properties will sell “AS-IS, WHERE-IS” to the highest bidder. Properties are subject to a minimum bid price of $5,000 per property for Commercial lots and $4,000 per property for Residential lots. There will be a Buyers’ Seminar on Wednesday, August 10, 2022 at 6:00 p.m. This event will be done virtually. Visit hilcorealestate.com/NORA for log-in details.
There are three (3) structures being offered that will be open before the auction for inspection on Thursday, August 11, 2022. Please visit www.hilcorealestate.com/NORA for exact times and instructions.
“As with our previous auctions, we are continuing to receive hundreds of inquiries. We are excited to make available this next pool of properties through this online auction event,” stated Brenda M. Breaux, NORA’s Executive Director.
Winning bidders are required to complete rehabilitation or construction on the properties within 365 days from the date of closing for the Residential sites and 545 days (18 months) from the date of closing for the Commercial sites in accordance with the City of New Orleans’ Code of Ordinances. The requirement to maintain the property begins immediately after closing through completion of the rehabilitation or construction. Winning bidders may use the Residential property for green space if their property is directly adjacent to the property acquired at the auction.
For more information and to register, please contact Fernando Palacios at 504-233-0063 or visit www.hilcorealestate.com/NORA.
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The New Orleans Redevelopment Authority is a catalyst for the revitalization of the city, partnering in strategic developments that celebrate the city’s neighborhoods and honor its traditions.
