The Esplanade in Kenner offered on Friday for $10 million, in line with information filed with the Jefferson Parish Clerk of Court docket’s Workplace.
Pacifica Kenner LLC — owned by Illinois-based actual property developer Eddie Ni — bought the 700,000-square-foot property with the assistance of a $5.2 million mortgage from the sellers, Esplanade Mall Realty Holding, LLC.
The out-of-state developer hopes to transform the indoor mall and former Macy’s division retailer right into a multi-use “life-style middle” with retailers, eating places and as much as 800 new condominium models.
The once-bustling mall was final offered in 2018 for $9.25 million.
Robert Hand, a dealer with Louisiana Business Realty who wasn’t concerned within the transaction, stated it is clear the vendor thinks the consumers will likely be profitable of their redevelopment.
“The excellent news for Kenner is that anyone has confidence sufficient to mortgage the cash for this to occur,” Hand stated. “And sarcastically, the one person who had confidence is the person who did not need the property anymore.”
The sale included the now-shuttered indoor mall and the long-vacant Macy’s constructing. It didn’t embrace the Dillard’s or Goal malls, which have separate homeowners and are each nonetheless open.
The earlier homeowners of The Esplanade — which included the New York-based Kohan Retail Funding Group and 4th Dimension Properties — didn’t pay a whole bunch of hundreds of {dollars} in property taxes, inflicting Jefferson Parish in 2020 to take over the title to 2 parcels of land on the purchasing middle.
The standing of these unpaid taxes wasn’t instantly clear. Ni stated Wednesday that these taxes are “going to be paid.”