#United States #New Orleans #Hilco Real Estate #NORA

Upcoming Auction in New Orleans: A New Chapter for Community Development

Hilco Real Estate Sales is excited to continue its collaboration with the New Orleans Redevelopment Authority (NORA) for an eagerly anticipated online auction set to take place in mid-June 2025. This auction will present an impressive selection of approximately 100 vacant land parcels, providing both residential opportunities and unique community development possibilities.

Auction Details

The live bidding will commence at 8:00 AM CT on June 17, 2025, and will conclude at some point between noon and 6:00 PM CT on June 18, 2025. The auction will feature 97 vacant residential lots alongside 11 non-housing development opportunities. With a starting bid set at an accessible $4,000, this auction seeks to attract a wide array of buyers, including individuals, community organizations, and neighborhood groups.

These non-housing development parcels represent a significant opportunity for those looking to turn underutilized land into thriving community assets. Potential uses for these lots include community gardens, playgrounds, pocket parks, and art installations—each serving to enhance the livability and sustainability of surrounding neighborhoods. As noted by Brenda Breaux, the Executive Director of NORA, this initiative aims to foster innovative, community-driven projects that will bring fresh vitality to New Orleans (NOLA).

Fernando Palacios, a strategic consultant with Hilco, emphasized the importance of this auction not just for potential property ownership but also for city revitalization. He stated, “This auction offers buyers an accessible entry into real estate while promoting community investments in meaningful land uses.”

Auction Conditions and Requirements

Properties will be auctioned on an “as-is, where-is” basis. Successful bidders will be expected to complete any rehabilitation or construction within 18 months following the closing of the auction. For those purchasing non-housing development parcels, the requirements include developing a non-residential project consistent with the New Orleans Comprehensive Zoning Ordinance within the same timeframe. Moreover, it is necessary for all buyers to maintain code compliance from the date of closing until their projects are completed.

Inspections of the properties can be conducted prior to the auction at the bidders' convenience. Closing the sale must occur within 30 days after the auction, and financing will not be a contingency; therefore, bidders are advised to secure pre-approval for their financing arrangements beforehand. Additionally, buyers are required to acquire flood insurance for any structures on the properties as part of the closing conditions.

Information Session

To assist potential buyers, a virtual “Buyers’ Seminar” is scheduled for June 5, 2025, at 5:30 PM CT. Interested parties can register for this informative session and learn more about the auction process and requirements. For complete details, prospective bidders should reach out to Fernando Palacios at (504) 500-1891 or visit hilcorealestatesales.com/NORA.

About Hilco Real Estate Sales

Hilco Real Estate Sales has a long-standing reputation for successfully guiding corporate clients through complex transactions and maximizing property potential. Backed by over 20 years of experience, the Hilco team has helped numerous clients navigate intricate market landscapes to secure billions in value. Hilco employs a comprehensive strategy to assist in optimizing real estate assets, enhancing cash flow, and minimizing liabilities.

In summary, this partnership with NORA and the upcoming auction not only represents a significant opportunity for prospective landowners but also underscores a commitment to community enhancement and revitalization efforts in New Orleans. For more information on this exciting initiative, visit HilcoRealEstateSales.com.