Corporate Realty, as agent for Louisiana ArtWorks, is pleased to announce that the New Orleans Culinary and Hospitality Institute, has been selected by the Louisiana Artists Guild, the non-profit that owns the subject building, as the purchaser for the 93,649 square foot Louisiana ArtWorks Building at 725 Howard Avenue. The sale to the Culinary and Hospitality Institute has been approved by both the State of Louisiana and the City of New Orleans and is subject to the Culinary and Hospitality Institute’s title and environmental due diligence. The closing of the sale is projected to take place within the next 60 days. The purchase price is $6.2 million.
The New Orleans Culinary and Hospitality Institute (NOCHI) is a non-profit organization whose mission is to advance the development and practice of the culinary arts, and to support the growth of the hospitality and tourism industry in the New Orleans region through training and education and the incubation of research and development that will further develop both the culinary arts and the hospitality and tourism industry at large. NOCHI will partner with Delgado Community College through a cooperative endeavor agreement which calls for Delgado to provide equity for the construction of a culinary school. There will also be educational and operating relationships with both Tulane and the University of New Orleans through additional cooperative endeavor agreements. It is expected that the culinary and hospitality school will be in place and open in early 2016.