As co-founder of Heller/Stone Properties, Kenneth D. Heller has been involved with of over $1Bil dollars of real estate. One of the more high-profile achievement remains the sale of Esplanade at City Park, a 550,000-square-foot apartment building in central New Orleans. A number of factors contributed to making Heller’s sale significant, including the fact that many experts believe the deal constituted the largest sale of a multi-unit residential building in New Orleans’ history. The other significant detail lies in the fact that the deal was concluded a mere year after the building was substantially damaged by Hurricane Katrina.
Although the building sustained an estimated $10 million in damage as a result of the storm, Kenneth D. Heller and his business partner and co-owner of Esplanade at City Park worked together to repair the damage and restore the property. Initially, many people thought that the real estate market in New Orleans would be stifled by the disaster. However, the opposite came true. As a result of the destruction and damage caused to so many structures, housing became an urgent need in the area after Hurricane Katrina. Kenneth D. Heller collaborated with the insurance company and contractor to repair the building in order to allow residents to return to their homes as quickly as possible. As a result of the tireless efforts of Heller and his partner, Esplanade at City Park stood among the first major buildings in the central New Orleans neighborhood to become fully operational.
The community was sold for $46 million to Old Man River Esplanade, LLC. Kenneth D. Heller’s success stands as a story of hope for residents and business owners who have survived natural disasters.
The above information sourced from The Wall Street Journal