Metairie, Louisiana Vacant Lot - Land Lease Option

[Jordan Decuir]

My family owns a small vacant lot in a relatively-desirable area of Metairie, LA (New Orleans suburb), in Bucktown to be exact...I would like to get some feedback from the BP community around potentially trying to do a land lease on this property whereby we grant a developer the right to lease the land, develop an investment property on the land (presumably a duplex or triplex, given its location and size), operate that investment property over a long period of time and pay us scheduled rent over a significantly-long period of time. Is this common/feasible in Louisiana and the Metairie/New Orleans area? How would this be structured? I recognize there is the option for us to develop it ourselves, but I would like to explore the idea of quickly/"easily" monetizing this asset with some sort of land lease if possible.

[Mike Wood]

@Jordan Decuir I doubt that Bucktown is so desirable that someone would develop a property on lease land.  If it was on the Vets commercial corridor, then a commercial business would be willing to do it.  I can't ever imagine building a residential property of leased land, unless that land is on government owned like the building on levee board property (boat houses or businesses on the lake or river).

You would be better off selling the property.