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What does the future hold for the Chris Owens Club?

“Just wondering what's going to happen with it, you know, it's a big spot very famous spot,” said Shequita.

NEW ORLEANS — The famous Chris Owens Club on Bourbon Street, open since 1956, is now closed until further notice, according to her long-time publicist Kitsy Adams.

There is no decision yet if the iconic club and three-story building will be sold or not, but already local fans and investors are inquiring.

So what are the possibilities?

Visitors from all over the U.S. stand outside of Chris Owens' club reading her obituary, curious about who she was, but New Orleanians who pass by already know her, and are curious about something else.

“Just wondering what's going to happen with it, you know, it's a big spot very famous spot,” said Shequita.

“What are they going to do with the club? Just wondering, you know what I'm saying?” said Donnie Carradine.

News spread fast and far of Chris Owens' passing. In fact, she was so well known, and so popular, that calls of condolences came in from Hollywood, Washington, D.C., and as far away as Paris, but multiple calls also came in immediately about the prime real estate.

“We're not just on Bourbon Street, we're in the middle of everything, and so I think they'll be a lot of interest,” explained Gordon McLeod, Producer with The McEnery Company.

He is not currently under contract with the owners of 500 Bourbon St., but we wanted his opinion as an expert in commercial real estate in the French Quarter, and in the historic Vieux Carre’ Entertainment District.

“It means that the Vieux Carre’ Commission has authority over any exterior changes to the building, whether they can be seen from the street or not. It also means that the building is eligible for historic tax credits for renovation,” said McLeod.

The location and those credits are already making it very attractive to local, and outside investors, and buyers.  

“The federal and state historic tax credits are both 20%, and when you stack them together, that's 40% return on the qualified rehabilitation expenditures,” said McLeod.

He says it can not be a hotel or short-term rental. It can still have apartments above businesses like bars, entertainment venues, or restaurants. The question is would there be one tenant on the ground floor or multiple ones?  He would value it, of course, in the millions, but would need to do a true evaluation. He says someone who renovated the building would also need to bring it up to code.

This local woman has a wish. 

“I hope that someone who gets it, whoever gets it, they do something good for the city. They bring something back to the city we're kind of missing right now when Bourbon (Street) used to be fun,” said Shequita.

And McLeod says because of the high interest in notable properties like this one, they usually get sold before they go on the market, but in his opinion, to sell for the highest possible price, it should be listed on the competitive market.

The long-time Chris Owens Easter Parade will still go through the French Quarter this Sunday beginning at 1 p.m.

RELATED: Funeral arrangements made for Queen of Bourbon Street, Chris Owens

RELATED: 'Dynamic' & 'Beautiful,' Chris Owens' legacy will live on in New Orleans

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