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Tower Residences return to auction with $10M bid

Once a 219-unit senior housing complex, vacant since Hurricane Ida

Developer planned luxury condo conversion but financing collapsed

Property marketed as “shovel ready” with permits and approvals complete

The long-vacant Tower Residences of Old Metairie are heading back to the auction block Sept. 22 with a starting bid of $10 million, after a planned luxury makeover for the storm-damaged property fell through.

Originally built in 1973, the 219-unit towers mostly housed senior citizens until Hurricane Ida caused severe damage in 2021. They have remained vacant ever since.

Darren Aschaffenburg purchased the seven-story complex at 401 Metairie Road in October 2023 for $24.5 million, envisioning a sweeping renovation int

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