Central Business District riding wave of hotel, condo projects as demand for downtown living surges _lowres

Advocate staff photo by MATTHEW HINTON--925 Common, a 15-story, 199-unit apartment building, is seen here on the left, in New Orleans, La. Friday, Feb. 26, 2016. A Moxy Hotel, Marriott's boutique brand targeting millennials, is under construction on the right.

Tulane University has sold a tract of land in the Central Business District for $15 million to the president of a Natchitoches hotel management company.

Records at the Orleans Parish Assessor’s Office show the land at 925 Common St. was sold to Fch Holdings, a company owned by Greg Friedman, president and general counsel of Dimension Development Co.

The deal, which was recorded July 1, does not include 925 Common, a 15-story, 199-unit apartment building that sits on the property. The mixed-use development is owned by Belmont Commons, a company registered to developers Emanuel Organek and Mark Blumberg.

“Simply the land underneath it was transferred,” said Blumberg, who signed a 99-year land lease with Tulane in the late 1990s.

The land was part of the University of Louisiana at New Orleans’ assets that the state transferred in 1884 to the administrators of the Tulane Educational Fund, which created the Uptown university, according to university spokesman Mike Strecker.

As required by law governing the sale of such assets, Gov. John Bel Edwards signed off on the deal, Strecker said. Tulane does not own other off-campus land that was part of the 1884 transfer, he added.

Friedman, who assumes the land lease’s terms, did not return multiple messages Thursday.

The building atop it is listed on the National Register of Historic Places.

Last year, the 182-year-old Tulane hired a Chicago consulting firm to find ways to close an annual cash deficit of nearly $20 million as it prepares to launch its first major fundraising campaign since 2008.

Follow Richard Thompson on Twitter, @rthompsonMSY.