In The News › BGR: Sell New Orleans WTC building

Jan 15, 2009

Source: New Orleans City Business

Filed under: Orleans Parish, World Trade Center

BGR: Sell New Orleans WTC building

NEW ORLEANS – Here’s an option for the New Orleans World Trade Center, a city-owned building that is waiting to be redeveloped after efforts that began more than 10 years ago: Sell it.

That’s the suggestion released today by the New Orleans-based Bureau of Governmental Research in its report, “Rethinking the World Trade Center Building Transaction.”

Sean Cummings, executive director of the New Orleans Building Corp., the group that acts as landlord for city-owned properties, could not immediately be reached for comment.

“The building, about 40 years old, has passed its prime as an office tower and is in need of redevelopment,” the report says. “But despite the property’s location, redevelopment efforts that began more than 10 years ago have been unsuccessful.”

The project, which dates to former Mayor Marc Morial’s administration, has been through three sets of developers. BGR says the most recent developers backed away from the deal in November.

The 33-story building at the foot of Canal Street, overlooking the Mississippi River, also has a nearby parking garage.

“Unfortunately, the current redevelopment strategy for the World Trade Center buildings unnecessarily limits the city’s ability to maximize its return on the asset and should be abandoned,” the report says.

Among other things, a sale to a private developer would return the World Trade Center buildings to commerce and place them on the tax rolls, the report says. A sale would also allow NOBC “to maximize the return to the public by delivering an unencumbered property.”

To read the full report, go to www.bgr.org.•

Jan 15, 2009

Source: New Orleans City Business

Filed under: Orleans Parish, World Trade Center

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