City Approves World Trade Center Lease

by • April 1, 2015 • Development, Hotel & Hospitality, Public DevelopmentComments (0)4771

Rendering via Carpenter & Co.

Rendering via Carpenter & Co.

The New Orleans Building Corp. on Tuesday gave its official approval for the city to sign a lease with Carpenter & Co. and Woodward Design + Build for the redevelopment of the World Trade Center into a Four Seasons Hotel & Residences.

This approval confirms the city’s selection of the development team to develop the building.

 There were, however, two changes to the deal since awarding it to Carpenter & Co.

First, the agreement removes a cap on rent payments so that the city can potentially earn more money throughout the life of the lease.

Second, Carpenter will be able to rent a bigger portion of land on the riverfront than the city had originally put forth as part of the deal.

The Carpenter team has proposed a $364 million redevelopment of the old building into a 350-room Four Seasons hotel, with 76 hotel-serviced condominiums.

Next, the lease goes to the City Council for final approval, which will likely happen in early May.

You can read more about the Four Season’s proposal here.

 

Pin It

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *