The opportunity to redevelop the World Trade Center at the foot of Canal Street has been lingering for over a decade. There’s been many failed attempts, most recently in May 2014 when the City ended negotiations with Gatehouse Capital out of Dallas.
But back in August, the city put out a new RFP, and in December they narrowed down the field to five finalists.
Now, we’ve got the juicy details and actual of who is proposing what.
The Hotel Alessandra
Developer: Two Canal Street Investors
The Plan: 318 keys, 240 luxury apartments, an upgrade to the Canal Street ferry terminal and Spanish Plaza, a Louisiana Maritime Museum and a jazz lounge on the 33rd floor in partnership with Kermit Ruffins.
The Team: The Valencia Group of Houston, Dallas-based Woodbine Development Corp., Monday Properties of New York and developers Steven Peer and Peter Arey
Other players: The McDonnel Group (Contractor); New Orleans-based Perez, APC and Peter Capone of California (Architects).
Cost: $228 million
Financial Details: $23 million upfront payment; the greater of annual rent of $2.5 million or 6 percent of gross revenues. Payments would increase for inflation every five years. Plus 25 percent of gross sales if the apartments are converted to condos in the future.
The Conrad New Orleans Hotel and Residences
Developer: 2 Canal Redevelopment
The Plan: A 300-key hotel, 120 apartments, retail space, a restaurant and a rooftop observatory. A new 127 space parking garage. Plus parking via contract at the Hilton.
Team: Darryl Berger, Roger Ogden and Joe Jaeger, and former Xavier University president Norman Francis.
Other players: The McDonnel Group (Contractor); Manning Architects and Eskew+Dumez+Ripple (Architects)
Cost: $292 million
Financial Details: $50 million deposit ($10 million at lease signing, $15 million after closing and $25 million upfront base rent). They would pay $750,000 during an 18-month construction period. Plus a percentage of revenues (exact number TBD later).
Crescent Hotel and Crescent Tower
Developer: HRI Properties
The Plan: A 309-key hotel, 261 residential units, a rooftop revolving bar and restaurant, a ground floor restaurant and a “New Orleans Experience” visitor attraction on the 31st floor. Developers would also build a 336-space parking garage with ground floor retail.
The Team: HRI Properties
Other players: Roy Anderson Corp., Gulfport, Mississippi (Contractor); HCI Architecture (Architect).
Cost: $267 Million
Financial Details: Base payment of $10 million, base rent of $1.8 million that escalates every year. Plus a share of revenues (TBD). Developers estimate a total of $1.9 billion in payments over the 99-year lease.
The Plan: A 350-key hotel, 76 hotel-serviced apartments, a public observation deck and a “New Orleans: History at the Confluence of Cultures” attraction.
The Team: Carpenter & Co. of Cambridge, Massachusetts, and Woodward Interests LLC of New Orleans.
Other players:: Woodward Design+Build (Contractor; Cambrige Seven Associates and Trapolin Peer Architects (Architects)
Cost: $360 million
FinancialDetails: $1 million deposit; base rent of $2 million for the first five years that escalates to $2.25 million and $2.5 million over the next 10 years. The Developer would also give the city an extra $7.5 million if the group receives historic tax credits for the renovation.
Developer: Oxford Capital Group
The Plan: A 516-key hotel, 166 one-bedroom and two-bedroom apartments, a jazz club on the 31st floor and a rotating lounge and event space on the top floor. They would also build a new five-story building with parking, a ballroom, and retail, restaurant and entertainment venues.
The Team: Oxford Capital Group of Chicago
Contractor: The McDonnel Group
Architect: Montgomery Roth Architecture and Interior Design
Cost: $257 million
Financial Details: Base rent of $1.85 million that increases with every year, plus 3 percent of annual revenues over $45 million.