Image by Drive Shack Inc.
The group of local developers behind the conversion of the former Times-Picayune building on Howard Avenue into a 60,000 square foot Drive Shack secured their final approval yesterday for redevelopment tax incentives.
The Industrial Development Board voted for final approval of a payment in lieu of taxes, or PILOT, for the project. The PILOT fixes annual property taxes at $265,000 through 2032. In exchange, they agreed to create 300 jobs and require 40% of its construction workforce to live in New Orleans.
The developers also secured a tax incentive from the city that allows them to collect an additional 2 percent sales tax.
The new $29 million facility will consist of 90 driving range bays, restaurant, bar, meeting spaces, and an arcade, along with space for 265 parking spaces. Demolition will start soon.
Local businessmen Joe Jaeger, Arnold Kirschman, Barry Kern and Michael White are part of the development team behind the project.
about the author: CSB Staff
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