Woodward-Carpenter, the development team behind the conversion of the former World Trade Center building into a new Four Season and Residences expects to break ground on construction May 1.
The team is close to closing on construction financing, and expects to do so in April. The developers were supposed to have started by March 30, but the City of New Orleans is giving them some leeway to close this month. The developers have already paid $5 million in prepaid rent and another $30 million in prepaid rent for the city’s Poydras Street parking garage.
The 33-story, 700,000 square foot Four Seasons will feature 395 hotel rooms on the lower floors, and 110 hotel-serviced condos on the upper floors. The remaining space will consist of two signature restaurants, more than 25,000 square feet of meeting space, a spa and fitness center, a roof-top pool and deck area, and a separate roof-top bar and an outdoor observation deck.
The total project is estimated to cost $400 million. Investment firm Shepherd Kaplan Krochuk, LLC is providing some of the project equity, and the group plans to use about $300 million in debt. Historic tax credit financing is also part of the package. Woodward is the general contractor and Trapolin-Peer is the architect.
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