The City announced yesterday (May 10) that the Canal Street Development Corp., the city entity that owns the land, failed to reach a deal with Hard Rock hotel developer ICD-Sitra. Apparently, negotiations between the two sides fell apart when they could not reach acceptable lease terms.
The development team lead by ICD-Sitra, Crowninvest LLC and Operadora de Servicios para Hoteles de Lujo (OSHL) was the last team in the running to redevelop the lots, and had proposed a $125 million dual hotel development.
Their proposal would include a double-tower Hard Rock Hotel featuring a 29-floor, 355-room lifestyle hotel and a 14-floor, 155-room “select service” hotel. Both would feature restaurants, a spa, and a rooftop pool.
The complex also included 20,600 square feet of convention space, an 81,600-square-foot parking garage and 29,000 square feet of “boutique-luxury” retail and gourmet restaurant space. The development would have also featured a “jam school” space for the New Orleans Center for Creative Arts.