The $1.5 billion Trade District development on 47 riverfront acres owned by the Earnest N. Morial Convention Center seems to have stalled, according to an article in The Advocate.
The group had hoped to strike a deal by this summer. Instead, negotiations are still on going.
The Advocate quotes a number of players involved in the deal, including developer Darryl Berger, Convention Center CEO Bob Johnson, New Orleans Convention and Visitors Bureau CEO Stephen Perry. The gist: it’s not totally dead, but its on life support. The parties seem to still be working on it, but the negotiations have slowed down to a trickle. The group is hoping a deal can be reached for the end of the year.
Original plans by the development team, made up of Berger, Joe Jaeger, and Howard Hughs Corp., call for a 1,000 room hotel, 200,000 square feet of retail and restaurants, a waterfront public park, and many other uses including apartments and parking garages.
The Convention Center plans to invest up to $175 million for infrastructure improvements with the hopes of facilitating $1 billion in private investment. They purchased the land in 2000 for $45 million.
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