New Orleans’ third tallest building, which has sat unused for a dozen years, has been sold.

JSW Plaza Tower was sold last week to local developer Joe Jaeger Jr. through his company Alexandra Land and Development LLC, according to court records.

The building has been unused since 2002 because of environmental problems such as toxic mold and asbestos.

According to nola.com, when it was built, Plaza Tower was intended to anchor a row of tall buildings on Loyola Avenue, but the skyscrapers instead cropped up along Poydras Avenue, leaving Plaza Tower standing alone.

Nearly three years ago Bryan Burns and his partners bought the skyscraper at auction for $650,000 with the plan to redevelop it into a mixed-use facility that would house apartments, office spaces and retail spots. But according to Burns, the group’s investment objectives have been met and he added that he is confident the new owners can revitalize the building.

Plaza Tower is a 45-story, 531 feet-tall skyscraper in New Orleans, Louisiana, designed by Leonard R Spangenberg, Jr. & Associates.   Located in the Central Business District (CBD), it is the third tallest building in both the city of New Orleans and the state of Louisiana.

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