by CSB Staff •
February 20, 2015 •
Development, Hotel & Hospitality, Public Finance •
Comments (0) •
The City of Gretna has announced support for an initiative to create a special taxing district to help finance the $50 million hotel complex being developed by BN Management on vacant west bank land.
The vacant land where the $50 million project will be beuilt
The complex, which broke ground in August, will feature 3 hotels and retail on a 12-acre site in Harvey.
The financing proposal would add a 2% hotel occupancy tax to the already-existing 2% tax (for a total of 4%). The money would be placed in a fund and be given to BN Management as a reimbursement for infrastructure expenses. The tax is estimated to raise $2 million.
The 12-acre tract wedged between Algiers and Terryton was annexed by Gretna earlier this year, at developer Bui Nguyen’s request. Bounded by the West Bank Expressway, Whitney Avenue and the Donner Canal, the property known as “the triangle” was part of Terrytown. The annexation generated serious opposition from nearby residents, who saw the move as a land grab by Gretna. The process was finalized in January after unanimous approval from the Gretna City Council and Jefferson Parish Council.
The first hotel will be a four-story Courtyard by Marriott with 123 rooms, a swimming pool and small restaurant, which is supposed to open in September. Next up is a Homewood Suites by Hilton. The three hotels will total 700 rooms.