The City of New Orleans has released details of the five contenders and their proposals for the redevelopment of the city-owned Piazza d’Italia in the Central Business District.
Here is an overview of the five proposals:
The Finch Group of Boca Raton, Fla.
Finch has proposed a 156-room hotel with 152 apartments and a 200-space parking garage. The development would also contain 32,000 square feet of retail and restaurant space.
The hotel would be “moderately priced.” The Florida-based Finch Group develops, owns or manages various hospitality, commercial and affordable or market-rate residential properties.
Knightsbridge Hospitality of Houston
Knightsbridge proposes a Vib by Best Western flagged hotel on the first five floors and condos on the next five floors. The proposal also calls for a new Blue Dog Café, a Lafayette-restaurant that features artist George Rodrigue’s work.
Carter & Associates + Majestic Realty Co. + Oakwood Development
This Atlanta-based development team plans to build 282 apartments and 6,300 square feet of street-level retail. The total development cost is estimated at $77.5 million development.
Majestic Realty will provide the majority of the equity. These guys look like major players, as Majestic owns or manages 70 million square feet of real estate.
ICD Sitra of Mexico + OSH of Mexico + Crowninvest LLC of New York
Mexican-based developer ICD Sitra has proposed a branded lifestyle hotel with 355 rooms on 29 floors next to a smaller, 155-room “select service” hotel. The proposal includes a 20,600-square-foot convention center, luxury retail and parking.
ICD Sitra would develop the project and OSH and Crowninvest would manage and operate the hotels.
ICD Sitra is also a major player, having developed more than 50 hotel projects around the world.
Chrysolite Management Group of Kingsport, Tenn.
Chrysolite proposed a 250-room Hard Rock Hotel with a 50,000-square-foot Hard Rock Live concert venue on the lower level of the development.
The Canal Street Development Corp. is the city agency that oversees the Piazza d’Italia, and they will be the group vetting and evaluating the proposals.
The city plans to name the finalists by September 3, 2015.