Post by pavel on Mar 4, 2016 5:26:19 GMT -6
It was supposed to be the tallest building in Louisiana: a 70-story Trump International Hotel & Tower, a $400 million project that was slated to transform a Poydras Street parking lot into a luxury high-rise with more than 700 condominium and hotel units.
But more than a decade later, the site remains a parking lot.
Experts say blame for the proposal’s demise doesn’t fall entirely on Donald Trump, the New York real estate mogul and Republican presidential front-runner who is scheduled to hold a rally Friday in New Orleans ahead of the state’s primary Saturday.
Trump announced plans to join a team of Florida developers in the project only days before Hurricane Katrina hit in 2005, devastating the region’s economy and upending many major real estate projects. In the storm’s immediate aftermath, plans were further plagued by rising labor and building materials costs, as well as the fallout of the 2008 nationwide financial crisis.
The high-profile project was considered a key piece of Poydras Street’s revival. Mayor Ray Nagin was an enthusiastic supporter, calling the project “international news” and encouraging Trump to push ahead with a second skyscraper.
Read more: www.theneworleansadvocate.com/news/15070928-172/whatever-happened-to-planned-trump-tower-skyscraper-on-poydras-street-nothing
But more than a decade later, the site remains a parking lot.
Experts say blame for the proposal’s demise doesn’t fall entirely on Donald Trump, the New York real estate mogul and Republican presidential front-runner who is scheduled to hold a rally Friday in New Orleans ahead of the state’s primary Saturday.
Trump announced plans to join a team of Florida developers in the project only days before Hurricane Katrina hit in 2005, devastating the region’s economy and upending many major real estate projects. In the storm’s immediate aftermath, plans were further plagued by rising labor and building materials costs, as well as the fallout of the 2008 nationwide financial crisis.
The high-profile project was considered a key piece of Poydras Street’s revival. Mayor Ray Nagin was an enthusiastic supporter, calling the project “international news” and encouraging Trump to push ahead with a second skyscraper.
Read more: www.theneworleansadvocate.com/news/15070928-172/whatever-happened-to-planned-trump-tower-skyscraper-on-poydras-street-nothing