The River area has two milestones, stating that the developer is the key to the $ 1 billion project.
Louis Lauricella, led by River District NEIGHBORHOOD Investors Construction, stated that the group has finally secured financial supporters in the shell oil office tower.
The Convention Center monitoring committee has also approved a new leasing condition to clear the plot at the down revers of the 47 -acres site where Louisian’s music and heritage experience was assigned to the museum.
The proposed $ 160 million, 120,000 square -foot Louisiana music, an external rendering of the Heritage Experience Museum in the New Orleans River area.
The cost of the 147,000 square -foot shelbill, which is expected to exceed $ 130 million, is eligible for debt loans from Southern Realty Trust Inc. in West Palm Beach, Florida, and Equity from the Capro Capital of Lauricella’s Las Vegas. 。 He talked to the Convention Center board on Thursday.
“It was a long and broken process, but we arrived there,” he said. “We are really gaining some traction and gaining momentum.”
The Lauricella group was selected to lead the project in March 2021 and had a long negotiations with the Convention Center over contract conditions, improving infrastructure and tax deduction states and local legislative legislation. With approval, I found an appropriate tenant.
The shell oil was the first transaction in the river area that was introduced almost 18 months ago, but the approval process that controversial with the city council by monitoring the $ 21.6 million tax deduction and the development of parliamentary congress. Is passed.
Sypress Equity, based in Dallas, a lead investor in the reversal district, is a news release on Tuesday, and Gensler is an architect and reflects the history and culture of New Orleans. Was designed.
“The architecture has an element inspired by the Mississippi River’s sea transport industry, and has a facet metal panel, bronze, metal, glass, and concrete dynamic pallets,” Cypress said.
Several shrinkage
Cypress news release states that eight -story buildings cover less than 124,000 square feet.
Cypress also stated that the first floor of the building would be occupied at a 6,407 square -foot restaurant, and will remain less than 118,000 square feet.
Shell originally stated that it would account for 120,000 square feet to accommodate about 400 employees in the late 2023. This is less than half of the 308,000 square feet currently occupied by the Hancock Whit Nie Building. It is not clear how much building space shell is occupied by a new small design.
The spokesman in the River area could not immediately get more comments.
Chris Bearly, the chairman of the group, says that the music museum still has some way before securing funding.
The museum, which occupies a space of about 120,000 square feet, costs an estimated $ 165 million to complete, and approves about $ 40 million by the Louisiana Congress, the next session this spring. He said he would need it.
Capital expenditures are supported by 23 members of the Diet, including the Senator Lois Duplusis and Deputy Representative Mandy Landry. Both represent the New Orleans district.
Beary states that the financing of the museum needs more dollars and private donations to make up for the balance.
