125-Unit Luxury High-Rise Revived; Six Flags Back on the Market
By Eliza Theiss, Associate Editor
New Orleans’ booming economy and growing population have helped revive a project first proposed in 2005: Traçage, a $55 million luxury project set to rise in the Warehouse District, at 711 Tchoupitoulas St.
According to Curbed Nola, the 125-unit project will incorporate luxury apartments instead of luxury condominiums as originally planned, before the Great Recession. The height has also been cut down from the 2005-proposed 288-foot height to 182 feet – which is still considerably higher than Warehouse District structures are normally permitted to be and is reportedly causing an uproar with area dwellers. The project, set to feature 4,500 square feet of retail space on Annunciation Street, will rise on the site of a warehouse razed before the project was put on hold following the market crash. According to Curbed Nola, the Board of Zoning Adjustments approved the project earlier in 2013.
Traçage’s website, though offering little detail besides the “Where modern living and old charm live” motto, touts a 2014 groundbreaking. According to New Orleans-based Trapolin-Peer Architects’ website, Traçage will feature a concrete structure with a metal-clad exterior curtain wall and a “minimum LEED certification,” Mississippi River views and residential units designed for the “modern downtown dweller,” with floor-to-ceiling windows. Plans also include a rooftop infinity pool and sundeck, as well as a fitness center.
Other news has another stalled development being brought back into the spotlight. The now-notorious 150-acre Six Flags amusement park in New Orleans East, a symbol of the destruction left behind by Katrina, is back on the market.
According to The Times-Picayune, the Industrial Development Board is working on having a process to select a new developer set down by the end of the year, with the final developer selected and vetted by 2014. As previously reported, DAG Development and Provident Realty Advisors were selected in 2012 to redevelop the blighted amusement park into a 400,000-square-foot outlet mall and entertainment boardwalk, dubbed Jazzland Outlet Mall. Phase one carried a $40 million price tag and was intended to incorporate existing elements of the defunct amusement park into the new project.
The JV signed a two-year lease for the site to conduct due diligence, paying a monthly rent of only $1,700 for the site. However, in early 2013 the JV expressed its intent to scrap Jazzland, due to the Riverwalk outlet mall redevelopment. The $70 million project by the Howard Hughes Corp. is well underway, set to for a second or third quarter 2014 opening. In the meantime, the derelict Six Flags site has been used as a shooting location for several movies, including Percy Jackson: Sea of Monsters, Killer Joe and Dawn of the Planet of the Apes.
Image courtesy of ezeterberg via Wikimedia CommonsTags: Acquisitions/Dispositions, Architecture/Design, Arrested Development, blight reduction, Brokers, Condo, Co-op, HOA, DAG Development, Dawn of the Planet of the Apes, Developers, Development, Economy, Finance/Investment, Financiers, hospitality, Howard Hughes Corp, Hurricane Katrina, Industrial Development Board, Investors, Jazzland Outlet Mall, Killer Joe, Leasing, leed certification, Local, luxury, luxury apartment project, Maintenance, Mixed Use, National, New Orleans apartment market, New Orleans Lead Story, outlet mall and entertainment boardwalk, Owners, Percy Jackson: Sea of Monsters, Policy, Property Management, Provident Realty Advisors, redevelopment, Regional, Retail, Riverwalk, Six Flags New Orleans, street-level retail, Traçage, Trapolin-Peer Architects, Warehouse District