City Issues RFP for Piazza d’Italia Adjacent Sites
- May 19, 2015
The city of New Orleans and the city’s public benefit corporation, Canal Street Development Corp. (CSDC), have issued a request for proposal (RFP) for the redevelopment of a two-lot site adjacent to Piazza d’Italia, one of New Orleans’ famed urban public plazas.
The city is interested in proposals from experienced real estate developers. Projects must feature plans to integrate the site into the area’s land uses. That includes first-class commercial or mixed uses, such as luxury residential, retail or other professional office uses featuring entertainment components and related amenities. Proposals also need to include a component that will address the area’s parking needs, as both lots for the targeted site are surface parking lots. 542 Tchoupitoulas St. currently operates a 150-car parking lot, while 545 S. Peters St. serves as a 28-car surface parking facility.
The development of the site will go through multi-phase process similar to the redevelopment of 2 Canal Street (former World Trade Center). Selected RFPs will go through a second round of selection to decide the preferred developer based on the strength and quality of the proposed project, financial feasibility disadvantaged business enterprise (DBE) track record and project goals. This will be followed by a negotiation with the CSDC in order to maximize the City’s return on investment, followed by a lease and development agreement for the site. The deadline for RFPs ends June 30.
A similar route was followed in the redevelopment of 2 Canal Street. A final lease and development agreement for the 670,000-square-foot former World Trade Center was signed earlier this month. Developers Carpenter/Woodward have leased the property under a 99-year term and will embark on a $364 million adaptive reuse project, that will convert the vacant CBD property to a 350-key Four Season Hotel and 76 luxury condos.
Image credits: Google Maps