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Wed August 27, 2014
Government Watchdog Group Says It's Time To Sell Empty World Trade Center
A government watchdog group says New Orleans should sell the World Trade Center that sits empty by the Mississippi River.
The city had reached a tentative lease agreement last year with Gatehouse Capital Corporation to redevelop the old high rise. But negotiations broke off in April, ending plans for the building being converted into a luxury hotel and residential complex.
The Bureau of Governmental Research noted yesterday that it was the third time redevelopment efforts failed.
BGR says selling the building would mean the city could get the full value of the building up front while putting a valuable property back on property tax rolls.
The 1960s-era building is fondly remembered by many in New Orleans for its revolving rooftop bar.
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