City to Seek Proposals for WTC Building

In an attempt to put of the city's most valuable pieces of real estate back into commerce, New Orleans officials are preparing to solicit proposals for redeveloping the World Trade Center site at the foot of Canal Street.

The Times-Picayune reports the proposals can call for either demolishing or renovating the vacant office tower.

Deputy Mayor Cedric Grant said he expects to release the request for proposals by early January. Those responding will have 90 days to submit proposals, which must be accompanied by a $50,000 deposit.

The city bought out the lease of the 33-story building in early 2012 from the World Trade Center organization. The $2.3 million deal gave the city full operational control over the 670,000-square-foot tower. The city owns the land under the building.