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Old September 5th, 2009, 11:33 AM   #61
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It looks no way like Trump Chicago.
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Old September 6th, 2009, 07:41 PM   #62
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It looks similar but the differences are definitely there. I forgot about this project, built or not it's definitely nice.
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Old September 8th, 2009, 08:19 PM   #63
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wow great to see something going up in NO. I like the design, hopefully this spurs more development in Nawlins....they really need it
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Old January 27th, 2010, 01:55 AM   #64
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does anyone know anything new about this building?
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Old January 28th, 2010, 10:40 AM   #65
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great one for New Orleans. Trump is a great risk taker to build a tower like this in a swamp
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Old June 2nd, 2010, 07:23 AM   #66
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looks similar to one museum park in chicago






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Old June 2nd, 2010, 08:20 AM   #67
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looks like a fusion of the one muesem park and trump tower in chicago...
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Old June 2nd, 2010, 09:49 AM   #68
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Looks like the one in chicago, still nice
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Old June 7th, 2010, 02:55 PM   #69
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This tower was suppose to start construction three years ago,I think it's safe to say it's been canceled.
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Old September 25th, 2011, 05:18 PM   #70
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Cancelled


Quote:
Originally Posted by desertpunk View Post
nola.com

Plans for building Trump Tower in New Orleans are officially dead

Published: Thursday, July 28, 2011

The Trump International Hotel & Tower, the excessively hyped 70-story, $400-million condominium project announced the day before Hurricane Katrina turned toward New Orleans, is officially dead.


An artist's rendering of the proposed Trump Tower. The site where the skyscraper was to be built was sold last week at auction to a company that operates a parking lot there.


The Poydras Street parcel where the Trump Tower was to be located was sold at a sheriff's foreclosure auction last Thursday to the operator of the surface parking lot at the site.

While there have been no signs of motion for several years on the project that would have created the tallest building in the city, and a mural of the project painted on a brick building abutting the site has long since been removed, the Florida developers who worked with New York real estate magnate Donald Trump on the project remained silent about its fate, even as other swanky high-rise condo projects fell apart.

Stephen Dwyer, the local attorney for developer Poydras LLC, said that twin hurdles of the storm and the financial crisis were just too great to overcome. "The economy just did not justify going forward," Dwyer said. "The developer still hopes to bring the project online at some point. He has not given up on building a project in New Orleans."

Developers David Brannen and Cliff Mowe did not return phone calls seeking comment.

Jim Huger, the chief executive of Premium Parking Service LLC, a fast-growing parking company that launched shortly before Katrina, outbid the lender at the auction and bought the two parcels of land where he currently operates a parking lot for $5.44 million.

Huger, who bought the property along Poydras between Magazine and Camp streets through the entity Orcutt LLC, said he'll hold the land until new opportunities arise. "Like any long-term buyer, we're interested in any development opportunities. When the city is ready for something, we'll be there," he said.

Now that he owns the property, Huger plans to repave the lot and improve the site. "We haven't been able to invest in it up until this point," he said.



Premium Parking operates 35 parking locations in New Orleans and has just expanded to Houston. The company has 100 employees.

Jim Garner, an attorney for Fred Levin, a Pensacola lawyer who previously owned the site and provided financing for the developers,said that Levin foreclosed on Poydras LLC in the spring after the company stopped making payments on its lease-purchase agreement for the site.

Garner said Levin bid on the project to make sure that he was made whole on the money he lent. Garner said that the property is worth more than what Huger paid for it.

The failure of the Trump Tower project also marks the end of spate of new-construction luxury condominium projects that were announced around the time of the storm when the national real estate market was hot and money was flowing.

Vantage Tower, a 25-story condominium project announced in January 2006 at Girod Street and O'Keefe Avenue downtown, was cancelled in February 2007 as rising construction costs made units too expensive for buyers.

The 24-story Tracage proposed in February 2006 at 1100 Annunciation Street in the Warehouse District was put on hold in April 2009 because of the economy. Although a banner remained in place for ages at the site, it was sold at a tax sale last November for $19,023.75 to a company in Minnesota called Lakeview Holding LLC, according to conveyance records.

But even as these projects crumbled, the Trump Tower developers insisted they were moving forward, and opened a sales office in the neighboring Pan American Life Center in January 2008 as the nation was in recession.

In May, the New York Times reported that real estate tycoon and television personality Donald Trump essentially rented his name to developers to make condo projects more valuable, even though he had little to do with them.

The Times-Picayune archiveThe Poydras Street site between Camp and Magazine streets, once slated to become a Donald Trump-branded highrise, was sold at foreclosure auction last week.

Kurt Weigle, president and chief executive of the Downtown Development District, said it's no surprise that Trump Tower and the other luxury condominium projects ran into trouble. The national finance market is tough, many people are more interested in renting rather than buying right now, and while downtown New Orleans is moving in a great direction, new construction is expensive and the per-square foot sales prices are still too low to make the numbers work.

Weigle is unconcerned by the failure of Trump Tower. What's more important, he said, is the redevelopment of many smaller buildings downtown into apartments that has allowed the residential population downtown to double over the past decade.

People in New Orleans are looking for apartments rather than condos, Weigle said, and that's well-matched to the type of financing tools that are available to developers. The easiest way to finance a project right now is through state and federal tax historic credits, which lend themselves to apartment construction, because the federal credits prevent developers from selling the units for five years.

With some 5,100 people living downtown and demand for the new apartment units strong, Weigle said downtown sales prices will eventually rise, which will make new construction condominium projects feasible.

"We don't despair because this one project isn't moving forward," Weigle said. "What we continue to herald are all the smaller projects that are adding up to big number gains in residents downtown."

----
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