The fall of Jaegertown

Once there was a big beautiful gentrifying  and profiteering dream.  But now look.

Five years ago, Jaeger was involved in talks to develop the entire area through a partnership with Darryl Berger and the Howard Hughes Corp. And while talks never resulted in a deal, last year a new plan began gaining momentum.

After successful negotiations with Mayor LaToya Cantrell over tourism tax dollars, Convention Center officials began moving forward on a 1,200-room Omni hotel as well as a vast multi-acre development filled with restaurants, shops, residences and other amenities.

In December, Convention Center General Manager Michael Sawaya announced the selection of three development teams to submit "master plan" proposals for the entire property. With development under way, Jaeger's bet on what is still one of the largest tracts of undeveloped land near downtown New Orleans looked set to finally pay off.

Since then, the shutdowns aimed at slowing the spread of the coronavirus have sent the Convention Center into a tailspin. With events canceled for the foreseeable future, officials have said they will have to dip into reserves to cover tens of millions of dollars of expenses and upgrades to its existing buildings. In April, board members put plans to choose a master developer on hold.  

Sure COVID 19 is bad and all but consider also that Market St. power plant might just be cursed.

The old coal-fired plant, with its Victorian-era twin smokestacks, was built in 1902 by the predecessor to Entergy Corp. and supplied electricity to the city's residents for more than six decades. It has remained a feature of the New Orleans skyline even since its furnaces ceased operating when the building was sold in 1973, and there has been speculation about what its next iteration would be ever since.

Will that be enough to keep the speculators away, though?

Siegel said that the Market Street plant will likely attract the kind of long-term buyer who can wait for a possible return of plans for the entertainment district when travel and business resume.

"I would be surprised if we didn't see substantial interest from potential national and international buyers...[but] it will be someone who takes a generational view," Siegel said.

Of course, the only outcome anyone can imagine for some of the most valuable land on high ground near downtown New Orleans right now is for it to become a site for parked money from "international buyers" with a "generational view."  Things are going great, aren't they. 

Anyway, RIP Jaegertown... or at least this particular vision for it.  I wonder what the NOligarchs map will end up looking like at the end of the depression.