Here we go around again

Looking forward to 2022 in New Orleans when we will be turning more public investment into private profit despite our chronic housing crisis as has been done over and over in exactly this fashion.  

The property is zoned CBD-1, which calls for high-density and mixed-use developments downtown. The buildings, constructed in the mid-1800s, are eligible for Federal and State Historic Tax Credits and located in a qualified Opportunity Zone, a flyer for the listing said.

The purchase price was not disclosed. The listed price was $4.7 million. Siegel, along with William Sadler and Jeff Cohn, represented the sellers, listed as New Orleans residents Rosemonde Kuntz Capomazza, Carlo Capomazza, and Stefano Capomazza, in the transaction.

Whatever will they do with that property in that downtown neighborhood? 

Asked about plans for the Baronne and Union streets buildings, Phil Winton, a spokesman for GBX Group, said in an emailed statement that “We don’t comment on future plans until we have them buttoned up. Rest assured, the historic building will be preserved.”

Mixed-use, multifamily, short-term rentals and hotel redevelopment projects are abundant in the area. Developers have used tax incentives and creative funding measures to overhaul vacant properties, many of which were used as office space in their past lives.

Don't worry. The building will be fine. That's really the point of all this, right?

One other note from this story. GBX Group is also in possession of the deteriorating jazz landmark buildings that face S. Rampart Street. According to the Times-Picayune, the plans are to redevelop the whole block into an "entertainment district" anchored by a "'jazz-themed' hotel/convention venue along Loyola Avenue."  One assumes that means the river side of Loyola Avenue which is currently occupied by surface level parking lots. So it's not clear that City Hall which is currently located across the street would have to move out of the way for that but they are trying.   Here is their latest idea for that. 

The 23-story office tower at 1615 Poydras St., originally known as the Freeport McMoRan Building, is currently the headquarters for DXC Technology. It sits across the street from Caesars Superdome and is two blocks from the current City Hall.

The building is owned by Stewart Capitol, which is controlled by New Orleans investor Frank Stewart, according to the company’s website. According the Orleans Parish Assessor's Office website, it last sold for $30 million in 2000, according to assessor's records. Mohammad Motahari with Stewart Enterprises told WDSU Friday the city reached out about potentially selling. He added that the company will listen to all officers, but no offer has yet been made. The memo says the prospective timeline would depend in part on the financing process.

Just as an incidental note, Frank Stewart, we may recall, spent much of 2017 throwing a public fit over the removal of Confederate monuments from public spaces in the city.  Thankfully, the city didn't bow to Stewart's faction. Well, not entirely, anyway. LaToya Cantrell certainly gave them a lot of consideration. After all, it wouldn't make sense not to listen to your business partners, no matter how filthy racist they are, right?