As I pointed out in this thread all the members of the board were rather large contributors to Jindal’s campaign.
I guess in this case we are not concerned so much with the relationship of the board with the state but the relationship of the board with Mr. Hertz and Hertz investments.
This is brazen corporate welfare and every Jindalican should be ashamed.
State OKs $45M purchase of Dominion Tower, N.O. Centre
by Ariella Cohen
NEW ORLEANS — The Louisiana Stadium and Exposition District, the state-appointed panel that runs the Superdome, has been authorized by the state to buy the former Dominion Tower and adjacent New Orleans Centre shopping center.
It is considered the first step toward bringing downtown workers and tourists back to two mammoth Central Business District landmarks that have not reopened after Hurricane Katrina.
The state has allotted the commission $45 million to buy the 26-floor, seashell pink Poydras Street office tower and adjacent mall from owner Judah Hertz, a spokeswoman for the project’s planners said.
The New Orleans Centre connects via a pedestrian bridge to the Superdome as well as to the 19-year-old tower. Officials are reportedly considering remaking the shopping center, which experienced difficulties attracting customers before the storm, into a sports entertainment complex. An announcement detailing plans is expected to be released next week.
The combined value of the shopping center, office building and an adjacent parking garage was estimated at $50 million in 2006 by Strategic Hotels and Resorts, which was then negotiating to buy the buildings from Hertz Investment Group to turn it into a 20-acre Jazz Park.
Under that plan, public offices would have moved into Dominion and the mall was to be torn down for a six-block park. Hertz said then the property was worth more than $70 million.
Wow! CityBusiness sure has the scoop. I haven’t seen this story anywhere else.
My first question is to price - $45 million. Is that based on rents, both office and retail? The New Orleans Center was a disaster as a mall before Katrina, and today, I would expect it to even fare worst. I can’t imagine the City being able to absorb the 200,000 square feet of Class A office space that this building will ad to the market.
I just hope someone has a bold ambitious plan with all of this. Is Nagin involved?
State OKs $45M purchase of Dominion Tower, N.O. Centre
by Ariella Cohen
NEW ORLEANS — The Louisiana Stadium and Exposition District, the state-appointed panel that runs the Superdome, has been authorized by the state to buy the former Dominion Tower and adjacent New Orleans Centre shopping center.
It is considered the first step toward bringing downtown workers and tourists back to two mammoth Central Business District landmarks that have not reopened after Hurricane Katrina.
The state has allotted the commission $45 million to buy the 26-floor, seashell pink Poydras Street office tower and adjacent mall from owner Judah Hertz, a spokeswoman for the project’s planners said.
The New Orleans Centre connects via a pedestrian bridge to the Superdome as well as to the 19-year-old tower. Officials are reportedly considering remaking the shopping center, which experienced difficulties attracting customers before the storm, into a sports entertainment complex. An announcement detailing plans is expected to be released next week.
The combined value of the shopping center, office building and an adjacent parking garage was estimated at $50 million in 2006 by Strategic Hotels and Resorts, which was then negotiating to buy the buildings from Hertz Investment Group to turn it into a 20-acre Jazz Park.
Under that plan, public offices would have moved into Dominion and the mall was to be torn down for a six-block park. Hertz said then the property was worth more than $70 million.
Wow! CityBusiness sure has the scoop. I haven’t seen this story anywhere else.
My first question is to price - $45 million. Is that based on rents, both office and retail? The New Orleans Center was a disaster as a mall before Katrina, and today, I would expect it to even fare worst. I can’t imagine the City being able to absorb the 200,000 square feet of Class A office space that this building will ad to the market.
I just hope someone has a bold ambitious plan with all of this. Is Nagin involved?
The price doesn’t matter. The state should not be involved in this period!!!
Jindal looks like EWE doing this crap. All those board members of the Louisiana Exposition and Stadium board gave a bunch of money to him and now he gets the Saints subsidy through and this without even a debate.
It obviously is not worth what the state paid or some private investor would have purchased it by now. The other store owners and hotel owners and office owners in the city should not have to compete with the state. Somebody made beau coup off of this and will make beau coup again as the state refurbishes it and then rents it or sells it below market prices.
It sucks. It is indefensible from a conservative standpoint and 4unionparish and bottomline and Huey have no creditability at all if they remain silent on this deal. This is more spending than the pay raise and 4 times the voucher funding.
How many more of these deals will we see? What is he hiding in that office that he fights so much to keep secret?
No way for us to know, since Mr. Transparency forgot to mention that he only wanted others to be transparent and not him.
It is a shame that people did not warn us about what we would get if Jindal was elected...
This smells like one of EWE’s old deals. I wonder if the current owners are tied to the Jindal administration?
You got to believe a board member or some other contributor has an interest in this. It may be a real estate agent or a lawyer or a banker or developer. They didn’t just wake up one morning and say “hey let’s take some taxpayer money and spend $45 million on a building in New Orleans.’
How many more of these deals will we see? What is he hiding in that office that he fights so much to keep secret?
No way for us to know, since Mr. Transparency forgot to mention that he only wanted others to be transparent and not him.
It is a shame that people did not warn us about what we would get if Jindal was elected...
This smells like one of EWE’s old deals. I wonder if the current owners are tied to the Jindal administration?
You got to believe a board member or some other contributor has an interest in this. It may be a real estate agent or a lawyer or a banker or developer. They didn’t just wake up one morning and say “hey let’s take some taxpayer money and spend $45 million on a building in New Orleans.’
People said Jindal would put a stop to the Good old boy`s system in Louisiana. Instead we see Jindal really enjoying running the good old boy`s system ,
now that he is head Hog.
People said Jindal would put a stop to the Good old boy`s system in Louisiana. Instead we see Jindal really enjoying running the good old boy`s system ,
now that he is head Hog.
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