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Prime Canal St. Real Estate Sits Unused For 30 Years

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Who knew? The vacant property at 500 Canal St., with "at least 20 offers on the table," is partially owned by Starwood Hotels. At last week's WTC development meeting, Starwood was bragging about their dedication to New Orleans and their monetary investments in local hotels they own (the Westin, Sheraton, and W Hotels). Of course, they didn't mention the five-story corner building they own with Metlife, that's been empty for over 30 years. Downtown Development District prez Kurt Weigle has been trying to stir up redevelopment or push for a sale, but no luck. Apparently Starwood, who will be meeting with Metlife this week, has "a few ideas in mind, but nothing concrete." Meanwhile, the listing agent says there have been offers as high as $4.4M, which isn't too surprising given its hot edge-of-the-Quarter location.
· Starwood Hotels criticized for vacant Canal Street property []