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City Breaks Up With Gatehouse Over WTC Development Plans

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Looks like it's back to square one for the already drawn-out redevelopment process at the former World Trade Center building. The Times-Pic just reported that the city has cut ties with Gatehouse Capitol Corp., the group whose plans included bringing a 245-room W Hotel with apartments to the vacant site at the foot of Canal Street. Calling the negotiations, which were supposed to wrap up by the end of 2013, "unsuccessful," a statement from the mayor's team said:
"As arguably the most valued property on the river, this iconic building is prime for redevelopment and should receive fair market value for rent. The City will re-issue a request for proposals within 60 days." Gatehouse's initial $10 million upfront payment for the 99-year lease wasn't considered enough loot for the red-hot real estate, which led to them upping the offer to "105 percent of the building's fair market value, as determined by a third-party appraiser." The nitty gritty details surrounding the lease situation have yet to be released.


On the hotel front, it's time to kiss goodbye Gatehouse's plans for a 16,000-square-foot rooftop pool area, "sky lounge" business center, and rotating 33rd floor cocktail lounge. Alas. Does this shake-up mean the W will now be on the hunt for a new CBD location? The W on Poydras is getting a $29 million makeover and by winter of this year will be a Le Méridien property.
· World Trade Center redevelopment deal collapses as city breaks off negotiations with Gatehouse [NOLA.com]
· WTC coverage [Curbed NOLA]

World Trade Center

365 Canal St Ste 1120, New Orleans, LA 70130