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What The Heck Is Going On With 1031 Canal Street?

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There's a big question mark surrounding the status of the $70 million development at 1031 Canal Street, even as the website for the super-stalled luxury high-rise is sticking with its "coming in 2015" and "Leasing Now!" taglines. While the permit papers for the project, which includes 240 residences and 15 penthouses with 56,000-square feet of retail space, have been filed with the city, the payment side of things hasn't happened yet. The rules say that payments for building permits are required at the time the applications are submitted, but since these permits were applied for online, no money was received. A February 11, 2014 letter from the Director of Safety and Permits to the 1031 Canal St. architect, Harry Smith, Jr., via the city's one stop app website, acknowledges that "this is a large project" so the permit department is requiring only a portion of the invoice — $179,212 — to keep the 1031 Canal St. review process ball rolling. Then, when (if?) the permits are issued the building permit fees of $212,810 would be due. So far the permits, which were applied for back in November, have not been paid and phone calls to the developer, Kailas Companies, were not returned.
After a lengthy go-round that began in 2010 concerning height variances and architectural designs, the project was finally okayed to take over the historic Woolworth Building, which is currently vacant, on the edge of the French Quarter. A side of scandal entered the picture when Praveen Kailas, a huge proponent of this development, fessed up to some federal theft charges and is currently doing time. His pops, Mohan Kailas, who owns the development company, said that regardless of his son's prison time, the show would go on at 1031 Canal St., but for now...we wait.
· 1031 Canal St. coverage [Curbed NOLA]
· One Stop App []