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NOLA Building Corp. Approves St. Roch Market Lease

The New Orleans Building Corp, which oversees the leasing, development, and operation of city-owned buildings, has approved a ten year lease with Bayou Secret, LLC for their proposed plans for St Roch Market. The lease will operate on a staggered system of increased rent every three years, with rent starting at $3,500, then increasing to $5,000, then $6,500. Though the city's already poured $3.7M into improvements, Bayou Secret would be on the hook for utilities and any interior improvements they'd like to make to better utilize the space.

If all goes according to plan and the City Council approves this lease at their meeting today, a future decade-long lease after its initial ten years would look like this — for the first five years, rent would increase to $8,000, then $9,500 for the latter portion of that lease.

The City Council is set to meet today at 10am.

· City agency approves lease plan for St. Roch Market [Advocate]
· St Roch Market [Curbed NOLA]