Developer Kenneth Lobell bought the property, which flooded during Katrina and has sat vacant ever since.
The city engaged in a lengthy fight with the property's former owners, DMK Acquisitions and Properties LLC, which received more than $200,000 in grants under former Mayor Ray Nagin's administration but never made moves to put the property back into commerce.
As part of Lobell's deal with the city, the city will receive $100,000 to clear the property of all the codes enforcement liens and fines assessed during DMK's ownership. Lobell will also have to apply for demolition permit with seven days, demolish the property within 60 days of receiving the permit, and begin a new commercial development six months after that.
According to a press release from the city, the new shopping center will include a First NBC Bank branch and approximately 6,500 square feet of general retail space.
Another stagnant development bites the dust.