In the same week it was reported that plans to develop land around the Convention Center are stalled, The Advocate reports that one of the developers tied to that project bought the landmark Times-Picayune building on Howard Avenue for $3.5 million.
Joseph Jaeger Jr., along with Mardi Gras float builder Barry Kern and New Orleans developer Arnold Kirschman (of local furniture family fame), closed on a deal to buy the building Sept. 2. It was previously reported it had sold in June, and that the building’s iconic clock tower was being taken down to prepare for the new owners.
Jaeger is one of the developers most recently involved in the aforementioned stalled Convention Center project. He also owns the long-vacant Market Street power plant.
The developer group does not have plans for the property yet, though, according to Peter Aamodt, senior development manager of Jaeger's firm, MCC Real Estate:
"They just want to participate in the growing New Orleans economy, and feel like the neighborhoods surrounding that location continue to get better."