Plan to redevelop WTC falls through

The deal to redevelop one of New Orleans' most iconic buildings falls through.

The city says it's been unable to negotiate a lease deal with 'Gatehouse Capital' for the World Trade Center.

Back in August, the city chose the Dallas developer to renovate the site. Gatehouse had proposed converting the building into a W Hotel and adding luxury condos.

According to a statement from the city, "what's arguably the most valued property on the river should receive fair market value for rent."

The city plans to open the project up for proposals again within 60 days.

FOX 8 has reached out to Gatehouse Capital for comment.

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