New Orleans Convention Center Board approves proposal for entertainment and residential river district
NEW ORLEANS (WVUE) - A group of New Orleans real estate developers have been selected to create an entertainment and residential district on the Mississippi River.
The Convention Center Board approved the selection of River District Neighborhood Investors, LLC to develop the 39-acres up river from the Convention Center.
“This development needs to be more than an entertainment district, our team believes that we must first establish a strong residential foundation, then we will activate selected locations throughout the neighborhood with an appropriate mix of essential and non-essential retail, food and beverage, entertainment, hotel, hospitality, office, medical, services and other users,” said Louis Lauricella, with River District Neighborhood Investors, LLC.
The River District group says their development will include an unprecedented amount of workforce and affordable housing while also bringing in millions in annual tax revenue.
“Our proposal offers the best value to the city and the $43 million of net new tax revenues, collectively to the city and state, over $1 billion of annual economic activity once fully developed and finally the River District will generate an additional $66 million in one time tax revenue for the city and state over the four year construction project,” said Tara Hernandez with River District Neighborhood Investors, LLC.
The developers say their project will create 9,000 projected construction jobs and 5,900 permanent jobs for the entire development. They add they’ve also identified a prominent location for the construction of a civil rights museum.
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