Ok, so you're sitting around with you buddies talking about where to invest your $715 million. The concensus around the table seems to be developing in strong markets such as Atlanta, Houston and Chicago. But just then one guy leans forward and says, "Hey, what about New Orleans?"
Now is it just me or does New Orleans seem a little hurricane-prone? How about flooding, aren't there quite a few other cities around the country that AREN'T built below sea level?
Apparently, Laurence Geller, CEO of Strategic Hotels decided to place his money in the Big Bathtub, New Orleans.
"In a quandary over what to do with the Katrina-devastated Hyatt Regency New Orleans Hotel, Laurence Geller, CEO of Strategic Hotels, the Chicago-based owner, sought the help of Pritzker-winning architect Thom Mayne, FAIA. Instead of just rehabilitating the building, he has created plans for a $715 million, 20-acre multiuse center and park that will include a refurbished Hyatt Hotel, the National Jazz Center, a new city hall, civic courthouse, amphitheater, and residential buildings.
Plans for the project were unveiled in New Orleans on May 30. It is the first major redevelopment announced since Hurricane Katrina. Developers say the project is more of a transformation of a depressed neighborhood than a hotel renovation meant to inspire hope for the city and to inspire the confidence of potential developers."
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Hey Eric, you pose a great question here. I do see a differene in these private dollars versus the VERY frustrating public dollars I see being "flushed" down in N.O. I would think that private investors should be a bit leary about the area these days, but hey, I don't have $715M either!
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