Posted Jun 23, 2009, 5:53 PM
|
Registered User
|
|
Join Date: Nov 2006
Posts: 145
|
|
Nolatown
This is a big deal. I'll try to find the preliminary drawing of this developement and post it.
June 23, 2009
Lincoln Beach nears lease deal
By Richard A. Webster Staff writer
Construction on a $477 million redevelopment of Lincoln Beach, formerly a New Orleans amusement park for blacks during segregation, is not expected to begin for another 18 months. (File photo)
NEW ORLEANS — The development of Lincoln Beach is moving forward, but construction is not expected to begin for at least 18 months, said Sean Cummings, head of the New Orleans Building Corp.
The city and Nolatown Inc., the project’s primary developer, are expected to reach an agreement on the lease this month. The U.S. Army Corps of Engineers will then begin work on levee enhancements and the installation of a new floodgate.
The corps’ work is expected to take 18 months.
Construction can then begin on the $477 million project, which will include green space, an entertainment complex, gathering areas with cultural themes, recreation, commercial and hospitality areas, housing and residential facilities and support areas and a commuter train stop. Housing would include 400 condos and a 500-vehicle parking garage.
Ricky Spearman, president of Nolatown, said three project developers — Atlanta-based Nolatown; Covina, Calif.-based International Performance Packaging Co.; and Monrovia, Calif.-based Nardi Associates — have $500 million in financing pre-approved.
Lincoln Beach originally was built as an amusement park for blacks during segregation.
“Government procurement is intrinsically challenging, more time-consuming and more expensive than what happens in the private sector,” Cummings said.
“But in the scheme of things the project is moving at a deliberate speed and in a clear direction. It’s important to bring back to life this culturally important piece of real estate and this waterfront.”
|