New Orleans High-Rise Projects Fall By The Wayside

Though a myriad of development plans have been announced, the slow recovery has put the future of many projects in doubt.

1 minute read

May 31, 2007, 8:00 AM PDT

By Christian Madera @http://www.twitter.com/cpmadera

"Lured by congressionally authorized tax credits and other financial incentives after Hurricane Katrina, a procession of developers announced plans to build high-rises.

But 20 months after the storm, most have fallen by the wayside. The slow pace of the recovery gets much of the blame. New Orleans still has no comprehensive rebuilding blueprint, and funding is falling far short of planners' expectations.

Adding to the tension for commercial investors: Construction and insurance costs have soared.

"There have been a lot of announcements, but you don't see a lot of cranes, do you?" said Michael Siegel, executive vice president of Corporate Realty Inc., a New Orleans-based brokerage. "I think we all underestimated how long this (the recovery) was going to take." "

FULL STORY: Developers Push Projects in New Orleans

Tuesday, May 29, 2007 in Forbes

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