NEW ORLEANS – May 12, 2015 – (RealEstateRama) — The City of New Orleans and the Canal Street Development Corporation (CSDC) – the City’s public benefit corporation – are seeking qualifications and proposed development concepts from experienced real estate developers for the development of the site located at 542 Tchoupitoulas and 545 South Peters streets, parking lots adjacent to the world renowned Piazza d’Italia, an urban public plaza. This property is ideally situated in a robust location at the corner of Tchoupitoulas and Poydras streets in the Central Business District.
Mayor Mitch Landrieu said, “The New Orleans market is now very strong now – we signed a lease agreement just last week to redevelop the iconic building at 2 Canal Street as a Four Season Hotel and condominiums. We feel now is the right time to develop the City-owned site adjacent to the Piazza d’Italia. I encourage potential developers to be thoughtful and bold in their proposals that should complement and enhance this City-owned jewel while also reflecting New Orleans’ culture and heritage.”
Cindy Connick, Executive Director of the Canal Street Development Corporation said, “Since 1978, the Piazza d’Italia has stood as an important public space that commemorates the contributions made by the New Orleans Italian community. The property around this architectural marvel presents an exceptional real estate development opportunity at a time when the New Orleans real estate market is experiencing robust growth. Through this multi-phase process that is based on national best practices for development, we are confident we will attract numerous proposals to develop this site that will maximize the City’s return on investment now and into the future.”
The site at 542 Tchoupitoulas Street is currently being operated as a 150-space vehicle surface parking lot bounded by Poydras, Tchoupitoulas and Lafayette streets and the Piazza d’Italia. The site at 545 South Peters Street is currently being operated as a 28-space vehicle parking lot located on the corner of South Peters and Lafayette Streets.
Responses must include a plan to develop the site as a first-class commercial and/ or mixed-use project complementary to the adjacent land uses (including, without limitation, the Piazza d’Italia), luxury residential, retail, or other professional office use, with entertainment components and other related amenities. The proposed plan should also include a plan to address the parking needs for the proposed use. The selected developer will be required to develop the site in accordance with all applicable laws and zoning ordinances pursuant to an approved timeline.
In order to develop the site adjacent to the Piazza d’Italia, CSDC is utilizing a multi-phase process for the selection of the development team for the project, similar to the process used for 2 Canal Street. Phase 1 of the selection process will consist of this Request for Qualifications and Information (RFQ/I) pursuant to which CSDC will approve a short-list of the most qualified respondents to proceed to the next phase.
The selected respondents will then be invited to respond to a more detailed Request for Proposals (RFP), which is Phase 2 of the selection process. A selection committee will review and evaluate in a public meeting the submittals based on quality and strength of overall development concept, quality and experience of development team, financial capability, and DBE participation track record and goals for the project. CSDC will negotiate with the respondents in order to maximize the City’s return on investment and finally select a developer. The selected developer will be required to execute a Lease and Development Agreement for the development and operation of the site adjacent to the Piazza d’Italia. The lease will be subject to the approval of CSDC and the New Orleans City Council.
The deadline for RFQ/I Submittals is Tuesday, June 30, 2015. CSDC seeks to sign a lease with the chosen respondent in the first quarter of 2016, with construction and development work to begin shortly thereafter.
CANAL STREET DEVELOPMENT CORPORATION
The Canal Street Development Corporation is a public benefit corporation wholly owned by the City of New Orleans whose purpose is to stimulate business development in the Central Business District, and adaptive reuse and development of Canal Street. In addition to the Piazza d’Italia and adjacent parking lots, the Canal Street Development Corporation’s portfolio of properties includes the Saenger Theatre, Hyatt French Quarter Hotel, DH Holmes Apartments and parking garage, and Harrah’s New Orleans Casino.
