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It Finally Has A Name


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#1 JWR

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Posted Friday, August 26, 2005 at 4:35 AM

It finally has a name - Trump International Hotel & Tower New Orleans

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The Donald signing on to Poydras project
70-story Trump Tower to bring glitz to city's real estate market

Friday, August 26, 2005
By Greg Thomas
Real estate writer

New York real estate magnate Donald Trump said Thursday he will join a team of Florida developers in transforming a Central Business District parking lot into what could become the tallest building in New Orleans.

The building, first announced in the spring, would be one of the first new high-rises constructed in the city in more than 25 years and could reach 750 feet, or 70 stories. As planned, it will house condominiums, a hotel, a five-star restaurant and retail space, and it could cost as much as $200 million to build.

Perhaps more importantly, news Thursday that Trump is signing on with the project is the latest sign that the city's commercial real estate market is reawakening after years of dormancy.

"Real estate is hot," Mayor Ray Nagin said Thursday after being told the deal was finalized.

New Orleans has seen a boom in commercial and residential projects in recent months. But the announcement Thursday of Trump's involvement means the project is both the largest and highest-profile real estate development to date.

Adding a New Orleans site to Trump's portfolio of high-rise residential properties puts the Big Easy on the map with much larger cities where other developments by the real estate mogul exist, such as Las Vegas, Miami, Chicago and New York. And developers and analysts say Trump's involvement with the city's new tower could attract worldwide attention and maybe even boost values.

"There's no question that there is a high branding value of that name," said John Fox, a hospitality analyst with PKF Consulting in New York. "Trying to quantify that is difficult. (The Trump name) is a significant premium in the condo market," he said.

If nothing else, Trump's enthusiasm over New Orleans will force other developers to take a closer look at the market.

"It's a sexy city, a great city in so many different ways," Trump said. "And our customers (who have bought other Trump Tower condos) have requested New Orleans as a location they'd like to buy in. We've got buyers who follow us wherever we go."


Construction in 8 months

Construction on Trump International Hotel & Tower New Orleans, as the building will be called, could begin in eight months on Poydras Street between Camp and Magazine streets.

Though being called a hotel, the project will actually be a condominium project, with more than 400 rooms set aside as "condotel" units that buyers own but allow to be operated as hotel rooms when vacant. On the upper floors, 250 more units will be sold as traditional condos governed by a condo association.

Trump said Thursday from New York that the condotel concept has proven hugely successful and that his projects, such as in Chicago and Las Vegas, have sold out in weeks before construction began.

The tower will be built by Florida developers Clifford Mowe, Robert Rinke and brothers Allen and Frederick Levin. New Orleans Saints head coach Jim Haslett has a small stake in the development group, which is doing business as Poydras LLC. And Mowe's father, Wayne Mowe, who lives in the metro area, is also a part of the team. Trump will brand and manage the building.

Mowe described the building as concrete and mostly glass with a European contemporary design.

"It's an architectural marvel," Trump said.

The project will include 650,000 to 850,000 square feet of living space and more than 200,000 square feet of parking.

Mowe said the project will also include 60,000 to 80,000 square feet of retail space, although no tenants have been lined up yet.

The building's design, including the exact number of floors and rooms, is still being tweaked. But Mowe said the team hopes to open a sales office in 60 to 90 days.

When the development team first acquired the downtown parking lot and announced plans to construct the building in the spring, sales prices were expected to average $450 per square foot, bringing the project's total cost to $125 million. But with the addition of the Trump name and an expansion of the design, prices on the units are expected to shoot skyward.

The developers say they are financing the deal privately, which means they will not be seeking a public subsidy of any sort. They did not disclose how much each party is investing in the deal.

The project, which will take three years to complete, is expected to create 500 to 700 construction jobs and will rely on the work of local contractors.

Trump said he would have nothing to do with the project if it weren't for three things: the Poydras Street location, the development team, and the project design.

"When I first saw the drawings, I said to my staff, 'This is the first building I've seen in my career where I wouldn't propose one change,' " Trump said.

"It's going to be absolutely the most incredible building New Orleans has ever seen. It will be the best building in New Orleans. Nothing else even comes close to it."


Nagin sees room for more

Trump's enthusiasm is encouraging to Nagin.

With the recent announcement of numerous downtown residential and commercial developments, and with national investors such as Judah Hertz of Los Angeles buying up to 25 percent of the city's Class A office towers, Nagin sees a positive turn for the city's real estate market.

"The market has tipped; it's pretty amazing," Nagin said.

"This is international news," he said of the Trump deal.

In fact, Nagin is already lobbying Trump for more.

"You may need a Trump Tower II," Nagin said he told Trump on Thursday. Nagin pointed out that the riverfront has miles of undeveloped land suitable for high-rise development.

Joe Canizaro, a local real estate developer and a friend of Trump's from the days when they both owned United States Football League teams, said he was pleased to see that the Trump deal was happening.

"I just have one comment: New Orleans is better off because Donald Trump is in town. He will definitely add value to our community."


http://www.nola.com/...37785213420.xml

#2 jes

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Posted Friday, August 26, 2005 at 8:41 AM

Now JWR, I fully expect some conceptuals of the only tower whose plans Trump has never wanted to revise as soon as you get your hands on them.

This is gonna be fantastic--from parking lot to 70-story Trump Tower. WAHOO!

#3 editor

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Posted Friday, August 26, 2005 at 10:46 AM

Sounds like a good project, but what a crap name. How many "Trump International Hotel and Tower"s are there in America? This will be the third or fourth, won't it?

#4 kjb434

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Posted Monday, August 29, 2005 at 8:19 AM

I see this project going forward faster now the hurricane has hit.

#5 jt16

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Posted Monday, August 29, 2005 at 9:59 AM

I see them reconsidering this project now the hurricane has hit.

#6 citykid09

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Posted Monday, August 29, 2005 at 10:14 AM

I don't think this project will happen. They are saying that if New Orleans makes it through this one, that it does not have long till the whole city is under if another hurricane like this where to come.

#7 Trophy Property

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Posted Monday, August 29, 2005 at 12:52 PM

I see them reconsidering this project now the hurricane has hit.

<{POST_SNAPBACK}>


Consider that building written off. Every contractor is LA is going to be pretty darn busy for the next year re-building. Trump will quietly walk away. My two cents.

#8 citykid09

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Posted Monday, August 29, 2005 at 1:06 PM

I don't see why he would want to build there anyways??? It a place thats loosing population, has the highest murder and suicide rates per capita, and on top of all of that its sinking!!! Why not build in a place like Houston thats growing and has the demand?

#9 Trophy Property

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Posted Monday, August 29, 2005 at 1:09 PM

I don't see why he would want to build there anyways??? It a place thats loosing population, has the highest murder and suicide rates per capita, and on top of all of that its sinking!!! Why not build in a place like Houston thats growing and has the demand?

<{POST_SNAPBACK}>


All your points are taken, but isnt he building a hotel. If there is one thing NOLA has it is tourism.

#10 citykid09

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Posted Monday, August 29, 2005 at 1:20 PM

^True! I thought it was a codo tower or something. I did not read it.

#11 kjb434

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Posted Monday, August 29, 2005 at 4:44 PM

Also, the condo market in downtown New Orleans is red hot.

Proposals are coming in left and right. Many get stuck in the Historical commission becasue they are planned for the old warehouse district.

Trumps tower was more in the CBD.

Harrah's has a large hotel going up and wanted to build more rooms than there initial tower will hold.

Most of the problems with crime in New Orleans are targeted in a few isolated areas. For the most part the city is quite nice. The population drop is from the typical aspect most cities felt with people leaving for the suburbs, but the inner cities near downtown is moving forward fast.

Maybe a little slower now, but Hurricanes won't scare developers away. It didn't along the any of the Florida, Alabama, and Mississippi coasts.

#12 banking214

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Posted Monday, August 29, 2005 at 8:13 PM

Also, the condo market in downtown New Orleans is red hot.

Proposals are coming in left and right.  Many get stuck in the Historical commission becasue they are planned for the old warehouse district.

Trumps tower was more in the CBD.

Harrah's has a large hotel going up and wanted to build more rooms than there initial tower will hold.

Most of the problems with crime in New Orleans are targeted in a few isolated areas.  For the most part the city is quite nice.  The population drop is from the typical aspect most cities felt with people leaving for the suburbs, but the inner cities near downtown is moving forward fast.

Maybe a little slower now, but Hurricanes won't scare developers away.  It didn't along the any of the Florida, Alabama, and Mississippi coasts.

<{POST_SNAPBACK}>


I see this project moving ahead as planned. I have a few friends in commercial real estate in NOLA and they told me this will happen. The market is red hot and developers are scrambling for projects.
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#13 J.A.S.O.N.

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Posted Monday, August 29, 2005 at 8:23 PM

I don't see why he would want to build there anyways??? It a place thats loosing population, has the highest murder and suicide rates per capita, and on top of all of that its sinking!!! Why not build in a place like Houston thats growing and has the demand?

<{POST_SNAPBACK}>


And while all that is true, I'd still consider living in New Orleans.
Posted Image


#14 banking214

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Posted Monday, August 29, 2005 at 8:26 PM

I don't see why he would want to build there anyways??? It a place thats loosing population, has the highest murder and suicide rates per capita, and on top of all of that its sinking!!! Why not build in a place like Houston thats growing and has the demand?

<{POST_SNAPBACK}>


New Orleans is not my favorite place, but from a pure economics point of view, the city is a cash cow for developers looking at this type of project.
"Every so often the Tree of Liberty must be watered with the Blood of Patriots and Tyrants" Thomas Jefferson -

#15 BayouCityGirl

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Posted Thursday, September 1, 2005 at 7:54 PM

so weird to see this NOW and looking at New Orleans at its current position :(
Its depressing. Like New Orleans is a war zone!
Keep Reaching For The Stars, Who Knows You Just Might Catch One

#16 DJ V Lawrence

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Posted Thursday, September 1, 2005 at 7:58 PM

It finally has a name - Trump International Hotel & Tower New Orleans


"I just have one comment: New Orleans is better off because Donald Trump is in town. He will definitely add value to our community."
http://www.nola.com/...37785213420.xml

<{POST_SNAPBACK}>


What happens now? How long do you think it will be delayed?
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#17 BayouCityGirl

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Posted Thursday, September 1, 2005 at 8:06 PM

I'm thinking indefinationly
I keep thinking...WOW this world class city just demolished! :(
Keep Reaching For The Stars, Who Knows You Just Might Catch One

#18 JWR

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Posted Monday, October 17, 2005 at 3:16 AM

According to Trump and the local developers, they will go forward on the project.

#19 TJones

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Posted Monday, October 17, 2005 at 11:07 AM

[


If you can remember that you "crawled home" from Bourbon Street. Then you didn't party enough ! ;)

Edited by TJones, Monday, October 17, 2005 at 11:08 AM.

"He's a Jackass !" - President Barack Obama, commenting on how he feels about Kanye West.


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#20 editor

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Posted Monday, October 17, 2005 at 3:04 PM

According to Trump and the local developers, they will go forward on the project.


Welcome back, JWR. The people around here were worried about you after the storm.

#21 kjb434

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Posted Monday, October 17, 2005 at 4:19 PM

I'm thinking indefinationly
I keep thinking...WOW this world class city just demolished!



The city is far from demolished. The critical parts (downtown, tourist areas, and port) are fine. City services are being restored. I expect to see to boom of in the downtown and warehouse distric areas.

#22 jt16

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Posted Thursday, October 20, 2005 at 10:07 AM

How can we expect a boom? Many experts expect the city population to be roughly half its pre-Hurricane population. Tourism too will take a pretty big hit. I loved going to NO, and will continue to go, but let's be reasonable. Trump may build this tower, but he has a history of making very bad (and sometimes shady) real estate deals just so he can erect a large tower with his name on it. Protect your other assets and file bankruptcy later.

#23 kjb434

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Posted Thursday, October 20, 2005 at 2:05 PM

Look,

If the money is spent right by letting businesses develop the area versus giving it to the state government, I see a boom come out of this.

Large parts of the region are habitable. Downtown, the Warehouse District and the French Quarter are the area that can rebound the quickest.

Much of the Warehouse district was primed for residential. Tons of proposals existed. It would be the execellent place to generate more dense urban living.

#24 NCB

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Posted Saturday, November 12, 2005 at 10:50 PM

Hey guys!
I havent posted here in quite some time, as I just got my power back last week, but I have some updates on this project.
A rendering has been released, to see it, go to www.adache.com, and click on "portfolio" and Trump Tower is the 1st project in the box at the bottom.

#25 JWR

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Posted Sunday, November 13, 2005 at 12:13 AM

Posted Image

Sorry I haven't been around much. I've been too disgusted by some of the talk in this forum, not to mention too busy to blink. Many have been quick to welcome New Orleans' businesses with open arms, while ushering the city to an early grave.

Edited by JWR, Sunday, November 13, 2005 at 8:26 PM.