Carpenter and Co., a Cambridge, MA-based real estate firm, partnered with New Orleans-based Woodward Interests to bring the Four Seasons to the city. Cascade Investment Group, a holding and investment firm founded by Bill Gates, is also an investor in the project. The Four Seasons team offered a $5 million deposit, rent of $3.25 million per year for the first 10 years and $3.75 million for the next decade. After that, rent would increase by inflation. The project is being financed with $238 million in debt, $86 million in equity and $40 million in private capital, according to a New Orleans Advocate article.
"The city of New Orleans has never in our history, not ever, seen a group of investors like this that represent the breadth of the best investors in the world that have come to our city because they think we are valuable," Landrieu said. "That means that not only are we back but that we can compete on the highest levels as we go forward."
Redevelopment plans for the vacant 33-story tower on the waterfront of the Mississippi River at 2 Canal Street also include a visitor attraction called "New Orleans: History at the Confluence of Cultures" along with a public observation deck. Developers say they predict 700,000 visitors to the exhibit every year. The design also calls for three new landscaped open spaces, including a newly built urban park at the corner of Canal Street and Convention Center Boulevard.
The Times Picayune outlined the complete Four Seasons plan for the World Trade Center building which you can review here. For more news and information visit Blumberg Partners.
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