State looks to buy defunct N.O. Centre (1 Viewer)

[MikeyF]

By Jeff Duncan
and Greg Thomas
Staff writers
In a move aimed at revitalizing the stagnant Poydras Street corridor near the Superdome, the state hopes to buy the defunct New Orleans Centre and develop the property into a multiuse complex, officials said Wednesday.

But such a deal is far from done.

The Louisiana Stadium and Exposition District, or LSED, took a first step toward acquiring the property, at 1450 Poydras St., at its monthly meeting Wednesday when its board of commissioners approved $50,000 to use as a refundable deposit toward an option on the property.

If the owner, Hertz Investment Group, accepts the offer, the state would have 180 days to complete a deal.

LSED representatives said they have held preliminary meetings with the property's owner, Judah Hertz, the president of Hertz Investment Group, a Santa Monica, Calif., real estate firm, but Hertz said Wednesday, "I know nothing. You know more than me. What's the price supposed to be?"

LSED Commissioner Robert Bruno said LSED representatives plan to begin immediate negotiations with Hertz. He would not reveal details of the offer or say what he thinks the property is worth.

"We're very interested in this," Bruno said. "We know that the owner is interested in selling the property, and we are the logical buyer. We think it would be in Mr. Hertz's best interests to sell it to us."
Office, mall and garage

http://blog.nola.com/times-picayune/2007/10/state_looks_to_buy_defunct_no.html

:crossfingers::crossfingers::crossfingers:

 

[neworleanshoo]

sounds like Hertz will play hardball with negotiations. i doubt a deal will be announced anytime soon.

 

[The Mongoose]

I doubt Judah will sell for a price that they want. He is more than happy to let it sit...it ain't costing him much.

 

[RJ in Lafayette]

We should declare it a safety and health hazard, and expropriate it.

 

[MikeyF]

We should declare it a safety and health hazard, and expropriate it.

That is exactly what the City and State will do if he plays hardball.

 

[The Mongoose]

We should declare it a safety and health hazard, and expropriate it.

That would be fantastic, but would turn into one of those court things that lasts forever.

The first thing they should do is communicate with Judah. When Hyatt floated that ridiculous idea about Poydras St. with tunnels and Jazz Parks, including 1450 as City Hall, no one had even talked to Judah about it before the press release.

Talk to him - he might do something. He's not the type to fold up at a threat to expropriate it. He's in it cheap and he had insurance.

If I were betting, I'd bet that it's going to sit there for a while.

 

[RJ in Lafayette]

And the other thing the city and state can do is go on 60 Minutes and invite Anderson Cooper down to talk about what Hertz is doing (or not doing).