Covering Louisiana

Mar 15, 2012 5:55 AM by AP

N.O. buys World Trade Center building for $2.3M

NEW ORLEANS (AP) - The 33-story-high World Trade Center building on the New Orleans riverfront is now owned by the city.

In a $2.3 million deal, the city says it has bought out the lease for the building and that it now has control over the redevelopment of the vacant 670,000-square foot office tower and site.

Mayor Mitch Landrieu says redeveloping the building is a high priority. He says the property has underperformed for too long.

Before agreeing to take over the building, the city got the World Trade Center to repair concrete soffits that broke off and fell 400 feet to the ground.

The city says it is asking developers to come up with ideas on what should be done with the building.

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