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Feb 4, 2010 10:59 AM

N.O. considers demolishing World Trade Center

NEW ORLEANS (AP) After 12 years of trying to redevelop New Orleans' World Trade Center, officials say the riverfront land may be worth more without the 33-story building.

Sean Cummings is chief executive of the New Orleans Building Corp., which owns the building. He says the site offers a chance to create something inspirational.

A May 2009 appraisal set the building's value at $10 million. Maintenance costs about $1.5 million a year.

Vacant and less desirable land downtown sells at $200 to $300 a square foot. At those values, the site would be worth $16.4 million to $24.7 million.

Demolition could cost about $8 million.

The World Trade Center organization has a lease through 2019.

Both groups and the city council would have to OK any deal to end the lease.

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Information from: The Times-Picayune, http://www.nola.com

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