Posted: Feb 4, 2010 9:59 AM
Updated: Feb 4, 2010 9:59 AM
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.
Information from: The Times-Picayune, http://www.nola.com