The New Orleans Industrial Development Board (IDB) is reviewing proposals for the development of a former Six Flags site in New Orleans.
New Orleans City Business reports that 227-acre site is currently being bid for by three developers.
$3.26 million has been offered by a division of Paidia Co., Baton Rouge-based TPC-NOLA Inc. The company has joined with retail development company Kimble Development, and hopes to build a retail center at the site.
A new Jazzland theme park and waterpark are also included plan, according to developer Tonya Pope. She explained that developing the long abandoned property would raise the spirits of the New Orleans residents tremendously, noting that this was especially important after the area was ravaged by tornadoes last week.
“Neighbors have had to see this property on a daily basis that hasn’t been repaired in over 11 years, and development of this place would give them some hope,” she said.
Pope said theirs was the one with a realistic valuation, as “it does not make good business sense on our end to offer more than the appraised value.”
A cash offer of $4.55 million was made by developer Frank Scurlock. He has been joined by Danny Rogers, from specialised amusement park building company DreamLanding Ltd, and plans to extend his Transformation Village, at a cost of $120 million. A life-sized replica of Noah’s Ark, a seven-star resort hotel and an international shopping center are also planned for the site.
Rogers has worked for over 50 years in the entertainment industry, having been CEO of the company Nickelodeon partnered with to build a water and theme park in 2009, Southern Star Amusement. He has also worked at Disneyland and Knott’s Berry Farm.
Scurlock’s $4.55 million offer also covers a loan the city is still obliged to pay from the U.S. Department of Housing and Urban Development, he says. “We’re basically offering to satisfy that in full.”
The third potential buyer, Henry Klein, has offered $5.55 million for the development site, although full financing is not yet in place. Klein is the owner of New Orleans-based 30/90 management, and also has a law firm based in the state.
Pope’s is currently the only official offer, as the other two have not yet been made in writing, but the board members have said accepting a bid is based on not just the money, but on whatever is in the “best interests of the city.”Click here to read the full article.