The New Orleans Redevelopment Authority has taken ownership of the 227-acre site that was once Six Flags from the Industrial Development Board. The Industrial Development Board has held the title of the massive land site since 2009.
This has been a lenghty endevour getting this project up and running. The ownership agreement, which took months longer than expected, is the first of three agreements between the city, state agencies and the Bayou Phoenix consortium that are needed before the group, spearheaded by local businessman Troy Henry, get the keys to the site.
The three agreements need to all be signed at the same time in order for the current agreement to go into affect. The most important out of them has not been signed at it is lease deal between Bayou Phoenix and NORA. Bayou Phoenix wants to build an entertainment, sports and retail complex featuring a water park, athletic fields and a hotel, alongside a massive transportation logistics warehouse that will cost close to $500 million.
There has been no word yet from the city/NORA so a timeline cannot be defined. NORA said they would take the property after a developer had been chosen. Since it has taken so long, NORA now wants a seperate agreement with the city in case the Bayou Phoenix projects fails. According to the city, the a seperate agreement has benn completed. Now the master lease must come through.
“Success won’t be measured until it’s in the hands of the developer,” said Tangi Wall of New Orleans East Matters, a community group, speaking at the Industrial Development Board meeting where the NORA deal was announced. “We’ve been disappointed so often.”
