X Factor
11 August 2005, 04:37 PM
Trump may brand N.O. condos
Name would add to city's cachet, observers say
Thursday, August 11, 2005By Greg Thomas
Real estate writer
Is The Donald coming to New Orleans?
For weeks, top real estate specialists have said they've heard persistent reports that famous New York developer Donald Trump is interested in becoming a partner in the high-rise, high-dollar condominium project that's planned for Poydras Street between Camp and Magazine streets.
http://www.nola.com/images/spacer.gif http://ads.nola.com/RealMedia/ads/adstream_nx.ads/www.nola.com/xml/story/M/MPBZ1/@StoryAd?x (http://%5Bimg%5Dhttp://ads.nola.com/RealMedia/ads/adstream_nx.ads/www.nola.com/xml/story/M/MPBZ1/@StoryAd?x%5B/img%5D) The Florida developers of that high-rise, interviewed in a Wednesday morning conference call about the still-fluid details of their project, were asked about the Trump reports. They said they had no deal with Trump. When asked whether they were negotiating with Trump, they said, "No comment."
The answers appeared consistent with local reports that Trump and the developers were talking but had not reached an agreement.
Local businessman Joe Canizaro, a friend of Trump's, late Wednesday had his office contact Trump in New York on behalf of The Times-Picayune. Canizaro said Trump told his associate "to tell Joe he can say that we are talking about some things (in New Orleans) right now and we should be making a big announcement shortly."
However, Trump did not identify the project he was referring to, Canizaro said.
Local real estate specialists have said that they believe the project is the condo building proposed by the Florida developers, who plan to build what could be the tallest building in town on what is now a parking lot on Poydras.
Hayden Wren, a broker with Corporate Realty, who represented the owners of the parking lot that was sold to the developers, said he has heard "from a highly credible source with direct knowledge from the developers" that the developers are talking to Trump.
The Florida developers are Clifford Mowe, Robert Rinke and brothers Allen and Frederick Levin. Among their small partners is Saints Coach Jim Haslett. They are doing business as Poydras LLC. The Florida developers, several of whom were interviewed Wednesday, said their plan is for a concept called a "lifestyle building."
It would be similar to their Pensacola Beach project, The Portofino, which will be a 1,200-unit, seven-tower high-end luxury development. Amenities include eight pools, restaurants and retail shops, and the complex is surrounded by a nature preserve.
Rinke said that the proposed New Orleans building would be much smaller, of course, but it would have hotel-style service for condo owners plus a five-star restaurant.
The final dimensions have not been set, but the building probably would have between 50 and 70 floors and could be the tallest in the city.
If Trump's name were on that building, some local executives said, it could be a shot in the arm to the reputation of New Orleans. It would mean that a celebrity developer sees New Orleans on par with major markets where the Trump brand is on luxury developments.
Tom Leonhard, president of local developer HRI Properties LLC, said he too had heard of Trump's potential involvement. "I think basically it's an endorsement that New Orleans is a great place for a second home to take advantage of the cultural amenities of the city."
"A name like Trump says, 'Hey, this is a place that we want to be.' It puts us in competition with New York, San Francisco, Chicago, Orlando . . . It puts us in the same league with those cities where people say, 'This is a great place to have a second home.' "
Ivan Miestchovich, University of New Orleans professor of finance and director of both the Center for Economic Development and the Real Estate Market Data Center, said that the Trump name would attract national attention, although national developers already are showing an interest in New Orleans.
"If it's Trump and it's successful, selling out quickly, that's a lot of people moving into a 50- to 70-story building. That's a big concentration of wealthy buyers in the same spot. I don't care if it's Donald Trump or Donald Duck, that's a lot of new incremental spending for New Orleans."
Another national player who has heard the reports of possible involvement of Trump is Judah Hertz of Los Angeles, who owns four office buildings on Poydras. "It would be a wonderful project for the city," he said, but said he is skeptical of the demand for the units at the high prices the developers are talking about.
Don Hutchinson, director of economic development for the city, reached in Brazil where he is with Mayor Ray Nagin and other city officials, said in an e-mail message, "We are extremely excited about having a first-class residential property as part of the landscape on Poydras Street. An investment by any financial partner would be welcome."
The Poydras developers have declined to release a sketch of the building, partly because it has not been finalized. Mowe said the building will be staggered as its ascends, meaning it would get narrower toward the top.
The first two floors would contain a lobby and retail center along with the restaurant. At least nine floors of parking would sit above that. Above the parking garage would be 12 to 13 floors of suites, which could be rented by owners to tourists. Next would be one- to two-bedroom condo units that would not be part of the rental pool. Upper levels would contain two-story penthouses.
There would be 600,000 square feet of living space for condo units. That square footage, Mowe said, won't change if the floor count jumps from 50 to 70 stories because a taller building would be a skinnier one. Mowe said most units would have unobstructed views of the river, the Central Business District or the French Quarter.
When the project was first announced in May, developers said they would ensure that the structure was the tallest building in the city. They said Wednesday that it may not exceed the height of One Shell Square on Poydras Street, which at 697 feet is the city's tallest building.
Mowe estimated the cost of the project at $120 million to $140 million.
Mowe said in May that units would begin at $450 per square foot but said Wednesday that that number could rise.
Why can't Mr. Trump find his way to Dallas?
Name would add to city's cachet, observers say
Thursday, August 11, 2005By Greg Thomas
Real estate writer
Is The Donald coming to New Orleans?
For weeks, top real estate specialists have said they've heard persistent reports that famous New York developer Donald Trump is interested in becoming a partner in the high-rise, high-dollar condominium project that's planned for Poydras Street between Camp and Magazine streets.
http://www.nola.com/images/spacer.gif http://ads.nola.com/RealMedia/ads/adstream_nx.ads/www.nola.com/xml/story/M/MPBZ1/@StoryAd?x (http://%5Bimg%5Dhttp://ads.nola.com/RealMedia/ads/adstream_nx.ads/www.nola.com/xml/story/M/MPBZ1/@StoryAd?x%5B/img%5D) The Florida developers of that high-rise, interviewed in a Wednesday morning conference call about the still-fluid details of their project, were asked about the Trump reports. They said they had no deal with Trump. When asked whether they were negotiating with Trump, they said, "No comment."
The answers appeared consistent with local reports that Trump and the developers were talking but had not reached an agreement.
Local businessman Joe Canizaro, a friend of Trump's, late Wednesday had his office contact Trump in New York on behalf of The Times-Picayune. Canizaro said Trump told his associate "to tell Joe he can say that we are talking about some things (in New Orleans) right now and we should be making a big announcement shortly."
However, Trump did not identify the project he was referring to, Canizaro said.
Local real estate specialists have said that they believe the project is the condo building proposed by the Florida developers, who plan to build what could be the tallest building in town on what is now a parking lot on Poydras.
Hayden Wren, a broker with Corporate Realty, who represented the owners of the parking lot that was sold to the developers, said he has heard "from a highly credible source with direct knowledge from the developers" that the developers are talking to Trump.
The Florida developers are Clifford Mowe, Robert Rinke and brothers Allen and Frederick Levin. Among their small partners is Saints Coach Jim Haslett. They are doing business as Poydras LLC. The Florida developers, several of whom were interviewed Wednesday, said their plan is for a concept called a "lifestyle building."
It would be similar to their Pensacola Beach project, The Portofino, which will be a 1,200-unit, seven-tower high-end luxury development. Amenities include eight pools, restaurants and retail shops, and the complex is surrounded by a nature preserve.
Rinke said that the proposed New Orleans building would be much smaller, of course, but it would have hotel-style service for condo owners plus a five-star restaurant.
The final dimensions have not been set, but the building probably would have between 50 and 70 floors and could be the tallest in the city.
If Trump's name were on that building, some local executives said, it could be a shot in the arm to the reputation of New Orleans. It would mean that a celebrity developer sees New Orleans on par with major markets where the Trump brand is on luxury developments.
Tom Leonhard, president of local developer HRI Properties LLC, said he too had heard of Trump's potential involvement. "I think basically it's an endorsement that New Orleans is a great place for a second home to take advantage of the cultural amenities of the city."
"A name like Trump says, 'Hey, this is a place that we want to be.' It puts us in competition with New York, San Francisco, Chicago, Orlando . . . It puts us in the same league with those cities where people say, 'This is a great place to have a second home.' "
Ivan Miestchovich, University of New Orleans professor of finance and director of both the Center for Economic Development and the Real Estate Market Data Center, said that the Trump name would attract national attention, although national developers already are showing an interest in New Orleans.
"If it's Trump and it's successful, selling out quickly, that's a lot of people moving into a 50- to 70-story building. That's a big concentration of wealthy buyers in the same spot. I don't care if it's Donald Trump or Donald Duck, that's a lot of new incremental spending for New Orleans."
Another national player who has heard the reports of possible involvement of Trump is Judah Hertz of Los Angeles, who owns four office buildings on Poydras. "It would be a wonderful project for the city," he said, but said he is skeptical of the demand for the units at the high prices the developers are talking about.
Don Hutchinson, director of economic development for the city, reached in Brazil where he is with Mayor Ray Nagin and other city officials, said in an e-mail message, "We are extremely excited about having a first-class residential property as part of the landscape on Poydras Street. An investment by any financial partner would be welcome."
The Poydras developers have declined to release a sketch of the building, partly because it has not been finalized. Mowe said the building will be staggered as its ascends, meaning it would get narrower toward the top.
The first two floors would contain a lobby and retail center along with the restaurant. At least nine floors of parking would sit above that. Above the parking garage would be 12 to 13 floors of suites, which could be rented by owners to tourists. Next would be one- to two-bedroom condo units that would not be part of the rental pool. Upper levels would contain two-story penthouses.
There would be 600,000 square feet of living space for condo units. That square footage, Mowe said, won't change if the floor count jumps from 50 to 70 stories because a taller building would be a skinnier one. Mowe said most units would have unobstructed views of the river, the Central Business District or the French Quarter.
When the project was first announced in May, developers said they would ensure that the structure was the tallest building in the city. They said Wednesday that it may not exceed the height of One Shell Square on Poydras Street, which at 697 feet is the city's tallest building.
Mowe estimated the cost of the project at $120 million to $140 million.
Mowe said in May that units would begin at $450 per square foot but said Wednesday that that number could rise.
Why can't Mr. Trump find his way to Dallas?