The family of Tom Benson (New Orleans Saints' owner) has recently purchased three large commercial properties in New Orleans' Central Business District (CBD). The Benson family business, Zelia, and the State of Louisiana reached an agreement in late 3Q 2009 wherein the parcels were transferred for $42.1 million from Santa Monica, CA- based Hertz Investment Group. Citing a continued interest in the vitality of the city of New Orleans, The Times-Picayune reports that the Benson family intends to refurbish the properties and promote a new "Sports Entertainment District".
Among the properties Zelia purchased are: The Dominion Tower (now "Benson Tower", a 26-story, 600,000 sq-ft office building), the New Orleans Centre (a 400,000 sq-ft shopping center) and a near-by 2,000 space parking garage. Plans include a $41 million repair and remodel package for the tower, and a 92,000 sq-ft "fan zone" for game-day tailgating parties.
For more news and information visit Blumberg Capital Partners.
Interesting to see how a successful sports franchise is affecting real estate in the area. Many positive things are happening in New Orleans because of the Saints run to the Super Bowl.
Posted by: Bruce | February 04, 2010 at 09:09 AM