10/23/2023
We're still here, if you were wondering.
We hesitated as to what exactly to say about an event that will be happening this week. If we're honest, it may come off as sour grapes or sore loser. But considering we've been down this road several times already, and have been right every time as to the ultimate outcome, we hope you'll take it for what it is. just being honest.
Later this week Bayou Phoenix is scheduled to sign a lease for the property. There will apparently be a big splashy to-do. We only hope that the lease agreement itself has clauses that protects the city and community. Keep in mind that the Bayou Phoenix that is signing the lease is significantly different than the one that submitted to the original RFQ. Their original financing partner (the one that actually had money, that got them their 3rd place scoring, and wanted to build industrial warehouses) left a couple years ago.
Instead of NORA sticking to the requirement of Bayou Phoenix to show a financing plan (not actually financing mind you, but a viable PLAN to get it), the City chose to push to sign with an entity with no money to do the development, and who will be building nothing of their own. They want to be the landlord of city owned land, reaping any profits that they can get, and oh yeah, they want public dollars too.
For the community, we hope your expectations are realistic. Even IF Bayou Phoenix had money, the zoning and permit process to do what they have on their latest drawings would take YEARS to get approval. Their plan tears down everything, including the parking lot, most likely at taxpayers expense of at least $20 million (which would have to go before the state legislature this coming spring at the earliest), combines the two lakes (which may involve DEQ and/or EPA approval processes), and relies on finding tenants to actually build anything.
We know the residents have been promised and are expecting a water park. Bayou Phoenix has publicly stated on camera that they would need two years to put together a brochure that they could "shop around" to find a water park company willing to be a tenant. The one on the plans is about the size of Blue Bayou in Baton Rouge.
Sadly, this feels like a bad way to do nothing but waste taxpayer dollars, with the potential of destroying any future opportunity for New Orleans East to see that area developed.
Sure, this sounds like sour grapes. When the outlet mall was chosen with the first RFP, we said it would never be build. People at City Hall referred to the head of our company as "arrogant". But is there an outlet mall there now? After the second RFP, we said Mayor Landrieu's office would not find anyone. And they didn't. So now, while for the community's benefit we hope we are wrong, we do not believe anything will come out of this latest RFQ/RFP other than the benefit of a new owner of the property (NORA instead of IDB) that may actually be willing to do something once the current effort fails. Why do we think this? Simple. Their plans do not need this specific property. Their plans would cost $30+ million less to construct on the raw acreage that is available nearby. Savvy investors know this.
Until then, our posts will be few and far between. But we are still here and will remain here until we either have the property, or taxpayer dollars have been wasted destroying it.