River District Neighborhood Investors, LLC will bring diversity, community, and key opportunities to riverfront mixed-use development.
NEW ORLEANS — The Ernest N. Morial New Orleans Exhibition Hall Authority (the Authority) has chosen River District Neighborhood Investors, LLC as its partner in the development of the 39-acres adjacent to the Convention Center. The project will include new dining, retail, housing, and entertainment options, offering benefits to both visitors and locals. The development will make the Convention Center more competitive in the event and meeting marketplace, which will have a greater economic impact to the city, state, and region, creating jobs and generating new taxes.
“We had two excellent presentations from exceptional developer teams that have a passion for New Orleans. The Authority’s approval of the scoring panel’s recommended Master Developer, River District Neighborhood Investors, LLC, marks the beginning of what is sure to be an exciting and evolving process that will be transformative for our destination,” said Exhibition Hall Authority President, Jerry Reyes. “River District Neighborhood Investors, LLC offered interesting ideas and demonstrated they had an understanding of the Authority’s vision for the development of the 39-acres. As important, they are committed to involving SEB/DBE businesses all along the way. We need to create a diverse and equitable community in terms of affordable workforce housing, retail opportunities, and event programming. This new development will bring transformational changes to our region and fulfill the mission of the Authority in stimulating the economy.”
The Convention Center embarked on a $557 million Capital Improvement Plan in 2018 that included the development of the 39-acres, originally acquired for an expansion. Studies determined that developing the land into a new live, work and play neighborhood would make the destination more competitive, satisfying visitors and event attendees seeking different experiences. The Capital Improvement Plan has already delivered a 7.5-acre pedestrian park and other work is underway to modernize the interior of the Convention Center.
“The partnership between the Convention Center and the River District Neighborhood Investors, LLC will yield countless opportunities to residents as well as visitors, while having the additional benefit of making New Orleans more competitive as a meeting and event destination,” said Convention Center President, Michael J. Sawaya. “This exciting development will bring new energy to the surrounding area, attract new visitors, and compliment the changes that are underway and planned to the Convention Center.”
Each master developer team’s presentation was evaluated through the same process by a specially selected scoring panel. The scoring panel’s goal was to identify a partner that could deliver a project of the scale of this development, which is expected to be a half billion-dollar investment. Each team was evaluated based on value, project understanding, experience and track record, financial capacity and SEB/DBE plan.
“On behalf of the River District Neighborhood Investors, LLC, I am thrilled that the Authority has put their trust in us as a partner for this historic engagement,” said Louis Lauricella, Managing Member of the River District Neighborhood Investors, LLC. “A true team effort, we believe our group’s diverse composition, cooperative spirit, financial capacity, experience, commitment and vision positioned us well as the Master Developer of choice. We look forward to the next steps in the process and turning our vision into reality.”
Click here to see the River District Neighborhood Investors, LLC presentation.