Proposed Rebirth As Crescent City Towers
For several years in the late 2000s a plan was in the news to redevelop Plaza Tower as residential space under the name "Crescent City Towers" or variations on that name.
A plan claimed to begin by gutting the building down to its superstructure, both on the interior and exterior, required because of the building's history with asbestos, toxic mold and water leaks. The proposed new facade would feature a neomodern look, making extensive use of glass and staggered balconies, to provide the units with views of the New Orleans skyline and the Mississippi River. Once complete, the building would have included amenities such as a gourmet restaurant, spa, fitness center, indoor pool and retail space. The renovation of an adjoining building containing a 350-space parking garage and several townhouse units was also planned. The redesign was originally proposed under the name Crescent City Residences.
The architectural team behind the redesign was composed of Williams Architects of New Orleans and Marks Thomas Architects of Baltimore. Dorian M. Bennett Realtors Inc. had exclusive rights to sell the 350 units, with prices starting at $350,000. Unit sizes were determined, but prices were planned to be in the range of $450 per square foot, similar to prices in the French Quarter, and about $100 per square foot higher than the nearby Warehouse District.
In November 2005, Giannasca Development Group announced it had secured $24 million to start the redevelopment project. A construction timetable was being developed in light of delays and logistical issues since Hurricane Katrina, with estimates for an opening date in 2008.
In spring 2006, modified plans were released reflecting changes aimed at addressing post-Katrina concerns. This redesign includes glass designed to withstand 200 mph (320 km/h) winds, a self-contained electrical generator, and an internal water supply, which developers say could make the building self sufficient for three to four weeks. The external design was also changed to a cleaner glass and steel design, removing the needle point and multiedged surfaces of the original design. This new exterior was to consist of gold-tinted wall to wall glass and maroon steel. The price of the project increased from $100 million to $120 million while the number of units has been reduced from 350 to 197. These units were to run from 1,080 square feet (100 m2) starting at $450,000 to several 3,000-square-foot (280 m2) units costing several million dollars. Three quarters of the units were to have only one bedroom. The project also saw a slight name change to the Crescent City Towers.
In July 2007, the owners defaulted on the mortgage and the Plaza Towers was put on the auction block. Howard Acquisitions, LLC already held the mortgage on the building. Their winning bid protects their investment and gives them full control over the high-rise. The new owners, Plainfield Direct, are remaining tight-lipped about their plans for the building.
On December 19, 2007, Plainfield Direct paid the City of New Orleans $608,000 in back taxes and announced plans to spend $10 million on environmental remediation. This work was set to begin immediately in the parking garage and building annex, work was to begin in the tower in early 2008. Following the remediation work, Plainfield was to partner with developers to put the building back into use.
Such plans were not met with success. In July 2011, the still vacant building announced to be up for auction with bids due by 20 September.
Read more about this topic: Plaza Tower
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