Developer chosen for N.O. $160M WTC project

New Orleans CityBusiness, Mar 22, 2007 by CityBusiness Staff Report

For the second time in nearly 10 years, the World Trade Center has selected a development team to put the mostly-vacant building into commerce.

Late Wednesday, the WTC said it has chosen Full Spectrum NY out of three finalists to head the project.

Eight bidders had responded to a Jan. 31 request for proposals.

Full Spectrum's $160-million plan calls for up to 250 residences in the 33-story building and a 130-room Renaissance Club Sport hotel by Marriott. The building is also slated to become home to an interactive cultural museum.

"I am proud of the World Trade Center's leadership for shepherding such an excellent process," Mayor C. Ray Nagin said. "As I have said from the first days of my administration, no 'tipping' required. Today's selection sends a powerful and positive message. We are a city on the move."

A previous team of developers selected in 1998 and led by Larry Sisung lost a lease to develop the building, after a series of setbacks including post-Sept. 11 hotel financing challenges, lawsuits and Hurricane Katrina.