Gatehouse Capital Corp. recommended to revamp WTC - KSLA News 12 Shreveport, Louisiana News Weather & Sports

Gatehouse Capital Corp. recommended to revamp WTC

Updated:

New Orleans, La. - A city committee consisting of top Landrieu administration officials is recommending that a huge out of state company redevelop the World Trade Center at the foot of Canal Street.

Three groups submitted proposals to the city.

There has been a lot of controversy up to this point over whether the WTC should be torn down or preserved.

The building was once a hub for major business activities. Consulates were housed in the 33 floor building and other major functions took place, but now its vacant.

Gatehouse Capital Corporation of Dallas wants to convert it into a hotel and residential building and build a giant ferris wheel. It's track record and ability to finance the project apparently carried a lot of weight.

A group led by Virginia businessman James Burch also vied for the opportunity, but questions about that group's track record and financing persisted.

The third proposer was the Tri-Centennial Consortium made up of local tourist and hospitality industry organizations, but with millions for the project tied to a bill Governor Jindal vetoed, funding remained a big question for that group.

Even though the committee has made it's recommendation, the matter now falls into the hands of the New Orleans Building Corporation, a city agency responsible for overseeing the WTC. City council members sit on that board along with Mayor Landrieu.

Powered by WorldNow