You’ve been engaged by a development business that wants to buy the property at 1031 Canal St. They request a 3-4 page report (without graphics, figures, or tables) or a 5-minute taped presentation on the property’s history and current situation. Report format: letter size, double spaced, 12 font size, 1 inch margins
Read the background information and see the films and documentation regarding the 1031 Canal Street Saga (2007-2022).
The following sections should be included in your report:
(15 points) Introduction (what is in this report and why is it there? How did you assess the property? What were your conclusions?)
(20 points) short history/overview of the property (15 pts) best possible applications (based on demand, zoning, design, economic benefits to developer and City)
(20 points) Conclusions/recommendations based on risk analysis (20 points).
Make sure you answer the following questions in your report (they don’t have to be in this order):
(1 point) -What distinguishing features of the location make it suitable for development?
(1 point) – Describe the amenities and public infrastructure improvements that would benefit this location, as well as how they would improve a project’s triple bottom line.
(1 point) – Who were the opponents of the initial proposal, and why did they oppose it? (Name at least two opposing organizations) Do you believe they would be opposed to a new project?
(1 point) – Who were the backers, and why did they urge for the project to be completed? (Name at least two separate organizations that support the initiative)
(1 point) – Who were the backers, and why did they urge for the project to be completed? (Name at least two separate organizations that support the initiative)
(1 pt.) – What kind of variances/conditional approvals to the New Orleans Comprehensive Zoning Ordinance (CZO) were granted to the project when City Council authorized it in 2011? Do any of those “stay with the property”—could a subsequent owner use those past approvals?
(1.5 points.) – Using your expertise and the information in the articles:
The Hard Rock collapse site is basically cleared, so what’s next for the contentious corner?
The deadline for filing criminal charges in the Hard Rock catastrophe approaches. Here’s why the lawsuit is being delayed.
Hard Rock Hotel Renovation: The developer of the fallen building says he wants to try again.
Explain: what types of challenges should a future owner be prepared for if they chose to acquire and rebuild this property TODAY?
(1.5 points.) –
What kinds of encumbrances may this property have that a future owner should make sure are removed?
(1 point) – How would the project have to modify to appeal to today’s stakeholders?
(1 point) – Given its spectacular, unique location and terrible past, how should this property be valued today?