Rendering of Trump’s Poydras Street towerFrom the September issue: The Poydras Street parcel where developer Donald Trump once planned to construct the state’s tallest building sold at a sheriff’s foreclosure auction last month for $5.44 million, the Times Picayune reported. The property was purchased by the operator of the surface parking lot at the site, Premium Parking Service. Jim Huger, CEO of Premium Parking, said he intends to retain the land until new opportunities arise. “Like any long-term buyer, we’re interested in any development opportunities,” he said. “When the city is ready for something, we’ll be there.” Trump’s plan for a high-rise condominium project had been in the works since 2005. “The economy just did not justify going forward,” Stephen Dwyer, an attorney for developer Poydras Properties, which worked with Trump on the project, said. He added that Poydras “has not given up on building a project in New Orleans.” For more real estate news from around the country click here. [more]

Developer Michael Samuel doesn’t hesitate to say he likes building in
Miami better than other cities. Before coming to South Florida,
Samuel’s portfolio included projects in New York City, San Francisco
and Baltimore.
“I like building in Miami better because there are more opportunities
and it’s ahead of the rest of the country in design,” he said. “As a
developer in New York City, you’re very limited in what you can build
and every time you went for a project, before this crisis, there were a
hundred people behind you.”
Samuel, principal of Miami-based Samuel & Co., which built the $2.3
billion Midtown Miami mixed-use project along with New York-based real
estate investment firm Midtown Equities of New York, got his start in
Brooklyn, where he grew up, collecting rent payments from tenants at
properties his father owned. He went into construction, then property
management, investment and consulting. Development was the next logical
step, he said. Comments

• Tweet