National market report: Trump’s plans thwarted in New Orleans

Rendering of Trump’s Poydras Street tower in New Orleans

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From the New York 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.

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