Lauricella Land Company, Brian Gibbs Development and Cypress Equities announced that they have closed on a deal to invest in the historic New Orleans Market Street Power Plant building and surrounding acreage. Lauricella, Gibbs and Cypress are also part of The River District team that recently won the bid to develop the vacant land that sits between the Ernest N. Morial Convention Center and the Market Street Power Plant.
“Acquiring and developing the Market Street Power Plant site is an important piece of our overall vision for the riverfront that runs upriver from the Convention Center,” said Louis Lauricella, managing member of the Lauricella Land Company, in a press release. “This project will allow continuity for an incredible expanse of land dovetailing nicely with the overall master development plan of The River District.”
The power plant was originally constructed in 1902 and consists of seven separate buildings with over 160,000-square-feet of developable floor space plus additional vacant land. The partners will focus on renovating the existing structure, while preserving the historic nature of the building and its surrounding acreage.
“Our vision for this property is to preserve the historical character of the Market Street Power Plant while creating an experiential hub of offerings for locals and tourists alike. The Riverfront and this property have a lot to offer, and we look forward to developing it into a one-of-a-kind destination,” said Cypress Equities Chief Executive Officer Chris Maguire.
Bringing together a wide range of expertise from local and national developers, once completed, the Market Street Power Plant will be transformed into a unique, new-to-market concept with entertainment, retail, hotel and creative office space as well as food and beverage experiences.
“This site holds the potential to be a transformative project for our community,” said Lauricella. “We are all eager to begin working towards that goal.”
The project will be owned by a joint venture partnership between Lauricella, Gibbs and Cypress. The group is purchasing the property from longtime owner Joe Jaeger, who will remain involved in the development.
SRS Real Estate Partners will lead the leasing strategy in partnership with L+A Retail, a New Orleans-based real estate brokerage firm affiliated with Lauricella.