Though it’s been nearly four years since Hurricane Katrina, New Orleans is still in recovery mode. The good news is that local residents and businesses alike are helping to restore the city to its former glory.
The Times-Picayune reported Value Place is just one of those businesses lending a hand in terms of redevelopment with plans to build a four-story, 124-room economy extended stay hotel at the intersection of Gen. de Gaulle Drive and Sandra Drive. Demolition of the existing derelict buildings will commence within the coming weeks and the hotel is expected to be open for business by May 2010, said developer John Cattano of CC Development in Columbia, S.C. A restaurant and office space will also be developed.
"I think it's going to look really nice, and everybody was very complimentary of the design," Cattano said Thursday. "It's going to be an improvement over those two buildings that are there now." The developers have gotten zoning approvals, changing the site from business to commercial, and demolition would begin after Mayor Ray Nagin signs off on the ordinances and a demolition permit is obtained, said Wiley McCormick of Park Square LLC, a New Orleans partnership that purchased the site after Hurricane Katrina. "As soon the mayor signs it, I'm sure we'll be moving" toward closing on the sale, said McCormick, who owns property nearby for a development he declined to reveal. "We're excited about this project, because it also improves this whole corridor."
Cattano operates seven Value Place franchises in South Carolina and Georgia, and his partner, Phil Cox, has another three. He expects the rates at this property to be $279 per week and plans to employ five people full time. "We certainly hope to break ground in September," Cattano said. He is also in talks with restaurant groups as a potential tenant, but none has been selected. The restaurant and office space will be a $1 million investment, he said.
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