Today the Algiers Development District with support from members of the New Orleans Federal City Joint Development Committee (JDC) and Vista Trust, through its related entity, Vista Louisiana, LLC, have formally signed a contract that enables Vista Louisiana, LLC, to move forward as the new Master Developer of Federal City. The contract signing was held at the West Bank YMCA facility located at Federal City.
"Now that Vista has been selected through an open and competitive process, the strategic elements of planning this important community asset can and will move forward," said Jeff Arnold, ADD Chair. "This exciting phase will transpire over the coming months and years given the size and scope of the project, but we are gratified that the time has finally come to roll up our sleeves and get to work on Phase II of this important development project. We are committed to creating a community asset that creates economic opportunity while serving the retail, entertainment and recreational needs of Algiers and the West Bank, as well as serving as a draw for visitors."
Vista Louisiana, LLC, a privately held real estate development company which enlisted New Orleans-based MCC Development & Real Estate and DeVere Construction of Charleston, NC, will be tasked with completing the to-be-named unsecured area (approximately 118 acres) of the Federal City Project that will be devoted to retail, residential housing, hotel accommodations, dining venues and a recreational community.
"On behalf of the Vista Louisiana team, we are privileged to have been selected as Master Developer of choice and believe all of us share a common vision that will turn the property now known as Federal City into a beautiful mixed-use development," said Tom Miller of Vista Louisiana, LLC. "The next step is to pull together the best minds to create a new master plan. Part of that process will be to work to gather input from the residents of this great community which will be a critical component when developing our plan for this signature development."
The Federal City property has approximately 800,000 square feet of existing, move-in ready structures available as well as significant open space for a variety of build-to-suit facilities. The project continues to represent one of the largest redevelopment investments by the State of Louisiana and City of New Orleans and holds immeasurable economic and quality of life potential.
Today's formal signing of the agreement concludes a nearly year-long search for a Master Developer to complete Phase II of the unsecured property, which began in March 2014 with a six-month public bid process. Bill Oliver, JDC Chairman, expressed enthusiasm on behalf of both boards to begin work on Phase II, saying: "This contract agreement represents real progress, and I am confident that we are creating a project of local and national importance, hand in glove with a world class team. There is still a long road ahead and we are not wasting any time getting to work now that the selection of a Master Developer has concluded. Members of ADD and JDC are confident that our relationship with Vista Louisiana, LLC and their entire team will propel us in finishing the exciting work of the past several years," said Oliver. "When all is said and done we recognize the magnitude of creating a community that current, and future, Greater New Orleans' residents will enjoy."
