City’s New Orleans Building Corporation, Canal Street Development Corporation Merge
NEW ORLEANS – On Thursday, Dec. 15, the New Orleans City Council passed an ordinance to merge the City’s two public benefit corporations, the New Orleans Building Corporation (NOBC) and the Canal Street Development Corporation (CSDC). These two public benefit corporations are both charged with leasing, developing and managing real estate assets in New Orleans. In 2011, NOBC and CSDC effectively merged accounting, administrative and development service functions which streamlined operations and eliminated redundancies between the two public benefit corporations, City reps said. This formal consolidation of NOBC and CSDC combines the portfolio of the City’s economic development properties and streamlines board oversight.
“Since taking office, my administration has been committed to streamlining government so we can make the best use of the City’s resources and create more efficiencies to better serve our residents,” Mayor Landrieu said. “By merging these two public benefit corporations, we’ve created one entity solely responsible for enhancing and improving the City’s development properties with an eye toward using these assets to stimulate further economic development. This merger makes sense and will allow us to better focus on our mission to not just rebuild New Orleans the way she was, but how she always should have been.”
Under this merger, NOBC will carry on the leasing, developing and managing of real estate assets formerly in the CSDC portfolio. The NOBC board of directors will expand to 11 members to effectively manage the larger volume of business involving a diverse range of subjects including acquisition and development, gaming, theatre, retail, parking, residential and hospitality.
The NOBC’s properties owned by the City of New Orleans include the Union Passenger Terminal, Crescent Park, former World Trade Center building and garage, St. Roch Market and Lincoln Beach.
The CSDC’s portfolio of properties include Piazza d’Italia and adjacent parking lots, the Saenger Theatre, Hyatt French Quarter Hotel, DH Holmes Apartments and parking garage and Harrah’s New Orleans Casino.