Developers Eye Downtown New Orleans For Real Estate

Developers Eye Downtown New Orleans For Real Estate

Story posted 2011.12.02 at 06:32 PM CST

Residents could be seeing more development in downtown New Orleans.

Neighbors said one of the tallest buildings in downtown, the Plaza Tower, was an eyesore, until it was sold to a real estate developer who plans to transform it into a mix of condominiums, offices and shops.

The project is part of a growing trend to revitalize the heart of the city, officials said. Just three weeks ago, Rousse's grocery store opened its doors downtown.

Downtown development district officials said since Hurricane Katrina, there's been a higher demand for downtown living.

"We've had an influx of young new companies here that are creating new jobs, and that of course, helps the residential market because a lot of those folks based on our search, they want to live downtown. They love to be able to walk everywhere in their life," said Kurt Weigle, chief operating officer of Downtown Development District.