Six Flags redevelopment hinges on $50M public ask
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The Zydeco Zinger Carousel Bar is a proposed element for the entertainment district at Bayou Phoenix. It reuses a former Six Flags ride element. Rendering: e. ross studios
Developers of the former Six Flags location in New Orleans say they need at least $50 million in public money to transform the blighted property into a regional destination for youth sports, entertainment and shopping.
Why it matters: They say private funds are covering 88% of the cost, and called on city and state leaders to invest in New Orleans East.
The big picture: Troy Henry of Henry Consulting partnered with TKTMJ Inc. to create Bayou Phoenix, which has been redeveloping the abandoned amusement park for the past few years.
- "We are well on our way to make Bayou Phoenix a true reality and a transformative project for this community," Henry told residents Friday at a community meeting.
- They've been busy with demolition and clearing the site, and have also selected business partners to manage the sports fields, waterparks, hotels and retail components.
- An investment bank has expressed interest in financing a "significant portion" of the private funding needed, said Mike McKenna of Henry Consulting. He declined to name the business.
The fine print: Henry says he only has a "handshake agreement" with most tenants.
- Once a site assessment is done, which will give developers a detailed technical look at what's possible on the property, he says they'll get a signed contract with specifics.
By the numbers: The project is expected to cost about $500 million, Henry said in his presentation.
- He says he has private commitments for $439 million. The City of New Orleans and related agencies have allocated $11 million.
- That leaves a $50 million gap, he says.
- It's a harder ask for the city, with the current fiscal crisis leading to layoffs, furloughs and budget cuts in many departments.
What's new
New renderings: Elvin Ross, an Emmy Award-winning composer, plans to build a $170 million entertainment complex called e. ross studios with restaurants, bars, shops and a movie studio.
- He said Friday he will incorporate the Zydeco Zinger and other Jazzland elements into the buildings.
- He envisions building backlots that look like Bourbon Street and Venice on screen.
- He also pitched an outdoor event venue.
Sports complex: Virginia-based Eastern Sports Management will be in charge of the indoor sports facility, while Overtime Sports will handle the outdoor elements.
- Eastern Sports has facilities in Memphis and on the East Coast.
- Overtime Sports has been involved with Mississippi's minor league baseball teams in Pearl and Biloxi.
Waterparks: American Resort Management will handle the indoor and outdoor waterparks and the hotels.
- The Texas-based company's properties include Tropic Falls in Foley, Alabama, and several blue-water lagoons near Houston.
Timeline
Timeline: The goal is to break ground in the next year on the youth sports complex, Henry and McKenna say.
- Construction would last about two years.
- The waterpark would come after, but Henry didn't say exactly when.
- E. ross studios has a separate timeline for development.
The bottom line: Many at the meeting expressed skepticism, after several failed attempts to redevelop the property.
- Developers say this time is different. City and state leaders now have to decide whether to bet more public dollars on it.
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