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Up in the Air in New Orleans

Subprime Lenders Bear Scrutiny |


| Ranking the homebuilders

September 14, 2005

Up in the Air in New Orleans

Chris Palmeri

Sean Cummings, a real estate developer and hotel operator in New Orleans, says the future of his storm-ravaged city is up in the air, not uncertain, mind you, literally, up in the air. Cummings says the flooding will only encourage a trend begun before Katrina of New Orleans residents moving to high-rise residential towers. Cummings has a 60-story, $15 million apartment complex in the Bywater neighborhood near downtown already financed. He hopes to break ground next year. “No one’s having second thoughts,” he says. “You have a whole lot of displaced people who need a place to live and who will rethink the type of housing that they have. I wouldn’t be surprise to see whites, blacks, Hispanics, Vietnamese, every bit of New Orleans considering alternatives other than single family homes in low-lying areas.” Cummings says the hurricane may also jump start efforts to create a new convention center, performing arts center, football stadium and city hall in the Crescent City. “New Orleans is an American icon," he says. "I don’t think there is a city in the nation where Americans have a greater love affair. That’s true with an exclamation point for people who call it home.”

06:01 PM


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I amnew to the new orleans scene. My daughter just moved to Hammond to take a position at the unversity and I was prompted to buy a cond in the city. I found one that, from what I hear did not go underwater, It is uptown and to the left of St. Charles Avenue. Do supposethat the property that did not go underwater will become more valuable just from it;s position on the rim of the bowl

Posted by: albert Dussault at September 15, 2005 11:35 AM

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