Last month, when proposals for redeveloping the abandoned Six Flags amusement park site in eastern New Orleans were unveiled, two things became clear: Interest in the site was far from overwhelming, and if it is resurrected, it will likely have a predominantly consumer component. Neither of those things seemed to surprise real estate and economic developers familiar with the site who point to the current economic climate and the site's shaky past, but consider the plans now under consideration promising.
"It's not a low-risk decision, and it's not one that would draw many bidders," Wade Ragas, professor emeritus of finance at University of New Orleans and president of the firm Real Property Associates, said of the way potential developers likely evaluated the site. "This is still a very risky site. This is not a slam dunk."
The city committee assembled to determine the immediate future of the property, which has been neglected for more than six years, swiftly cut six of the redevelopment proposals it received -- narrowing the field from eight to two -- through a request for proposals, or RFP, process.
Many of the excluded projects didn't demonstrate the financial wherewithal to be able to carry out their projects, committee members said, even if some of the ideas were good.
The Dutch amusement park Avonturenpark Hellendoorn, owned by Looping Group, opens this season a new thrill ride called Tarantula Magica, an Enterprise...