The former headquarters of The Times-Picayune and its previously iconic clock tower, have been sold to a group of local real estate investors for $3.5 million, The Advocate and NOLA.com reported this week.
The Advocate broke the story Sept. 6, followed by NOLA.com a day later.
Local real estate developer Joseph Jaeger Jr.’s 3800 Howard Investors LLC, completed the purchase Sept. 2, The Advocate‘s Richard Thompson reported. Besides Jaeger, the group includes Mardi Gras float builder Barry Kern, president of Mardi Gras World; developer Arnold Kirschman, whose family sold its nearly century-old, New Orleans-area furniture store chain to Florida-based Rooms to Go in 2006; and local businessman Michael White.
Both outlets reported that 3800 Howard Investors has no immediate plans for the building, noting that it saw development potential in the improving neighborhoods and for the nearly 9-acre plot. Jaeger’s primary company, The MCC Group, has bought two other high-profile vacant properties in the past year, but they remain empty and dormant: the 45-story Plaza Tower, also on Howard Avenue, on the edge of downtown, and the shuttered Market Street Power plant on the riverfront. The latter is part of a proposal with the Ernest N. Morial Convention Center to develop a hotel, restaurants, entertainment venues and apartments on 20 acres upriver of the convention center, The Advocate reported.
No word on what 3800 Howard Investors may do with the custom Art Deco panel by Mexican-born artist Enrique Alferez that adorns the building’s front lobby.
NOLA.com reported in late June that the building had been sold, but not to whom. Within days, a crew of workers armed with a crane removed the Times-Picayune lettering that adorned the Clock Tower easily visible from the adjoining Pontchartrain Expressway, and which had become part of the region’s cityscape.
Phin Percy Films of New Orleans posted the following video of the tower stripped of its lettering: