LSU REFF to Recommend Continued Discussions with 1532 Tulane Partners for Redevelopment of Charity Hospital in New Orleans
BATON ROUGE – The LSU Charity Hospital Redevelopment Project Management Committee has identified 1532 Tulane Partners (a partnership between El-Ad US Holdings and CCNO Development LLC) as its preferred developer team with which to negotiate a predevelopment agreement for the adaptive reuse of the former Charity Hospital Building at 1532 Tulane Ave., adjacent to the LSU Health New Orleans campus. The committee has formally recommended to the LSU Real Estate and Facilities Foundation, or LSU REFF, that discussions continue with 1532 Tulane Partners for this purpose.
The LSU REFF will recommend to the LSU Board of Supervisors, or BOS, the approval of a predevelopment agreement, to be negotiated by the foundation with 1532 Tulane Partners prior to entering into a potential ground lease, which will also be presented to the BOS for consideration and approval in the near future. The specific timeline for both the predevelopment agreement and ground lease are yet to be determined and are pending these negotiations.
The LSU REFF’s recommendation is the culmination of a rigorous, six-month competitive selection process led by the Project Management Committee in partnership with JLL, the committee’s real estate consultant.
A Request for Qualifications was publicly issued April 16, 2018, focused solely on team composition and qualifications. A Request for Proposals was subsequently issued to three highly qualified development teams from the respondents to the RFQ. 1532 Tulane Partners and HRI/Iris submitted proposals by the Aug. 20, 2018, deadline. The Project Management Committee and JLL then engaged both teams in discussions to clarify and address key elements of the proposals and invited the teams to submit best and final offers. The process of securing best and final offers included the opportunity for both teams to factor in findings from the Spirit of Charity Innovation District Strategic Plan, part of the community and neighborhood revitalization effort being led by the Greater New Orleans Foundation.
Additional information about JLL and the Project Management Committee’s shared rationale in recommending 1532 Tulane Partners, as well as both Tulane Partners’ and HRI/Iris’s best and final submissions, can be accessed online at www.charityprojectneworleans.com.
Contact Ernie Ballard
LSU Media Relations