Revamp of Six Flags site in New Orleans East sees new operators, financing deal: See details

Staff Photo by Chris Granger, The Times-Picayune

Developers behind the massive overhaul of the former Six Flags in New Orleans East say they will soon finalize $300 million in financing and have found operators for a youth sports complex and water park resort – critical milestones in the site’s long-awaited revival.  Eastern Sports Management of Virginia and American Resort Management of Texas and Pennsylvania will run the complex and resort under preliminary agreements with the Bayou Phoenix group. Officials with those two firms joined Bayou Phoenix principal Troy Henry to announce the plans at a Friday meeting at Franklin Avenue Baptist Church.  Henry said the $300 million private equity deal – with a firm he declined to name, citing a nondisclosure agreement – will take 15 weeks to close, and that the process should begin within the next two months.   Eastern Sports Management manages nine indoor and outdoor sports facilities in its home state as well as in Pennsylvania, Tennessee and Oklahoma. American Resort Management operates water parks and hotels across the country, and its hotel brands include Hilton, Marriott and Hyatt, according to its website.  The announcement represents key progress for a project that remains on track despite years of complications over land ownership, strained negotiations and challenging conditions on the 227-acre site that has been dormant since Hurricane Katrina.  “I know it's been a test of everyone's patience,” Henry said in an interview. “We now will be shifting from being at government speed to the speed of business.” 

Andrew Ballard, chief operating officers of Eastern Sports Management, said he expects the youth sports facility to generate two million visitors annually, based on foot traffic at the company's other facilities.  "Those two million visitors are going to plug in the lodging, the food and beverage, the entertainment, and it's all happening in New Orleans East," Ballard said.  Henry said he hopes the sports complex will break ground in about a year. First, however, a site assessment must show that the land each operator gets may indeed be built upon. The New Orleans Redevelopment Authority commissioned the assessment and a firm completed it this week, though engineers still need to analyze the results.   Bayou Phoenix will then negotiate “pre-development” agreements with the operators related to construction. Those will be followed by operating contracts setting forth terms of the relationship once the park opens.  The news was welcomed by the crowd that showed up at Franklin Avenue, a megachurch along Interstate 10 where hundreds of New Orleans East residents worship weekly. Henry garnered audible support when closing the presentation with a forceful call for public officials to support the project with $60 million in funding from local, state and federal sources. He said that would represent about 12% of the overall cost.  "We waited patiently and watched every single other part of the city get redeveloped, except for us," Henry said, referring to New Orleans East. "It's our time now." Past hurdles Hurricane Katrina in 2005 forced the permanent closure of the Six Flags site, and proposals to revive it have stalled repeatedly in the years since. The site’s revival was a priority for former Mayor LaToya Cantrell, who awarded development rights of the site to Bayou Phoenix in 2021. But developers didn’t get control of the site for another two years. Public officials first had to work out the terms of transferring ownership from the city to the New Orleans Redevelopment Authority, a state agency, and a lease then had to be worked out with Bayou Phoenix.   Tensions flared among all parties along the way, and the project appeared close to unraveling more than once. Bayou Phoenix and NORA have sparred over developers' master plan and proceeds of scrap metal from demolished roller coasters. Bayou Phoenix eventually was allowed to keep the proceeds, which it used to help pay for the demolition. Bayou Phoenix has not met development deadlines within the 2023 lease, which called for construction to begin last October and completion of the project by April 2027. But Henry has said those deadlines are unrealistic without a site assessment, commissioned by NORA, showing which portions of the land — a combination of woods, wetlands and slab on pilings — can be developed.  The assessment, which has been underway for more than a year, was completed this week. Henry said he is confident the review won't  contain anything that could jeopardize the project.   “We want to make sure that there's not something onerous that changes our economic model, changes our financing, changes the ask that we have to make,” Henry said. “Our level of confidence is very high that there's no deal breakers.”  The operators Bayou Phoenix has previously announced a sublease deal with film composer Elvin Ross, who plans to finance and build a movie studio there. While that announcement showcased outside interest in the site, Friday’s news showed the project’s core -- a youth sports complex, two hotels, a water amusement park and arcade, along with restaurants and retail shops -- is feasible enough to attract serious operators.  Eastern Sports Management will subcontract with Hank Aaron Sports Academy, based in Jackson, Mississippi, to attract collegiate baseball tournaments and training. It will also line up programming for other sports facilities.  The operators will design their facilities and hire their own architects and contractors. Their final agreements with Bayou Phoenix will grant them a management fee as well as a share of the profits, Henry said. He said the operators will also be held to certain performance standards.  “They have every incentive in the world to make sure this is profitable and that the customer experience is outstanding,” Henry said.  The final development cost remains to be seen. Henry has always pegged it at roughly half a billion dollars, though Bayou Phoenix documents have suggested it could be nearly twice that much. Beyond that, he said retail tenants and a film studio developer would finance their own buildouts.Read the full article on NOLA.com.

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Bayou Phoenix to unveil new partners for former New Orleans Six Flags site

Lance Traweek, Editor // February 26, 2026

Bayou Phoenix LLC will announce major development partners and updated plans for the long-vacant former Six Flags and  site during a public forum March 6, marking a significant step forward in the project’s next phase.

The company, selected in 2021 as master developer of the  property, said it will formally introduce partners for a planned youth sports complex and an  that includes an indoor-outdoor waterpark and hotel. The event will be held from 6-8 p.m. at Franklin Avenue Baptist Church, with doors opening at 5:15 p.m.

The forum will also be livestreamed on YouTube and broadcast on WBOK 1230 AM.

The announcement comes more than a year after demolition of the former amusement park structures was completed in early 2025, clearing the site for redevelopment. Bayou Phoenix officials said the project is transitioning from planning to active construction preparation, with updated timelines, financing structures and key milestones expected to be shared during the meeting.

The development builds on a previously signed agreement with music producer  and his company, e. ross studios, to operate an on-site film production studio.

Bayou Phoenix is working in partnership with the New Orleans Redevelopment Authority and other stakeholders on the multi-phase project. The site, located in New Orleans East, has remained dormant since Hurricane Katrina and has long been viewed as a potential catalyst for economic revival in the area.

Developers say the project is designed to generate jobs, attract tourism and expand youth recreation opportunities while positioning New Orleans East as a regional hub for sports, entertainment and film production.

“Community engagement remains at the heart of this project,” said Troy Henry of . “We are excited to introduce our partners and share meaningful progress with the residents of New Orleans East and the region. This development is designed to serve our community for generations to come.”

Michael Tubre of  called the upcoming presentation a “transformative moment” for the area and said the team plans to continue engaging residents as the project advances.

Henry Consulting, founded in 2001, is one of the largest Black-owned companies in Louisiana, employing more than 200 direct and indirect workers and generating an average of $40 million in annual revenue, according to the company.

TKTMJ, a family-owned construction and development firm founded in 1996, has overseen more than $400 million in projects across multiple states, including public works and multifamily housing developments in New Orleans.

Bayou Phoenix LLC said additional information about the March 6 event and livestream details will be available on its website.

Click here for the latest on the project.

There is No “I” in Real Estate

If we want New Orleans’s market to have a strong path forward, this is what we’ve got to do

December 31, 2025 | By 

Read the full article at Biz New Orleans

New Orleans is entering a defining period for its real estate landscape — one marked by uncertainty, opportunity, and the undeniable need for collective action.

The forces shaping our neighborhoods today are not isolated; they intersect with our economy, our city budget, our infrastructure, and our shared hopes for a stronger, more resilient New Orleans. At this moment, we cannot approach real estate — whether residential or commercial — with an individual mindset. It can no longer be about “I.” The challenges and opportunities before us require a “We.”

Market conditions highlight why strategic coordination matters now more than ever. We’re in a true seesaw market — highly inconsistent, with demand, pricing, and time-on-market swinging in different directions depending on the neighborhood. Some areas are seeing longer listing times and sporadic price reductions, while others are holding steady or even strengthening. Home values are shifting unevenly, signaling not a downturn but instability. This environment creates both risk and opportunity, particularly with recent interest rate cuts that may re-energize buyers who have been watching the market from the sidelines.

The rental market, however, is more complex. The average rent in New Orleans sits at approximately $1,383, with studios averaging $1,277 and three-bedroom units around $1,693. Projections suggest modest increases by early 2026, with an estimated citywide average of $1,320.

But averages tell only part of the story. Some neighborhoods are seeing sharp rent increases driven by demand, while others — often those long affected by disinvestment — are experiencing declines. These patterns highlight a truth we must confront — as goes the worst of us, so goes all of us. A healthy real estate market cannot thrive if entire neighborhoods remain left behind.

The city budget will also exert significant influence on the housing and real estate environment over the next several years. As municipal service costs rise, those costs are ultimately shifted to businesses, property owners and residents. This has downstream effects on affordability, development feasibility and investment confidence. Our response, therefore, cannot be reactive. It must be strategic.\

At the New Orleans Redevelopment Authority (NORA), our focus is on long-term, intentional impact. This means directing resources where they matter most, not scattering them broadly across the map, but concentrating them in areas where intervention can stabilize neighborhoods, spark new investment and create equitable opportunity. Strategic thinking requires collaboration, which means creating partnerships with developers, financial institutions, community organizations, residents and policymakers. We must be aligned in both purpose and practice.

And partnership means recognizing that no single entity —not NORA, not private developers, not neighborhood groups — can solve our real estate challenges alone. We must bring our collective expertise, our collective resources and our collective vision to the table. When we coordinate efforts, we can address disinvestment, accelerate redevelopment and strengthen the overall housing ecosystem.

Of course, none of this is easy as the property insurance issue remains unresolved. Nonetheless, the path ahead involves tough decisions, disciplined prioritization and honest acknowledgement of the disparities that persist in our city.

Yet, within this moment lies tremendous opportunity. The market is shifting in a way that may open doors for first-time buyers. Targeted rental support and new development models can stabilize vulnerable neighborhoods. Strategic public investment can unlock growth in areas that have waited too long for renewed attention.

New Orleans has navigated difficult terrain before, and we have emerged stronger every time. If we embrace a “we” mindset rooted in shared responsibility and shared impact, we can guide this market into a future that benefits all of us. The opportunity is ahead. Together, we can seize it.

NORA Report Highlights Neighborhood Revitalization

Read the full article at Biz New Orleans

Read the full 2025 Annual Report 

February 20, 2026 | By 

NEW ORLEANS — The New Orleans Redevelopment Authority (NORA) has released its 2025 Annual Report, detailing a year of strategic investment, community-centered development, and measurable progress toward building stronger neighborhoods across the city.

The report highlights NORA’s work across three core focus areas—building homes, enhancing commercial corridors, and strengthening neighborhoods—and reflects the organization’s continued shift toward intentional, high-impact redevelopment that prioritizes affordability, resilience, and equity.

“This year’s annual report tells the story of how thoughtful planning, strong partnerships, and community input translate into real outcomes for residents,” said NORA leadership. “From affordable housing and early childhood education to neighborhood revitalization and small business support, our work is rooted in long-term opportunity.”

NORA Annual Report Key Highlights

The 2025 NORA Annual Report key highlights include:

St. Bernard Circle in the 7th Ward, a $22 million mixed-use development completed in 2025, delivering 51 new residential units—40 of them affordable—and ground-floor retail space for local, minority-owned businesses. The project was developed through a public-private partnership and built to high sustainability and resilience standards.

Early childhood education investments, including more than $1 million in grants supporting new and expanded facilities in Central City, Holy Cross, and other neighborhoods, increasing access to high-quality early learning facilities for New Orleans families.

Revitalization efforts in the Lower Ninth Ward, centered on plans for a new neighborhood grocery store that will address food access while anchoring broader commercial corridor investment.

Innovative housing delivery, including the 100 Days Challenge, which resulted in four storm-resilient, FORTIFIED™ Gold-certified affordable homes built in New Orleans East in under 100 days, and the launch of new programs to expand homeownership opportunities.

Major redevelopment milestones, such as progress at the former Six Flags/Jazzland site, where early infrastructure improvements and new subleases are laying the groundwork for a long-term, mixed-use destination in New Orleans East.

 

The report also reflects on NORA’s evolution over the 20 years since Hurricane Katrina – from large-scale blight reduction and land acquisition to today’s targeted, community-informed approach focused on quality, sustainability, and equitable growth. This perspective is further explored through “Katrina: 20 at 20,” a video series featured in the report that documents the lasting impact of post-storm redevelopment efforts.

“NORA’s focus remains on creating opportunities that last and outcomes that matter. This annual report reflects how NORA’s work has evolved…moving beyond recovery to intentional, community-driven redevelopment,” said Brenda Breaux, Executive Director of the New Orleans Redevelopment Authority. “Every project highlighted in this report represents our commitment to creating quality housing, supporting neighborhood businesses, and investing in long-term opportunities that strengthen communities across New Orleans. These outcomes are only possible through strong partnerships and meaningful engagement with the residents we serve.”

NORA’s 2025 Annual Report is now available online at noraworks.org, offering a comprehensive look at the agency’s work, partnerships, and vision for continued neighborhood investment.

About New Orleans Redevelopment Authority (NORA)

The New Orleans Redevelopment Authority is a catalyst for community redevelopment, working to stimulate investment, support economic development, and promote an equitable and sustainable future for the city. NORA collaborates with public and private partners to implement innovative strategies that enhance the quality of life for residents and businesses.

 

How will New Orleans spend $14M on affordable housing? Here's the plan so far.


Read the full article at nola.com.

An advisory committee charged with overseeing New Orleans’ first dedicated funding stream for affordable housing has laid out plans to divvy up the first pot of money from the city's budget, expected to be about $14 million.

Beginning next year, more than half of the city’s new Housing Trust Fund will be used to expand and preserve the city's rental housing stock, under a proposed spending plan the committee released last month.

Voters overwhelmingly approved the fund last year, after it received widespread support from housing advocates, property developers and other stakeholders. Enshrined in the city’s charter, it can only be amended with unanimous council approval in emergency circumstances.

The ordinance sets aside 2% of the city’s annual budget for affordable housing initiatives each year, which will be administered by the city, the New Orleans Redevelopment Authority and Finance New Orleans. 

However, the plan's $14.6 million budget is based on the city's projected 2026 operational budget of $732 million, which could change as the city contends with a $100 million deficit, and Mayor LaToya Cantrell proposes an 11% budget cut.

The plan, proposed by the committee of housing advocates and city officials,  focuses mostly on creating and rehabbing affordable rental units. A third of the money would be set aside for affordable home ownership programs for low-income residents. To be considered affordable, housing costs are capped at 30% of a resident's income. 

More rental housing, homes

As part of the plan, $7 million will go toward subsidies for developers and property owners to build new units and rehabilitate existing ones.

About $4 million would go toward expanding home ownership, split between subsidizing new, for-sale affordable homes and an owner-occupied fortified roof program for low-income homeowners, according to the proposal. 

The committee proposed dedicating $1.8 million to subsidize property repairs in exchange for small landlords making their units affordable for a specified period of time.

NORA would offer landlords subsidies up to $50,000 for each unit to cover fortified roofs, HVAC repairs, weatherization, windows and other issues aligned with the city’s Healthy Homes program, established in 2023 to hold landowners accountable for property upkeep.

The committee also proposed that 5% be reserved for a rainy day fund and up to 10%, or $1.4 million for administrative costs.

Small focus

The bulk of the money for increasing the number of rentals, about $6.3 million, would be exclusively for small multifamily developments and not larger buildings and complexes. 

It could be used to build or substantially rehab buildings with up to four units in residential areas. The buildings also could be mixed-tenure, where a new homeowner can live in one unit and rent out the others, creating a “built-in income stream," according to the proposal.

“Not only are we investing in affordable housing, but we’re making it possible for low-income residents to have ownership through intergenerational wealth building,” committee member Asali Ecclesiastes said.

Larger developments that qualify for the federal Low Income Housing Tax Credit have more restrictions, the proposal says. They require more money, larger lots and have more zoning restrictions. The focus on smaller developments would allow more units to be available sooner, the committee argued during a meeting last month.

But while directing funds to single-family and small rental homes is “understandable” in year one, some funds should be reserved for larger multifamily properties, said Vanessa Levine, executive vice president of Volunteers of America of Southeast Louisiana, which operates more than 600 apartments across the city.

Levine said these projects often face financial shortfalls, such as scarcity of state and federal support and uncertainty with construction costs and interest rates. The average funding gap for larger properties is about $12 million, according to the proposal.

Lingering issue

The city needs 55,000 new affordable units to adequately house residents because of skyrocketing housing costs amid an insurance crisis and other factors, according to the annual report card by HousingNola, a collective of housing advocacy organizations and stakeholders. That's up from 47,000 last year. 

In reality, New Orleans only created 435 new housing opportunities from September 2024 to August 2025, according to the report.

Dedicated funding for affordable housing has shown to be successful in other cities, such as Washington, D.C. There, the program has produced over 9,000 new and rehabilitated units between its start in 2015 through 2022, according to the city's Housing and Community Development department.

The proposed spending plan will go before the City Council for full approval. 

 

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