A massive new construction project is in the works to transform the former Mortenson Chemical and Manufacturing plant in downtown New Orleans into a major hotel and office complex.
Mortenson’s headquarters at 2nd Avenue and Canal Street is scheduled to be demolished in 2020.
The project is the latest in a string of new developments that have helped transform the city in recent years.
The former Mortensen Chemical and Material Processing plant was slated to be torn down in 2020 to make way for a massive $1 billion hotel and commercial office complex, including the city’s tallest skyscraper.
The company was one of the major players in the area, along with New Orleans’ own Covington & Burling Properties and other developers.
Now, with the construction underway, Mortenson is planning to open a $5.6 billion hotel in 2019, the largest in the city.
The complex, dubbed the Mortenson World, will include more than 700 luxury hotel rooms, restaurants and other retail, residential and entertainment facilities, according to a press release from Mortenson.
The firm is also expected to redevelop several buildings, including several residential towers that were formerly home to the citys first hotel, the Holiday Inn Hotel.
The hotel is expected to open in 2019 and the development is expected in the New Orleans metro area by 2021, according the company.
“The construction of the new Mortenson Convention Center at Canal Street and 4th Avenue is the largest project in the history of the city, bringing the company’s total projects to more than 100,” Mortenson CEO Bill Mortenson said in the release.
“With the construction of these projects, we have completed more than 250,000 square feet of additional space in the Mortensen World, with additional construction planned in the coming months.”
Construction began in the early 1990s and the city paid for the project through a $2.5 billion bond issue.
The building is expected take up 1.6 million square feet and be completed in 2019.
Mortensen Construction is known for its work in New Orleans, where it has done large construction projects in recent decades, including an 80-story apartment building in Mid-City, the renovation of the French Quarter in the late 1990s, and the construction on the city of the New World Veterans Memorial.
Morteson is currently working on several projects in the Dallas area, including a $600 million office project in downtown Dallas.
The news of the Mortensons plans to build a new convention center is expected come as a major setback to the plans for the former factory that has been in operation since the early 1900s.
The facility was built by the company after it was acquired by the New York-based General Electric in 1959.
Mortenson’s headquarters were demolished in 2001, and construction on several other buildings in the neighborhood is slated to begin this year.
The new Mortensen building is scheduled for completion by 2021.
The current Mortenson headquarters are in New York.