NEW ORLEANS (WVUE) – Plans to redevelop the former Metairie Towers have stopped as the property hits the auction block again.
Nearly one year ago, Darren Aschaffenburg purchased the property for $24.5 million and renamed the site ‘The Tower Residences.’ His plan was to add high-end amenities and a new top floor to the seven-story site, creating a luxurious penthouse level.
But Aschaffenburg said he struggled to secure a development loan for the $100 million project. He said he still believes the project is “low-risk and high-reward.” But, while it did not pan out, he said he does not feel as if he failed…