Simbol's TIF application, filed April 5, states that the first phase of the building's restoration will be done within six months of the project's approval. Remaining improvements, including 10,000 square feet of ground-level stores, are to be finished within five years. More private money could come from a loan by Whitney National Bank of New Orleans. Solomon remains as the company's managing member. Another challenge posed by the 911 Walnut building is parking.
None is available on site.
Stassi said he has talked with owners of surrounding surface lots about leasing spaces. He also said he hopes that UMB Financial Corp. will provide additional capacity by demolishing two nearby office buildings on Walnut Street. Other real estate executives said that reviving the 911 Walnut building would strengthen the surrounding area. Tower's endorsement is essential because the company's existing TIF district includes the 911 Walnut building. Willard said he has spoken with Simbol representatives about their plans and anticipates being able to assign his company's rights.