A New Orleans City Council committee gave its okay Tuesday to a proposed ordinance creating the Magnolia Marketplace Economic Development District.
Aimee Quirk, Advisor to the Mayor for Economic Development, told the Council's Economic Development Committee that Magnolia Marketplace is a new retail project to be located on Claiborne Avenue at Toledano Street. The development is expected to be a sales tax generator for the city.
"Projected sales are projected around $30 million in the first year, which yields about $750,000 in sales tax to the city," Quirk said.
Although the $24 million shopping center is not expected to open until March of 2015, several retailers have already signed leases to locate there.
"We're very excited about this project because it brings a number of new retailers, national retailers, to the city that are not presently here," Quirk said.
The proposed ordinance now goes to the full Council for consideration.