New Orleans Clearing Out Lease On Office Tower

The city of New Orleans has agreed to buy out a business group's lease on the vacant World Trade Center building in a move that could lead to redevelopment of the 33-story tower.

The World Trade Center group agreed Tuesday to take a $2.24 million buyout offer from the city. The city and the business organization have tried unsuccessfully for years to find a way to redevelop the tower, such as turning into a hotel or condominiums.

After buying out the group's lease, the city can make a new effort to sell or redevelop the aging building or tear it down and market the empty site. The building's site is considered one of the most valuable pieces of real estate in the city.