About Crescent City Towers
Crescent City Towers (formerly the Plaza Tower and dubbed as the Crescent City Residences in the early phases of the redesign) is a 45-story, 531 feet (162 m)-tall skyscraper in New Orleans, Louisiana, designed in the modern style by Leonard R Spangenberg, Jr. & Associates. Located in the Central Business District (CBD), it is the third tallest building in both the city of New Orleans and the state of Louisiana. The building has been unused since 2002 because of environmental problems such as toxic mold and asbestos. In March 2005, the Plaza Tower was purchased by Giannasca Development Group LLC for $4 million. The Giannasca Group planned a $120 million renovation to convert the office tower into a 197-unit condominium tower with an entirely new facade. However, after damage due to Hurricane Katrina, the group was involved in faulty appropriations of insurance money that had been issued after the storm, causing the group to sue one another and default on the mortgage. In 2007, the building was auctioned off and purchased by Plainfield Asset Management for $583,000. In January of 2009, mold remediation work began on the structure to rid it of asbestos and other problems.