Six Flags, New Orleans (formerly known as Jazzland), is a 227-acre, abandoned theme park that closed when Hurricane Katrina wreaked havoc on the state in August 2005. The park grounds, situated on a low-lying section of Eastern New Orleans, created an artificial basin that was prime for flooding. Drainage pumps at the park failed during the storm, causing the berm to retain rainwater and seawater overflow from Lake Pontchartrain, and submerged the entire park grounds in four-to-seven- feet of water for over a month. Given the extensive damage, the park was closed indefinitely with no plans to reopen.
The site is now owned by the Industrial Development Board (IDB) of New Orleans, who continues to look for opportunities for redevelopment of the site. Peter McEnery, Founder and President of The McEnery Company, a real estate appraisal, brokerage and consulting company in New Orleans, took on the challenge of appraising the site for IDB.
Mr. McEnery shares valuable insights on this high-profile appraisal with us. You can also learn more about this appraisal assignment in our upcoming webinar, Commercial Case Study: Theme Park or Developed Site Value, on Wednesday, November 16 at 1:00 PM EST.