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NEW ORLEANS (WGNO) — After 16 years, the City of New Orleans has made a groundbreaking announcement regarding the former Six Flags and Jazzland site.

At a press conference on Monday, Mayor LaToya Cantrell, alongside CAO Gilbert Montano and Economic Development Director Jeff Schwartz, announced Bayou Phoenix, LLC has been selected as the developer for the site.

The company consists of Henry Consulting, TKTMJ, and Hillwood.

The decision comes after an RFP was issued to give direction on the future of the property, which was heavily damaged in Hurricane Katrina and never reopened.

The property has since sat abandoned, however, that will soon change.

Following the approval of the city’s RFP Evaluation Committee, Bayou Phoenix company plans to design an entirely new district in New Orleans East that will bring in jobs and visitors from all around the world.

Included in the property’s future plans is the creation of a hotel and waterpark, a sports complex, and an Esports arena.

According to the contractor’s plan, a partnership with non-profit STEM NOLA will allow a one-of-a-kind opportunity for kids to learn more about STEM-related fields through the creation of the “STEM District Hub.”

From there, the “STEM NOLA District” will encompass land both in the former Six Flags site as well as surrounding properties.

Bayou Phoenix predicts the district will become an economic catalyst for the state of Louisiana by not only welcoming visitors from around the world, but also creating more than 700 jobs with an average salary of $64,000.

While the next phase includes configuring the logistics, Bayou Phoenix plans for construction to begin in the next year. Read the contractor’s full proposal here.