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Tipitina's Eyes New Festival Site

NEW ORLEANS (CelebrityAccess) — A real estate developer led by the owner of Tipitina's is looking to invest more than $12 million to create a new outdoor music venue and a new high end retail area.

According to the Times-Picayune, the developer, Studio Network-Lakefront LLC, has signed an agreement with Orleans Parish Non-Flood Protection Asset Management Authority that would extend the Tipitina's brand to a new festival park which would serve as an anchor to a larger mixed use retail area that would feature restaurants, bars, shops and potentially another nightclub.

In exchange for a 50-year lease, Studio Network-Lakefront would pay a monthly flat fee, as well as 1.15 percent of gross revenues generated from the property, once it is in operation.

Previous plans, which included a water slide and a 'lazy river' ride have been scaled back, the Times-Picayune reported.

The location of the development would be on an old riverboat casino site on the lakefront of Eastern New Orleans, which has fallen into disuse. – Staff Writers