Traigle joins Preis as new partner in long-planned River Place project

Richard Preis has a new partner in his long-stalled, downtown real estate project, River Place. Local investor, businessman and community activist Joe Traigle acquired an ownership interest in the 1.6-acre Lafayette Street property earlier this summer. “Joe is a visionary, and he shares the same enthusiasm that I do for downtown,” says Preis. Though he declines to discuss specifics of the deal or who initiated the partnership, Traigle says he is a 50-50 partner in the deal and that he and Preis “believe the future of downtown is very bright and want to bring a project to downtown that will be a positive addition to that future.” Since acquiring the former Lafayette Hotel and tearing it down nearly eight years ago, Preis has been trying to put an upscale residential development on the site. But Hurricane Katrina drove up construction costs, then the real estate market crashed in 2008, and “credit markets were difficult,” he says. Still, Preis is doggedly optimistic about the future of the project, noting that naysayers were skeptical about his odds of developing the Hampton Inn downtown, his latest project, which will open early next year across the street from the River Place property. “That’s another deal they said would never get done,” Preis says. “All it takes is time and money.” —Stephanie Riegel