A watchdog group says the city of New Orleans should sell a long empty office tower by the Mississippi River.

The city had reached a tentative lease agreement last year with Gatehouse Capital Corp. to redevelop the old World Trade Center building. But negotiations broke off in April, dashing hopes that the building would be converted into a luxury hotel and residential complex.

The Bureau of Governmental Research noted Tuesday that it was the third time such redevelopment efforts failed.

BGR says selling the building would mean the city could get the full value of the building up front while putting a valuable property back on property tax rolls.

The 1960s-era building is fondly remembered by many in New Orleans for its revolving rooftop bar.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)