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An agreement is on the table for the redevelopment of the abandoned Six Flags site in New Orleans East.
The amusement park opened in 2000 and closed in 2005 after Hurricane Katrina hit town.
The New Orleans Redevelopment Authority and Bayou Phoenix have reached an agreement to redevelop the 227-acre site.
The $500 million plan calls for a sports arena, a couple of hotels, indoor and outdoor water parks, retail, and a movie studio.
A Bayou Phoenix spokesman says construction is expected to take 42 months.
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