The gist: Waitr is busy taking over the Lemoine building. CGI is sniffing for office space. Meanwhile, new residential projects in the works could break down the housing dam.
Vermilion Lofts broke ground last week to some who’s who fanfare. The project, a mixed-use development at Johnston Street and W. Vermilion Street, represents something of a coup for Downtown. Scheduled for completion by fall of this year, the loft development will feature 24 units (studios and two-bedroom apartments) and 3,600 square feet of commercial space on the bottom floor. Developments like Vermilion Lofts are the norm in successful urban centers; Lafayette’s got a long way to go.
“This project will set the tone for the future,” Downtown Development Authority CEO Anita Begnaud told onlookers, basking in “chamber of commerce” sun. (No fewer than three speakers made use of that turn of phrase.) “This is what we’ve been waiting for for a long time.”
Housing is showing up at the right time. Waitr has moved into the top floor of the Lemoine building at the north end of Jefferson Street and is reportedly slated to take over all three floors in the not-so-distant future. The app company’s rapid expansion is poised to bring scores of new jobs, if not hundreds. Meanwhile, tech consultant CGI has been after space Downtown to accommodate 400 new jobs announced in an extended incentive deal with the state last year. This is the virtuous cycle of urban development. Who knows, maybe a grocery store is next *insert interrobang.*
“We need to ask the question if there’s good alignment among all the pieces,” Begnaud says of the outlook. “How do we move at the speed of business to make it as cost efficient and timely. Those conversations are starting to happen.”
Vermilion Lofts makes four substantial housing developments on the way after years in a residential quagmire. Four projects, in varying stages of development and certainty, would bring around 200 new housing units Downtown. That’s still well below the 1,000 units a 2017 market study estimated Downtown could handle. (That figure is down from 2000 in 2011.) Here’s the rundown:
- Vermilion Lofts: 24 apartments and studios. Under construction. Estimated completion in 2019.
- Buchanan Heights: 30 townhomes. Under construction. Estimated completion unknown.
- The Monroe: 70 apartments. Seeking approval for HUD financing. Estimated completion one to two years.
- Place de Lafayette: 68 apartments. In due diligence. Deadline for completion Dec. 31, 2020.
The big question: Is Downtown ready for success? Vermilion Lofts tested the limits of Lafayette’s aging wastewater system. LUS has not given the all clear on the project’s 34-unit second phase. Sewer capacity remains a challenge long term; Place de Lafayette (the old federal courthouse redevelopment) will have to invest in sewer upgrades to go forward. That project is not yet a sure thing. But it’s not just the pipes that could clog up momentum; some developers say it’s just too hard to build Downtown.
“It’s great we have a lot of momentum, but that momentum can only go so far,” Vermilion Lofts developer and architect Stephen Ortego tells me, if the district doesn’t figure out how to navigate developers through thorny regulations and higher taxes.
News + Notes
State freezes $15M in dispute over LCG retirement
Billed as a way to save millions, LCG’s withdrawal from the state municipal pension system has been a drawn-out, messy affair that’s now headed for court.
City Council passes Guillory investigation to legislative auditor
The council’s contracted auditor turned over its findings, which will remain confidential until and unless the LLA decides to release them.
Registration requirements likely for Lafayette short-term rentals
Requiring short-term rentals to register with the city is a likely compromise, but operators and opponents remain divided on restrictions like conditional permitting.