Lafayette’s real estate market is ice cold, and it may get worse before it gets better.
Recent headlines indicate 2018 might be the year our economy started recovering. But there’s ample evidence that any optimism should be guarded given the situation our economy’s in.
Given that he fostered an industry that generates billions of dollars in GDP, it’d be great to ask him what he would do to get us out of the $10 billion hole our economy’s in.
The gist: A major real estate developer has reportedly moved to purchase the Less Pay Motel and the adjacent former Coca-Cola building, together comprising a whole block of the beleaguered Four Corners area.
What we know: Two separately owned properties are under contract for an undisclosed redevelopment project: the Less Pay Motel at 120 N. University Ave. and the former Coca-Cola bottling facility at 1506 Cameron St. Representatives of both properties have confirmed independently that the buildings are pending sale, but would not disclose terms or the buyer.
UPDATE: A public notice for a $15 million artist loft development called Bottle Art Lofts, located at the bottling facility, links HRI Properties, a New Orleans-based development outfit with extensive experience in historic rehabilitation, to the sale of that property. The development would include 40 units with a “leasing preference” for artists and would be primarily financed with the equity sale of low income housing tax credits. State records list HRI’s New Orleans address for Lafayette Bottle Art Lofts, LLC, the company issuing the public notice.
HRI also submitted qualifications to redevelop the old federal courthouse, a project that was ultimately awarded to a team helmed by Jim Poché of Southwest Group.
It’s unclear if HRI is also the buyer of the Less Pay Motel.
“A number of things we have wanted to see are coming to fruition,” says Greg Dugan, who has owned the Coca-Cola facility with his wife, Stephanie Cornay Dugan, since 2001. The Dugans currently use the building for fabrication and storage for their company ASCO Window Coverings, located a few blocks away in the La Place neighborhood. Dugan declined to comment further but says more information on the deal will be available by early next week.
Dewitt “Zeen” David of NAI Latter & Blum confirms that a sale is pending on the Less Pay property but also declined further comment, citing a confidentiality agreement. David is the listing agent for the Less Pay Motel, which is owned by M&L International LLC, according to Louisiana secretary of state records.
Why this matters: The Less Pay Motel has been an albatross of sorts for Four Corners, a historic intersection that once was a bustling city center. Plans for redevelopment of the site, which at one time envisioned a police precinct under former Mayor Joey Durel, have faltered over the last decade. Mayor Joel Robideaux quashed Durel’s plan upon taking office, saying he preferred to see the property moved into private commerce. A successful redevelopment could be transformative for Four Corners and the University Avenue corridor. Robideaux has made University Avenue a signature development project for his administration, although Dugan notes that he and his wife have been working to redevelop the Coca Cola building since before the Robideaux administration’s initiative began. Dugan says he believes they’ve found the right buyer to realize a revitalizing vision for the neighborhood.
“We’d be very enthusiastic to see that site moved in commerce,” says Robideaux.
Additional reporting by Leslie Turk