BOARDWALK SUITES MARKET AREA

We have approximately 1 acre of land on University with 8,000 square feet of retail and 39 apartment units that are vacant and would take approximately $800,000 to renovate. The retail market is very strong in Lafayette and their is a lack of housing for residents. We were recently offered $950,000 to sell the land on University (Not Including The Hotel) for $950,000. We also have the opportunity to buy the parcel B for $425,000 and we would own 4 acres of the corner block with the hard corner. This is the busiest intersection in Lafayette with almost 30,000 cars passing on University and 79K cars per day passing on the I-10. This would open up the opportunity to sell the contiguous parcels to a developer and influence the development. We believe the land is very valuable to the right deceloper. 

The City of Lafayette recently started the University Avenue Revitalization Project from Alcide Dominique Dr. to Walker Rd. This is a major project for the area and we have seen nothing but positive press in regards to the planned outcome and its impact on the area. We have a summary of the work as well as a link to a new article. 

The project will replace the center turn lane with a raised median while providing upgraded pedestrian facilities, landscaping, and lighting along the corridor. Work includes concrete pavement and curb, base course, drainage, sidewalks, driveways, handicap ramps, asphalt overlay, pavement markings and signing, and street lighting.