LAFAYETTE, La. (KLFY) – On Tuesday, the Lafayette City-Parish Council approved an ordinance to sell the former Federal Courthouse building in Downtown Lafayette.
The $1.4 million sale also includes the former Public Access Cable Station building, and the former Lafayette Police Department building.
The property has been vacant since 1998.
It was sold to OFCH, LLC. They’re represented by David Weinstein and Edward Krampe.
The company says it will convert the property into apartments, to increase development in Downtown.
“Investors in Lafayette’s downtown are in favor of this development, because we know that a rising tide lifts all boats. Investments and improvements in our Downtown, make all of our bottom lines better,” said Anita Begnaud, CEO for Lafayette Downtown Development.
“Conservatively, (the development is) to generate about $150,000 annually in new property tax. Not to mention the relative $30,000 a year in savings on liability and maintenance costs for the city,” said Troy Wayman, CEO and President of OneAcadiana.
“Approximately 68 residential units mostly. About 1000 square foot single bedroom units for the majority of them. It (development) should have a health clu, and will have 25,000 square feet of commercial property,” said Edward Krampe, one of the developers with OFCH, LLC.
Krampe says young people want to live in an urban environment with everything in walking distance, and this will fulfill that.
“So by getting people to live Downtown, it will change the dynamic of what goes on Downtown. (It will) give these new tech companies and younger employees a place to live where they want to be,” he said.
Lafayette Mayor-President Joel Robideaux says this is a day to celebrate for Downtown and the entire city of Lafayette.
“I think what it does, is it puts us in a completely different conversation with every other developer now. They recognize that we’re ready to move forward. And so I’m looking forward to some really great things,” said Robideaux.
The Council voted on a number of amendments to the original ordinance.
One issue that was brought up throughout the Council meeting was the parking Downtown, but the developers believe they will have plenty of parking.
The company expects the development to be complete by December of 2020.