LAFAYETTE, La (KLFY) — The former Garden Plaza Hotel and Conference Center will soon be transformed into Acadiana Crossing, an affordable housing apartment complex. With Amazon opening in Carencro and a new medical supply company moving into Lafayette, more housing is needed in the area.
“Lafayette is looking at positive migration of 5000 to 15,000 people in the next five years and there is a big need for affordable housing,” said Ryan Enk, CEO of Servio Capital.
Enk explains their goal with affordable housing is to make it social, affordable, and profitable for investors.
“We take a space like this and convert the ballroom into storage, we are going to take the kitchen and convert it into an indoor movie theater and game room,” said Enk. “We have a pool and a fitness facility, so it’s just going to be an amenity-rich place for someone to live.”
The housing vacancy rate across the country sits at about 10%, right now, and in Lafayette it’s at 3%. Enk says developers are struggling to build new properties fast enough.
“Lumber has skyrocketed and a lot of these big companies that are making houses has stopped because they cannot affordably create a new product,” Enk said. “We can come into a place like this that would otherwise be blighted or become a landfill, and we can come and revitalize the property and fill that niche of affordable housing.”
Prices for the Acadiana Crossing units are not finalized yet, but looking at the Lafayette market, the lowest studio apartment goes for about $650 the highest at $850. Enk says the units will be in that range, but they will be more amenity-rich than other complexes.
The project should be complete in six months.