An update on the LessPay motel on University Avenue in Lafayette.
The property developer HRI Properties is out of New Orleans. The senior vice president of development services, Joshua Collen says HRI is in the due dilligence phase of the sale.
Collen says finances are being arranged. Those arrangements include tax credits, both state and federal.
“That portion of financing is secure. We are hoping to have everything done and be ready to go before the end of the year,” Collen added.
HRI says the pure motel portion of the LessPay Motel will be torn down. Collen says the remaining buildings will be turned into artisan lofts.
“The historic warehouse that use to be part of the Coca Cola Bottling plant but has become part of the less pay property and that’s at Evangeline and midway; that stays and gets converted into apartments as well,” he says.
Greg Dugan and his wife Stephanie Cornay Dugan own the old Coca Cola building.
Stephanie says she’s thrilled with HRI as a partner in development.
“We feel we picked the right partner to not only move the Four Corner area forward but the City of Lafayette, Dugan said.
Dugan explains the redevelopment of University Avenue near Cameron lends itself to commercial development.
HRI Properties says its been searching for about four to five years for a project in Lafayette — one that’s a cultural investment and economically creative. “Their vision matches up what we had hope for..””
The property developer says the place where the motel sits is being preserved for another phase of development. “The actual University frontage is to be determined,” Collen said.