LAFAYETTE, La. - The demolition of the Less Pay Motel at Four Corners has begun.
New Orleans based developers HRI Communities plans to transform the area into forty lofts with a leasing preference towards artists. Along with the demolition on the motel at Four Corners, the old Coca-Cola Bottling building next door will be renovated.
In April, the Lafayette City Council approved a $1.5 million loan for the project and the developer has 45 years to pay the money back.
This project is happening because of government help. The area is designated as an opportunity zone. In addition to the loan from the city of Lafayette, the Acadiana Planning Commission has committed $500,000.
"There's a lot of risk to do something like this," Acadiana Planning Commission CEO Monique Boulet told KATC in May. "So, to expect the private sector to do this by themselves is not realistic. There's environmental issues, there's property value issues. We're really excited to work with HRI."
Boulet said the first investment is always hard, but if done right and successful, it can ignite more investment and growth.
The Bottle Art Lofts will provide 40 residential units in phase one. There will be community spaces and amenities, including a computer center, fitness studio, shared art studio, art gallery, picnic area and community garden space.
Related News:
Blighted block of the Four Corners neighborhood to be revitalized
LessPay Motel sold, demolition to begin next week
Less Pay Motel demolition could begin in December
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