A groundbreaking ceremony was held Saturday for a new development in Lafayette's Northside.
Madeline Cove is a mixed-use development, located on Madeline Avenue off North University Avenue, in the area known as University Corridor. Project developers SALT Capital Equity Group says its goal is to create an anchor for investment within that area of Lafayette.
The new "micro-community" will offer a wide variety of affordable housing for both sale and rent, including selections for single family dwellings, town homes, senior and student housing, and commercial and green space. The homes are slated to cost no more than $149,000. Derik Godeaux, co-founder of SALT Capital Equity Group, says there will be 21 single-family homes, 64 townhomes, a 50-unit multi-family facility, and several commercial spaces. He says the developers are hoping to fill those spaces with businesses that serve the specific area, including grocers and possibly walk-in clinics.
One of the developers, Terrica Smith, says she understands the importance of affordable housing because she was once homeless in New Orleans. She told KATC last year that she and her team struggled to get financing for the project and were rejected more than 100 times, many calling the project a risk.
READ MORE: Affordable housing community coming to North Lafayette
When we spoke to Smith last February, developers hoped to break ground in the next six months. Now, 14 months later, Smith's dream has finally become a reality.
The project's purpose, Godeaux explained, is to build up the Northside.
"We genuinely believe that this area can be viewed as the jewel of Lafayette. We just need the right investments, the right time, and the right connections and partnerships within the community. We hope it will serve as an anchor for additional investment in the Northside," Godeaux said.
More information on Madeline Cove, including house specs, renderings, and how to reserve a home, can be found at madelinecove.com and saltcapitalequitygroup.com/madelinecove.
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