Developer Cliff Guidry tells us that the high-rise project he announced for downtown Lafayette recently has been scaled back to one tower instead of two, and no residential spaces.
He says he is still planning for a 21-story building, to feature a hotel, restaurant, and rooftop lounge space on the top two floors.
As for why no residential?
"I assume the market is not quite ready to accept $500-$700 price per sf for high rise buildings, and, I have to agree. I’m trying to figure out how to cut cost on future high rise projects, when it comes to residential, I may need to stay more in the mid rise area, 3 - 12 levels to be more competitive. "
In July, he told us that the next few months would be crucial in a sky-high plan that could change the Lafayette skyline.
In June, Guidry, owner of Guidry Land Development, announced plans for Seven16 Lafayette Tower. The 20-story high project next to Lafayette’s federal courthouse is set to feature parking garages, commercial space, a hotel, and condominiums.
“The market is going to dictate what happens with the project and whether it moves forward or not,” said Guidry. “All I know is I'm putting in a 100 percent effort.”
Guidry, a Lafayette native, has mainly developed subdivisions, but he is set to break ground next month on his first high-rise: The Atlas Condominiums in Orange Beach, Ala.
For Seven16 Lafayette Tower, commercial and residential space is being offered by The Gleason Group.
“We got a commitment for a hotel, floors eight through thirteen are now under contract,” listing agent Will Taylor said in July. “About half the building we hope to pre-sell before construction starts.”
Residential listingsfor Seven16 Lafayette Tower also went public in July. The condos ranged in price from $600,000 to $2.4-million. KATC’s Jim Hummel asked Guidry if he thinks there’s a market for the condos.
“I guess we're going to both find out, right? So I'm not so sure,” he said. “The initial vision wasn’t for condos downtown. And I was told by a number of people to keep an open mind because the studies are showing there is a need for condos downtown.”
The steep price tag, design, and location of the project has also drawn criticism and even ridicule from some on social media.
“All that negative stuff I don’t have any time for,” said Guidry. “If I focused on that I wouldn’t be able to get my job done.”
Guidry says the development is currently in a due diligence phase. Space can be reserved for a $10,000 deposit, and in the fall developers will evaluate where things stand.
“We have to have enough sales to move this thing forward,” said Guidry. “So I’m not saying it’s 100 percent certain that this project is going to happen but we are working towards that direction.”
If all goes according to plan, construction on the first tower could start in early 2022. The project could be completed by 2024.
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