Lafayette is s
Lafayette is state’s most expensive apartment market
Renters in Lafayette are paying the highest monthly rents in Louisiana, according to one company’s report.
The median rental rate for a one-bedroom apartment in Lafayette is $1,050 a month with a two-bedroom unit going for $1,275 a month, the highest among the state’s five metro markets surveyed by apartmentlist.com in its September report.
Rents have increased 13.8% compared with one year ago, a rate that’s also the highest in the state.
Rates in Baton Rouge, New Orleans and Shreveport are slightly cheaper. Median price for a one-bedroom is $782 in Shreveport, $866 in Bossier City, $869 in Baton Rouge and $989 in New Orleans, the report said.
For two-bedrooms, median rates are $932 in Shreveport, $1,043 in Baton Rouge, $1,064 in Bossier City and $1,156 in New Orleans.
Although month-over-month growth has slowed slightly from its July peak in markets across the country, the report said rents are still growing much faster than the pre-pandemic trend. The national median rent is up 16.4% since January, data shows, four times the average increase during that same period between 2017 and 2019.
Few cities in the U.S. have rents cheaper now than pre-pandemic rates, the report indicated. Conversely, 22 of the country’s largest 100 cities have rents that have increased by more than 25% since the start of the pandemic.
Land just off I-49 to feature Smoothie King
Property recently sold near the Carencro exit on Interstate 49 will house a Smoothie King and a yet-to-be announced retailer.
Van Alan Holding Co. of Youngsville bought the 0.7-acre lot adjacent to the traffic circle on Hector Connoly Road, next door to the Waffle House last month. Plans are for the property to be split into two businesses, with a Smoothie King occupying a 1,500-square-foot space, said Van Alan Plaisance, owner of Van Alan Holding Co.
The remaining 4,000 square feet will be occupied by a tenant that could be announced next week, he said.
Architects Design Studio is designing the project. Construction should begin in the first part of 2022, he said.
Smoothie King has three locations in Lafayette and others in Broussard, Scott and Youngsville.
We’ll keep you posted on the Acadiana economy. Sign up today.
Local group acquires N.M. companies
A local investment firm acquired two New Mexico companies in preparation to open a manufacturing facility in Lafayette that could employ at least 50 people.
Kin Capital Partners, founded by Lafayette natives and St. Thomas More graduates Jude David, Erik Billet and Blake David, acquired Santa Fe Door Store and Enterprise Americas, two Albuquerque-based companies that supply high-end products for residential and commercial construction.
The group will use the acquisitions to create Stately Doors & Windows, which will remain in Lafayette and specialize in high-end residential door and windows. The company will offer iron, wood and clad doors and windows created by skilled artisans. It will be housed in either a new or existing building.
“We are proud to welcome Santa Fe and Enterprise America to the Stately family of brands,” Jude David said. “At Kin Capital, we believe that our employees are the heartbeat of our business, and we are excited to welcome them as new members of our family.”
Kin Capital Partners earlier acquired Dallas-based Wholesale Iron Doors and Atlanta-based Millwork Components, which has been rebranded as Realwood Crafters. It has expanded its growth in the Gulf Coast region and established a logistics company, Stately Logistics, to fulfill orders in the southern U.S.
The company will build its wooden products in the U.S. and said it hopes to utilize local steelworkers and fabricators displaced by the downturn in the oil and gas industry.
1A, APC awarded for OZ initiative
One Acadiana and the Acadiana Planning Commission won two awards from the International Economic Development Council for “Invest Acadiana: A Regional Opportunity Zone Initiative.”
The report won a gold medal in the Innovation Programs and Initiatives category and a bronze award in the Regionalism and Cross-Border Collaboration category, One Acadiana said. Both came at an awards ceremony at the IEDC’s annual conference.
Invest Acadiana is a joint initiative between 1A and APC aimed at promoting investment in the region’s 25 Opportunity Zone census tracts.
“The Invest Acadiana initiative has been instrumental in attracting a tremendous amount of capital into our town centers and the urban core of Lafayette, particularly our University Avenue Corridor,” APC CEO Monique Boulet said. “Madeline Cove, a $15 million mixed-use development that broke ground in May, is a great example. Having these census tracts designated Opportunity Zones also supported our $10 million BUILD Grant to reconstruct University Avenue from Four Corners to I-10 into a more vibrant and pedestrian-friendly corridor. This federal grant leveraged an additional $20 million in state and local funds to bring the total investment to about $30 million.”
Other Opportunity Zone projects in the region include: the redevelopment of the University Place Apartments into 200 units of student housing ($16 million investment), Keys Behavioral Health Center in New Iberia ($18 million) and a meat processing plant in Church Point ($3.5 million).