Fishman Haygood Assists Development Project in Lafayette
January 5, 2015
A new 58-acre multi-purpose retail shopping center is coming to Lafayette, Louisiana.
Ambassador Town Center, which will be located at the corner of Ambassador Caffery Parkway and Kaliste Saloom Road, is expected to open in March 2016. It will feature approximately 425,000 square feet of retail shopping space and will include major retailers such as Costco, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Chuy’s Mexican Restaurant, Panera Bread, and Freddy’s Frozen Custard & Steakburgers.
The developer is Ambassador Town Center JV, which is a joint venture owned by Covington, La.- based Stirling Properties and CBL & Associates Properties, a Tennessee-based company. According to Lafayette officials, Ambassador Town Center is expected to create about 2,200 construction jobs, 1,000 permanent jobs and generate nearly $9 million annually in sales taxes for the City of Lafayette. Public infrastructure improvements are being funded through a payment in lieu of tax arrangement (PILOT) as approved by The Industrial Development Board for Lafayette Parish.
Fishman Haygood attorneys Steven Serio, Sterling Scott Willis, and Tyler Marquette represented Ambassador Town Center JV in the transaction.
Ambassador Town Center Mall Construction to Begin in Lafayette
Construction of Ambassador Town Center, 58-acre outdoor mall in Lafayette at the corner of Ambassador Caffery Parkway and Kaliste Saloom Road, is expected to begin in January.
Officials from Covington, La.-based Stirling Properties and Chattanooga, Tenn.-based CBL & Associates Properties announced the joint project, which includes numerous national retailers, is expected to open in March 2016.
“Stirling Properties is excited about our partnership with CBL to develop Ambassador Town Center and believes that this joint venture brings the best possible team together to build this project,” said Stirling Properties’ Senior Vice President of DevelopmentTownsend Underhill. “We know this site to be an excellent location for a retail development in this market and we are happy to continue our long and successful development history in the City of Lafayette.”
The approximately 425,000 square feet of space will include Costco Wholesale, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack,Off Broadway Shoes, Chuy’s, Panera Bread and Freddy’s Frozen Custard & Steakburgers. The majority of the retailers which have committed to the project are either first-time locations within Lafayette or Louisiana, or both, officials said Monday (Jan. 5).
Ambassador Town Center is expected to create about 2,200 construction jobs, 1,000 permanent jobs and generate nearly $9 million annually in sales taxes for the City of Lafayette, officials said.
Officials say public infrastructure improvements are being funded through a payment in lieu of tax arrangement (PILOT), which includes a new relationship between Frem Boustany Road and Kaliste Saloom Road, and improvements to the existing road system in that area. Additionally, the Industrial Development Board for Lafayette Parish has agreed to allocate a portion of the property taxes that will be created as a result of the development of the project, for up to 12 years, to build the public infrastructure.
“This project is a sign of Lafayette’s strong economy and our willingness to work with the private sector for needed infrastructure in our community,” said Joey Durel, Lafayette City-Parish President. “Retailers like those that have committed will be a regional draw for Lafayette, and the public infrastructure that will be built with this project, providing a route parallel to Ambassador Caffery, is necessary for one of the fastest growing areas in the state of Louisiana. Companies make decisions on where to locate based on long-term projections. This decision says that they have confidence in the future of our area.”
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