701 S. Public Road Redevelopment

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Project Background

701 S. Public Road is located at the intersection of South Public Road and Kimbark Street. The Lafayette Urban Renewal Authority (LURA) originally purchased this property as part of an effort toward revitalizing a portion of South Public Road. Though LURA changed course in 2020 to not pursue redevelopment of the full 700 block, it is still a priority to revitalize the corner lot of 701 S. Public Rd. LURA is ready to reimagine what could materialize on the property under new ownership.

Why is LURA selling the Property?

It is not typical, or desirable, for an Urban Renewal Authority to own property for long periods. LURA is ready to sell the property through a competitive bidding process and ask individuals or teams to submit a plan and proposal. LURA will conduct community outreach to develop Guiding Principles to show what success may look like without being overly prescriptive of the exact project we want to see. Lafayette is a creative community, so we’re interested in new ideas from proposal teams.

Will the existing building remain on site?

LURA is open to adaptive reuse or new construction proposals.

Proposals and Sales Process

Interested buyers will be asked to submit a proposal based on guiding principles established through a community engagement process. The proposal criteria will include information about the vision for the site, buyer background and experience, and a timeline. Proposals and offers will be managed through a broker representative on behalf of LURA.

Based on the types of proposal responses, LURA intends to conduct further community engagement through Lafayette Listens to help assess the proposals and inform its negotiations. LURA intends to reach a level of confidence through this process that a successful bidder can be selected and enter into development agreement negotiations to close the sale of 701 S. Public Rd.

Project Background

701 S. Public Road is located at the intersection of South Public Road and Kimbark Street. The Lafayette Urban Renewal Authority (LURA) originally purchased this property as part of an effort toward revitalizing a portion of South Public Road. Though LURA changed course in 2020 to not pursue redevelopment of the full 700 block, it is still a priority to revitalize the corner lot of 701 S. Public Rd. LURA is ready to reimagine what could materialize on the property under new ownership.

Why is LURA selling the Property?

It is not typical, or desirable, for an Urban Renewal Authority to own property for long periods. LURA is ready to sell the property through a competitive bidding process and ask individuals or teams to submit a plan and proposal. LURA will conduct community outreach to develop Guiding Principles to show what success may look like without being overly prescriptive of the exact project we want to see. Lafayette is a creative community, so we’re interested in new ideas from proposal teams.

Will the existing building remain on site?

LURA is open to adaptive reuse or new construction proposals.

Proposals and Sales Process

Interested buyers will be asked to submit a proposal based on guiding principles established through a community engagement process. The proposal criteria will include information about the vision for the site, buyer background and experience, and a timeline. Proposals and offers will be managed through a broker representative on behalf of LURA.

Based on the types of proposal responses, LURA intends to conduct further community engagement through Lafayette Listens to help assess the proposals and inform its negotiations. LURA intends to reach a level of confidence through this process that a successful bidder can be selected and enter into development agreement negotiations to close the sale of 701 S. Public Rd.

Page last updated: 04 Mar 2024, 09:14 AM