Ambassador Town Center to launch construction, development over 90% leased

Lafayette, La. -- Ambassador Town Center, a joint venture between Stirling Properties and CBL and Associates Properties, will launch construction this month in Lafayette, Louisiana, on a 58-acre site at the corner of Ambassador Caffery Parkway and Kaliste Saloom Road.



The 425,000-sq.-ft. retail center will be built in one phase and will feature 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 committed to the project are either first-time locations within Lafayette or Louisiana, or both. The projected opening of the center is March 2016.



“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,” said Stirling Properties’ senior VP of development Townsend Underhill.



Added Michael Lebovitz, CBL’s executive VP – Development and Administration: “Ambassador Town Center is well-located and is well leased with an outstanding retail line-up.”



Ambassador Town Center is expected to create approximately 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), which includes a new connection between Frem Boustany Road and Kaliste Saloom Road and multiple improvements to the existing road system. Under the arrangement, The Industrial Development Board for Lafayette Parish has agreed to allocate a significant portion of the property taxes that will be created by the development of this project, for a period of up to 12 years, to build the public infrastructure.