Early results of a survey are giving some indication of what potential homeowners are looking for in a new Lafayette development.
The group behind the Centennial Townhomes project wanted to know what buyers wanted in such a development. A majority of a survey sample put the target price at $150,000-200,000 for a unit with three bedrooms, a garage and a basement.
Margy Deverall is a planner with the city’s Economic Development Department. She says potential developers should take the results into account when submitting ideas for the site of the old Midwest Rentals on North 5th Street downtown.
"We can tell them what our preference is, what we'd like to see, what we think would be best for the neighborhood. That's part of the picture, but what does the market want?"
They’ll open the formal proposals for the property later next month. Deverall says they want the right proposal that fits the feel of the area.
"It may take the rest of this year to go through selecting a developer, getting a development agreement, going through the rezoning process takes months in itself. What the developer will be expected to do is take it through the planned development process."
She thinks the site would hold 14 to 18 town home units. Construction could begin next year.
More information about the project and the request for proposal application is HERE.