The City of Lafayette now owns a dilapidated property downtown.
It bought the Queen Anne Courts apartment building on South 4th Street in an effort to tear it down.
Economic Development Director Dennis Carson says the goal is to replace it with something that’s a better fit with the area.
"We'd like to see some sort of mixed-use development, so it would incorporate some commercial and some housing in it. That would contribute to the neighborhood."
He says the purchase price is $500,000. The city made a 10% down payment and will make three annual installments of $150,000. The money comes from the Central Tax Increment Finance (TIF) District.
Carson says several ideas have been proposed for the property by private groups, but none seemed to be the right fit.
"The price got to a point where we thought it would be a good time to step in and acquire the site and have control, so we could redevelop the site into something that would be an asset for the community and the neighborhood."
Queen Anne Courts is half a block from where demolition is underway on two buildings that will make way for the new Lafayette Community Bank.
Carson thinks removing the three buildings is part of the area’s revival.
"The old gas station had been vacant for awhile and it had been under-used. The building behind it was vacant too. It's great to see those go away and new development come this way."
He says the contractor who tears down Queen Anne Courts will salvage or recycle as much of the building material as possible. Demolition could begin this year.