Work is scheduled to begin this month on a 425,000-square-foot shopping center in south Lafayette anchored by Costco and including Dick’s Sporting Goods, Field & Stream, Nordstrom Rack and Panera Bread, the developers announced Monday.
Ambassador Town Center, set to open in March 2016, will be on 58 acres at the busy intersection of Ambassador Caffery Parkway and Kaliste Saloom Road, just down the street from the new Whole Foods Market that opened in September.
The project was announced in early 2014, but developers CBL & Associates Properties and Stirling Properties had confirmed only Costco as a tenant.
On Monday, the developers added nine new businesses to the list: Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes, Chuy’s restaurant, Panera Bread and Freddy’s Frozen Custard & Steakburgers.
More than 90 percent of the development is already leased, said Ryan Pecot, Stirling Properties senior leasing executive.
Most of the remaining space is expected to be leased to small retailers.
“It’s really the small shop space,” Pecot said. “Those are the kinds of shops we are looking to fill out the development.”
He said the project is valued at about $130 million, and the developers estimate the retail center will generate about $9 million in local sales taxes each year and support 1,000 permanent jobs.
Ambassador Town Center will be the site of the third Costco location in Louisiana.
The bulk retailer opened its first Louisiana store in New Orleans in 2013 and a second store in Baton Rouge in 2014.
Most of the other businesses in the Ambassador Town Center are making their first appearance in the Lafayette market and, for some, the Louisiana market, according to information from the developers.
The Lafayette Industrial Development Board approved an incentive package for Ambassador Town Center earlier this year that allows developers to use an estimated $11.5 million in property tax collections for projects to ease traffic flow around the development, including new traffic signals, deceleration lanes and a new road connecting Frem Boustany Road and Kaliste Saloom Road.
“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,” Lafayette City-Parish President Joey Durel said. “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.”