NEW IBERIA — Progress Point, a business park planned near Acadiana Regional Airport, is on schedule, with designs expected to be complete within the next 90 days, said Mike Tarantino, president and CEO of the Iberia Industrial Development Foundation.

The park is a project of the Iberia Economic Development Authority and about $1 million in state funds have been earmarked to acquire property for the development, said Tarantino, who is helping oversee the development.

“Later phases of development we think will come from federal and parish grant dollars, which we’re coordinating,” he said.

The park, planned for about 50 acres near U.S. 90 and La. 675, is being marketed as a mixed-use location for office headquarters, retail, light manufacturing, and research and development, Tarantino said.

The proximity to the airport and access to U.S. 90 make the park an ideal location for businesses associated with the area’s existing industries, he said.

“We’ve got a large oil and gas, machining fabrication, and logistics and transportation industrial base in Iberia Parish,” he said. “This business park could serve as a great place for businesses that support that industry.”

Future road improvements by the parish could connect the park to the airport and other existing businesses at the former Naval Air Base, where companies such as Aggreko are located, Tarantino said.

“The vision is for it to serve as a gateway,” he said.

He said the project has garnered interest from some companies, but prospective tenants are awaiting the completion of the design plan.

“Our planning stages are moving forward,” he said. “We’re on time. We’re taking this step by step. We want this to be well-thought out.”

Construction on the park could begin in mid-July, he said.