Construction is set to begin today on the first of 12 townhomes in Lafayette's oldest neighborhood. The Centennial Neighborhood project involves a public/private partnership among 10 residents, the city of Lafayette Redevelopment Commission and the Lafayette Urban Enterprise Association. November 24, 2014
LAFAYETTE, Ind. – The 10 Centennial Neighborhood residents who pitched in a combined $130,000 of their own money to help improve the historic area near downtown Lafayette have special reason to celebrate this Thanksgiving.
Construction is slated to begin today, Monday, November 24, on the first of 12 two-story townhomes on Fifth Street between Brown and Cincinnati streets. Four townhomes are expected to be ready for occupancy by late winter or early spring.
“I've always believed in the value of preserving this neighborhood and returning it to the stature it once held,” said Michael Hunt, a Centennial Neighborhood resident who has worked over the years on various neighborhood projects. “This area is a community treasure that is again taking on the sparkle it well deserves.”
A public/private partnership of the Centennial Neighborhood Investment Group – the 10 residents who financially supported the project; city of Lafayette Redevelopment Commission; and Lafayette Urban Enterprise Association pooled their resources to purchase the site of the former Midwest Rentals business at 506 Brown St. Lafayette real estate developer John Teibel, 900 Place LLC, was selected for the project and will build the townhomes, intended to be market rate, owner-occupied.
“Projects like this may not be simple to achieve, but in the end, the rewards for the neighborhood and the city will be tremendous,” said Lafayette mayor Tony Roswarski.
“When local residents care and invest in their neighborhoods, everyone benefits,” said Dennis Carson, city economic development director. “The neighbors' passion and persistence are the hallmarks of this project, which certainly could be a model for other areas here and other communities.”
Ten of the townhomes will be 1,600 square feet, each with two bedrooms, two baths, a private outdoor living space and two-car garage. The remaining two units will be 3,200 square feet. Teibel will construct four a year. Selling prices start at $179,000, plus the costs of any custom finishes. The .8-acre site will feature 10 units facing Fifth Street, one facing Brown Street and one facing Cincinnati Street.
The exterior design will complement other historic buildings in the area, such as the nearby Italianate row houses as well as later styles, such as Four Square and Arts and Crafts that are prevalent in the neighborhood.
Platted in 1829, the Centennial Neighborhood is the city's oldest. About 800 residents currently live in the 63-acre area, where about half of the homes are historically or architecturally significant. In 1983, Centennial Neighborhood was designated a National Historic District and placed on the National Registry of Historic Places.
Source: The City of Lafayette