Downtown Lafayette, LA, has made impressive changes over the past few years, revitalizing the area and creating a live-work-play lifestyle that is attractive to residents and businesses alike. And the improvements aren’t slowing down. With multiple incentives for business owners and ongoing support that encourages success, Downtown Lafayette has created an environment that’s a boon to entrepreneurs and city dwellers.
Businesses Love Downtown Lafayette, LA
Lafayette is one of the few midsize cities that’s managed to maintain its cost of living, offering affordable residential and commercial leases so residents can live and work in the city. They can also enjoy a flurry of new restaurants that complement the mainstays, like NJoy Curry Masala, which sits across from Borden’s Ice Cream Shoppe, the last remaining Borden’s retail ice cream parlor in the country.
Downtown Development Authority CEO Kevin Blanchard says that once people get a taste of the area, they want to make it home.
“We had a software development company based in an area we were looking to revitalize. It merged with another company and plans were to move it to headquarters in San Francisco,” he says. “The owner invited the parent company for a visit and showed them a historic warehouse that they fell in love with. The next thing you know, they worked out an employment incentive with the state, and Lafayette Public Trust Fund Authority developed the building into an incredible office space. It now employs 150 people, and housing is available just 150 feet away in a new 70-unit apartment complex.
Downtown Lafayette, LA, Offers New Opportunities
André Breaux, vice president of policy initiatives and governmental affairs for One Acadiana (formerly the Greater Lafayette Chamber of Commerce), says this is a perfect example of how one business can spark citywide change. “It’s like a flywheel,” he says. “The more businesses you bring in, the more want to be there.”
When the oldest commercial building, the Sans Souci in Parc Sans Souci, became available, One Acadiana prioritized a process to identify a potential tenant in a fair, equitable way.
“It’s located in a prime location with substantial development, an inclusive playground and a vision to be a destination for families,” Breaux says.
One Acadiana launched the Small Business Challenge in the fall of 2023, giving every person with a business plan a chance to compete for up to $100,000 of capital infusion and a lease in this prestigious building.
Thirty-three entrepreneurs submitted ideas, and 20 were selected to move forward through a series of workshops delivered by the Opportunity Machine (OM), the community’s business incubator and accelerator. The workshops covered developing business plans, making financial projections and matching with banking partners for loans. The final stage was a pitch competition, and Magnolia Pantry, which makes sweet and savory pies and a variety of beverages, emerged the winner. But even those who didn’t make it to the final round benefited from the process.
“One contestant dropped out but secured a lease herself, and the skills she learned were instrumental in giving her the confidence to move forward with her idea and another contestant has since opened her small business in Downtown Lafayette, as well,” Breaux says. “Businesses, particularly small ones, need the support of their community, and multiple partners came together to rally behind the contestants and support their businesses. This collaboration is key to helping new businesses start up, and the result brings more energy and vibrancy to downtown.”
Business Incubator Relocates to Downtown Lafayette, LA
When a nightclub vacated a large older building, OM a business incubator for startup tech companies, moved in, following renovations.
OM, which was created in 2009 by the Lafayette Economic Development Authority, with support from the University of Louisiana at Lafayette, provides coaches, support, research and business leaders to help move entrepreneurs from idea to investment, pitch and capital.
The second and third floors of the building were converted into coworking and office space for growing businesses still in their development stage.
“The OM is a place to safely and predictably scale up until they’re big enough to go off on their own,” Blanchard says. “These companies understand the value of being downtown, reinventing a building, and being invested in community, and young entrepreneurs love the downtown experience.”
Cutter Kates, co-owner of Be Jiu-Jitsu on Jefferson Street in the heart of downtown, initially chose this location because he wanted to be ahead of the curve in offering a downtown gym. Now, he loves it for many more reasons.
“We believe in the people, culture and atmosphere that downtown brings,” he says. “The culture, events, unique businesses and people we get to see daily really drew us here. We are kind of a subculture as a sport and being in the downtown area was right in line with our vibe.”
Along with fellow new businesspeople, like artist Colette Bernard, who opened her gift shop downtown called Cocodrie by Colette, and FlyGuys, a nationwide drone services company (an OM success story), Kates is excited to see “so many young entrepreneurs and experienced businesspeople coming together for the vision of downtown and building each other up. I’m seeing new businesses pop up every day, and old businesses continue to thrive.”
See the full article originally published by Livability Media here.