LAFAYETTE, La. (The Daily Advertiser) – Vacant property at the intersection of University Avenue and Willow Street may end up in the possession of the Lafayette Public Trust Financing Authority for future development in conjunction with a larger plan to remake the University Avenue corridor and gateway.

The authority trustees, who administer the trust for the the city and parish of Lafayette, Tuesday authorized its officers to negotiate for the purchase of property Stripes LLC bought in 2015 but never developed. The company is requesting $150,000.

Although the trust authority has no specific plans for the vacant land, its purchase will be in conjunction with the University Avenue corridor redevelopment plan proposed by Mayor-President Joel Robideaux.

Robideaux made the redevelopment of University Avenue one of his top priorities, citing the need to offer an attractive and vibrant gateway to the city for visitors like potential students of the University of Louisiana at Lafayette. The City-Parish Council appropriated $4.5 million in its capital improvement budget for the project and, in October, the Acadiana Metropolitan Planning Organization allocated $500,000 to the city to develop a corridor plan.

Geoff Dyer, design director for Downtown Lafayette, said he envisions for that property a public space or public square with retail space on the ground level, possibly office space on the second floor, a restaurant and possibly housing such as town homes to the rear. The space could also include a small event center or community center, he said.

The Lafayette Economic Development Authority, at the request of the financing authority, has been studying what it will take to redevelop a 4.1-square mile area along University Avenue, from Interstate 10 to Cameron Street as well as Willow Street. Representatives made a presentation Tuesday to the LPTFA board.

If local agencies invest in the beautification of the North University Avenue corridor and acquire vacant property, the city may attract businesses that will generate jobs for residents in surrounding neighborhoods and reinvigorate the area, said LEDA President and CEO Gregg Gothreaux.

It may take the LPTFA, LEDA, Lafayette Consolidated Government and other entities working together to kick-start the redevelopment plan, he said.

“At this time,” Gothreaux said, “I think we’re just on our own as a community.”

LEDA has already approached some investors interested in new retail shops in that corridor as well as a small distribution company, he said.

Businesses locating to the University Avenue corridor, Gothreaux said, could utilize various financing options including tax increment financing districts, tax credits and enterprise zones.

Four Corners, University Avenue at Cameron Street, has great potential, Dyer said.

“We, as a community, need to set the stage, make it attractive” so companies will invest here, he said.