Airport buys LPSS administrative buildings for $4.2 million, to lease it back for two years | Business

The Lafayette Regional Airport has acquired the administrative places of work and other properties from the Lafayette Parish Faculty Board for $4.2 million.

Airport officials declared the sale of 10.8 acres at 113 Chaplin Drive and a two-calendar year lease settlement to school officers to prepare to go to its new locale at the multistory Strength Plaza business office building at 202 Rue Iberville.

LPSS will lease the residence for $273,201 for every yr and then carry on to lease a warehouse and two small structures for 3 yrs at $51,440 for every year, airport officers explained. 

The assets will allow for the airport to develop its footprint, director Steve Picou stated, but officers did not give precise use.

An 2020 report showed that the Lafayette airport home was the smallest airport by acreage in contrast to other airports in likewise populated regions. It was 20% more compact than the second smallest airport of these places, which is in Asheville, North Carolina.

“This was an simple conclusion for the Lafayette Airport Commission,” chairman John Hebert stated. “We’re mainly landlocked, with a finite amount of money of residence on the airport grounds that LFT can use for upcoming progress. This was a exceptional opportunity for us to receive land that connects with our present LFT website.”

University board officials bought the 4-tale, 78,000-sq.-foot constructing from Talos Petroleum for $4.59 million in May 2021, practically $1 million under the building’s appraised benefit mainly because of necessary repairs to the assets such as a roof alternative and exterior repairs, college board files mentioned.

The district awarded the bid for the to start with period of the new office’s renovation to Bulliard Development Co. Inc. for more than $5 million in December and renovation function started in January, even though the roof substitute commenced in February less than Supreme Roofing and Building, LLC, in accordance to LPSS board files.

At the college board’s May possibly 11 meeting, a bid was awarded to Triad Building Services for $2.79 million to cover the addition of a university board assembly area to the district’s long run office environment space.