CBL & Associates Properties, Inc. is joining with Stirling Properties to develop a 425,000-square-foot retail center in Lafayette, La.
CBL announced the deal today for the Ambassador Town Center. Construction will begin later this month and the center is projected to open in March 2016, the company said in a statement.
The 58-acre site will include Costco, Dicks Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes, Chuys, Panera Bread and Freddys Frozen Custard & Steakburgers. The majority of the retailers committed to the project are either first-time locations within Lafayette or Louisiana, or both.
Stirling Properties is excited about our partnership with CBL to develop Ambassador Town Center and believes that this joint venture brings the best possible team together to build this project, said Stirling Properties Senior Vice President of Development Townsend Underhill. We know this site to be an excellent location for a retail development in this market and we are happy to continue our long and successful development history in the city of Lafayette.
"Ambassador Town Center is well-located and has attracted a best-in-class retail line-up even before construction has commenced," said Michael Lebovitz, CBL's executive vice president of development and administration for the Chattanooga-based CBL. "We are pleased to partner with Stirling Properties on this project and are looking forward to announcing additional retailers as the development progresses."
Ambassador Town Center is expected to create approximately 2,200 construction jobs, 1,000 permanent jobs and generate nearly $9 million annually in sales taxes for the city of Lafayette.