LAFAYETTE, La. (The Daily Advertiser) – The former owners of the property that is now Ambassador Town Center claim its developers aren’t keeping their end of the bargain.
Former landowners Edmund Reggie Jr. and Geraldine Boustany filed a civil suit on May 5 against Stirling Properties and CBL & Associates, the developers of the nearly 60-acre tract of land.
Ambassador Town Center is anchored by newly opened major retail stores like Costco, Dick’s Sporting Goods and Nordstrom Rack.
The shopping center was built through a PILOT agreement, a public/private agreement between developers and Lafayette Consolidated Government.
The agreement, which was approved by the Lafayette City-Parish Council in 2014, included the developer’s agreement to build up to $11.5 million in infrastructure.
In exchange, Lafayette’s Industrial Development Board voted unanimously to grant the developers a payment in lieu of taxes exemption. The deal allows developers to not pay property taxes for up to 11 years and three months in exchange for building the infrastructure.
But the lawsuit filed last week through GBB Properties Two and DBR Properties, claims that Stirling and CBL have built infrastructure “less than expected and previously agreed to by both parties.”
The petition defines the defendants’ responsibly to not only develop the property, but also install infrastructure “including, but not limited to, roads, side walks, street lights, traffic signals, landscaping, drainage systems, utility systems and other improvements on both tracts.”
Stirling Properties would not comment on the suit on Thursday, but the company did confirm that the development is in its second phase of construction, which includes infrastructure.
The second phase of the development will also include additional retail space and restaurants.