Lafayette developer Jeff Rider and Triple R LLC plan to put $12 million into new, owner-occupied homes near Eighth and Oregon streets, near downtown, over the next five years. Photo provided
Lafayette developer Jeff Rider and Triple R LLC plan to put $12 million into new, owner-occupied homes near Eighth and Oregon streets, near downtown, over the next five years. Photo provided
LAFAYETTE – In a move Lafayette Mayor Tony Roswarski called “a once-in-a-lifetime opportunity,” the city on Tuesday sold land near Eighth and Oregon streets – left from the days of railroad relocation – to developers who promise to invest $12 million into new, upper-end housing and commercial space just off downtown.

In an agreement signed off on Tuesday by the Lafayette City Council, Triple R LLC – a partnership of the Rider family that already owns and has renovated 13 properties in the nearby Ellsworth-Romig Neighborhood – bought the property for $1,000, with plans to develop it over the next five years.

Jeff Rider, a partner in S. Rider Construction and in the project, said work could start as soon as 2021 on about 20 single-family homes aimed at empty-nesters and millennials looking to live in or near downtown. He told council members that concepts were still in the works, but that the homes would start at $275,000.

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Part of the agreement is that the Riders will rezone the land as a planned development, Dennis Carson, Lafayette’s economic development director, said. Rider said those conversations with the city would start soon.

“Time and time again, we have numbers of tenants who say they want to buy something or they want us to build them something,” Rider said. “We haven’t been at that point. ... They want to be downtown, but there’s no product for them, so they literally move elsewhere.”
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