Early last year, about a year and one month ago, we shared with you the news of a new $15 million mixed-use development aimed at providing affordable housing to Lafayette residents, called Madeline Cove.
Located at the 1000 Block of Madeline Avenue, Madeline Cove is being sponsored and developed by a SALT Capital Equity Group, a local, diverse investment group.
In short, Madeline Cove will consist 30 single-family dwellings starting at $99,000, 92 townhomes, a 50-unit senior and student housing facility, and a 10,000 square foot commercial space. See more here.
In our initial post, linked here, the property was in extreme neglect; littered with old tires, couches, and left abandoned from what appeared to be a deal gone bad. However, through the work of the SALT Capital team, the property is in a much better spot today than it has been in years.
Driving up to the property today, you are greeted by a wonderful white brick entrance with a large metal Madeline Cove sign; setting the tone for the future of the new mixed-use development. You may also take delight in knowing that the entire property is free of any old dry rotted tires, busted recliners, and sealed 50-gallon oil drums. Just kidding about the oil drums… I think. Seriously, it’s clean, see for yourself in the photos taken today.
Another little Easter egg that we spotted is the new street names, one of which is SALT Drive. Can you guess where that street name came about? Don’t think too hard, just scroll up a bit.
All in all, we are proud of the work that Terrica Smith, Derik Godeaux, and the rest of the SALT Capital team are doing. We can not wait to update you guys in 6-months to a year. This is going to be a win for North Lafayette and hopefully one that promotes the area to be stronger and more vibrant.
For more information on Madeline Cove, please see our February 2020 post linked here, or visit the Madeline Cove website at https://www.saltcapitalequitygroup.com/madelinecove.