Acadiana Business Files | Business
Country house community sold for nearly $ 20 million
A country home development in southwest Lafayette has been sold to a California real estate company for nearly $ 20 million.
Cal World Group, which also owns a residential development in Lake Charles, bought The Cottages in East Broussard, 101 Norcross Drive, Bryan and Sylvia McLain, from McLain Investments, for $ 18.8 million, according to land records.
The development includes 93 one, two and three bedroom homes for rent, each featuring a backyard, private parking, porch, janitorial and maintenance services. The community is gated and has a clubhouse, indoor and outdoor community spaces, and a business center.
The development opened in 2015, said Bryan McLain, and is touted as Louisiana’s first exclusive hospitality community, according to its website.
Cal World Group owns several commercial and residential properties in California as well as the 94-unit Country Club Cottages, a similar development in Lake Charles.
This is the last McLain chalet development to be sold. They sold the Cottages at Southpark, 101 Shallowford Drive, in Broussard in February 2020 for $ 5.4 million.
A fried chicken restaurant will open 2 addresses in Lafayette
Southern Classic Chicken, a chain of fried chicken restaurants in northern Louisiana, will open two franchise stores in Lafayette, company executives have announced.
Physical locations have not been secured, but the first location is expected to open at the end of next year and the second shortly after. Both will be owned and operated by Jessie and Amanda Fontenot and their son Brody.
The Fontenots, who live in Rayne, own three Fat Pat’s Bar & Grill restaurants as part of their Ballgame LLC business. Their goal is to open more locations and expand Southern Classic Chicken into other markets.
“We have no doubt that the Fontenots will successfully integrate Southern Classic Chicken into Lafayette and other territories in the future,” said Alan Fanning, member of the founding family of Southern Classic Chicken. “As a family business, we are delighted with the dynamic that the Fontenot family will bring to the table. “
Founded in 1989, Southern Classic Chicken offers house-style fried chicken made with a proprietary marinade and batter as well as several side dishes to choose from, with most meals costing $ 5 to $ 7. It currently has 17 locations, including one that recently opened in Pineville.
Nick Binnings and Tom O’Keefe have contributed to the recent success of Southern Classic Chicken with a combined experience of over 50 years in the restaurant operations and franchise space. Binnings has held a leadership role at Another Broken Egg Café, while O’Keefe has held leadership roles at Popeye’s / Church’s Chicken, Smoothie King and others.
Lafayette native promoted to Investar Bank
Linda M. Crochet has been appointed Executive Vice President and COO of Investar Holding Corp., the parent company of Investar Bank.
Hook joined the bank in 2019 as President of the Grand Baton Rouge Loan Portfolio and was responsible for managing and improving the financial operations of Grand Baton Rouge, including budgeting, strategic planning, production and credit quality. She has over 35 years of banking experience.
She is originally from Lafayette and graduated from the University of Louisiana at Lafayette.
Costco raises starting salary again, now to $ 17 an hour
Costco will increase starting wages for its employees to $ 17 an hour at all of its stores, including its Lafayette store.
It’s the retail giant’s latest attempt to keep its employees during this era of mass resignations nationwide. Several media outlets have reported the pay hike, the second this year, to stay ahead of competitors who are also raising starting pay rates.
The company’s starting rate of pay, according to a CNN report, is $ 2 more than Amazon, Target and other major retailers and $ 5 more than Walmart.
This is the second increase this year after increasing it to $ 16 an hour in February and the fourth since 2018.
The Lafayette store, which opened in 2016 at 201 Meadow Farm Road, employs around 200 people.
Artmosphere Downtown Concert Hall has yet to find a new owner
The current owner of Artmosphere Bistro, Lafayette’s downtown bar and concert venue, has lowered the price of the venue in her year-long attempt to find a new owner.
Owner Berry Kemp initially listed the business at 902 Johnston Street last year for $ 525,000 in hopes of transferring it to a new owner, but was unsuccessful. Kemp has owned the business for 18 years and has indicated that his licenses with the state will be renewed soon.
The 3,560 square foot property is now listed at $ 398,900.
“So many new places have opened in the past two years downtown, and it’s so much more dynamic,” she said. “Surely with a drop of $ 100,000 someone will invest in the property and keep it alive.”
It initially closed the business when it put it up for sale after months of COVID-19 restrictions on bars and restaurants. She reopened it in May and has since booked concerts, including Has Beans to play on Thursday.