A rendering of the riverfront promenade, an elevated walkway that will span the city block behind the new $25 million Marq building, which is slated to open in the summer of 2017. Photo provided by Wabash River Enhancement Corp.
Construction on a $25 million mixed-use project that will serve as an anchor for downtown development in Lafayette will begin in late December, developers announced Friday morning at a groundbreaking ceremony.
Demolition of the existing Old National Bank is set to begin in late December depending on the closing of the sale, said Craig Von Deylen of Deylen Realty. He anticipates the project will take about 18 months to complete for an opening in summer 2017.
"It's a large complicated project and there may be delays, but it has to be done in 24 months," Von Deylen said.
The Indianapolis-based development firm bought the property from Old National Bank under the condition that the new project would include a bank branch and regional headquarters.
The mixed-use project at Second and Columbia streets also will feature 99 luxury apartments and 4,000 square feet for a retailer or restaurant.
Developers have yet to select a tenant for the retail space but revealed the name of the project: Marq — after Marquis de Lafayette, the city's namesake.
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