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underground storage tanks. One was a double-walled tank for
gasoline storage and the other was a single-walled tank for waste
oil. Storage tanks were essential to the operation of an
automobile dealership with a service area.
The main building was constructed in 1978; in 1987 it had an
effective age of 10 years and an estimated remaining economic
life of 35 to 40 years. The paint and body shop building had
been moved to the site from a previous dealership; by 1987, it
had been refurbished and expanded and is considered to have the
same approximate age characteristics as the main building.
As of March 31, 1987, the zoning classification for the
Property was Zone BG-General Business. This classification
permitted a wide range of commercial uses. The flood zone
designation of the Property was FEMA Flood Hazard Zone C, the
area of minimal inundation.
Johnston Street is the principal northeast-southwest traffic
artery for the City of Lafayette. The Property is located in the
southwestern section of Lafayette, approximately one-half mile
northeast of the intersection of Johnston Street and Ambassador
Caffery Parkway. At the time of sale, the Johnston Street
corridor in which the Property is situated was a primary
commercial corridor in Lafayette.
Of all the metropolitan centers in Louisiana, Lafayette was
the hardest hit by the deep recession in the oil and gas industry
during the 1980's, losing roughly 22 percent of its jobs between
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Last modified: May 25, 2011