LAFAYETTE, La. – Today, One Acadiana joined Iberia Economic Development Authority and Louisiana Economic Development (LED) to announce a $1 million investment in Progress Point, an 85-acre mixed-use development positioned to deliver economic wins for the region.
The investment supporting site development at Progress Point will enhance the 85-acre mixed-use commercial, research and innovation park in Iberia Parish, making it more attractive to job creators. The funds will facilitate creating a premier business environment designed to accommodate a diverse range of industries, fostering innovation and economic growth.
Planned developments at Progress Point include the University of Louisiana at Lafayette’s Iberia BioInnovation Accelerator, as well as infrastructure and facilities to support future tenants in advanced manufacturing, research and commercial enterprise. This investment strengthens the region’s ability to attract and expand high-impact industries, driving long-term development and job creation.
The investment is part of a larger strategy designed to accelerate economic development statewide using identified, development-ready sites that enhance competitiveness and create a business-friendly environment.
“Louisiana’s ability to attract and grow businesses is directly tied to the availability of development-ready sites, offering both the space and assets necessary to support company operations,” said One Acadiana President & CEO Troy Wayman. “This investment demonstrates Louisiana’s commitment to creating a business-friendly environment. One Acadiana especially thanks Representative Larry Bagley, the Acadiana Legislative Delegation and LED for their unwavering commitment and leadership in advocating for site development across the state.”
“The Iberia Economic Development Authority extends its sincere thanks to the Governor, our legislators, LED and especially One Acadiana for their partnership and assistance in expanding, developing, and enhancing the Progress Point certified site,” said Michael J. Tarantino, President & CEO of Iberia Industrial Development Foundation. “This investment will greatly enhance our plans to develop the site into a world class innovation hub for Iberia Parish and our region.”
“One Acadiana’s decision to expand a prime business location in close proximity to Acadiana Regional Airport, the First Solar manufacturing facility and a Certified Site is a reflection of our broader strategy to use development-ready sites to make Louisiana more competitive and attract companies that are ready to grow,” said Louisiana Economic Development Chief Economic Competitiveness Officer, Ileana Ledet.
The Louisiana Competes Program, which funded the investment, is a regional economic development program that provides grants to regional economic development organizations (REDOs) to attract and grow business and industry. The program was designed to allow flexibility among the REDOs, recognizing that different regions have different characteristics and attributes which are advantageous to specific sectors of the economy.
About Iberia Economic Development Authority
The Iberia Economic Development Authority (IEDA) is the public economic development authority for Iberia Parish and its municipalities. Progress Point Business Park is IEDA’s premier business park project. Learn more at https://iberiabiz.org/about-2/iberia-economic-development-authority-ieda/
About Louisiana Economic Development
Louisiana Economic Development is responsible for driving capital investment, job creation and economic opportunity for the people of Louisiana and employers of all sizes. Explore how LED is positioning Louisiana to win at OpportunityLouisiana.com.
About One Acadiana
One Acadiana is the chamber of commerce for Lafayette and leading economic development organization for the nine-parish Acadiana region located in south Louisiana. The organization is recognized as one of four across the country to hold both an Accredited Economic Development Organization (AEDO) accreditation and a five-star U.S. Chamber of Commerce accreditation. With more than 800 investors, members, and partners, One Acadiana serves as the voice of the regional business community. The organization is located in the city of Lafayette and serves a region of nearly 700,000 people with a vibrant culture and unique entrepreneurial spirit. Learn more at OneAcadiana.org.