Alexandria, La. (October 21, 2025) – The Greater Alexandria Economic Development Authority (GAEDA) voted unanimously Tuesday to purchase the downtown property at 720 Murray Street outright for $780,000, securing a long-awaited permanent headquarters for the organization. The decision drew unified praise from Alexandria City Council Members Jules Green, Cynthia Perry, and Malcolm Larvadain, who attended the meeting and voiced their support. Community leaders also viewed the move as a meaningful investment in downtown revitalization and a strong signal of cooperation between GAEDA and the City Council.
A Unanimous Decision and Unified Support
The decision to buy the building outright, instead of pursuing financing through the Louisiana State Bond Commission, passed without opposition and marked a rare show of complete unity among GAEDA commissioners.
Executive Director Angela Varnado called the purchase both strategic and symbolic, noting that it represented an investment in Alexandria’s future and a reflection of GAEDA’s growing stability. The unanimous vote, she explained, stood as proof of the organization’s alignment with community and city leadership.
Council Members’ Perspectives
Councilman Jules Green viewed the decision as an example of what can be achieved when the city and GAEDA work together. He felt the moment captured the kind of collaboration needed to keep downtown revitalization moving in the right direction.
Councilwoman Cynthia Perry, whose district includes the Murray Street property, saw the purchase as a demonstration of GAEDA’s fiscal discipline and long-term vision. In her view, the move to ownership would strengthen Alexandria’s economic foundation while showing residents that responsible investment remains a priority.
Councilman Malcolm Larvadain emphasized the value of teamwork, noting that revitalizing downtown requires coordination between all stakeholders. He pointed to the vote as a sign that cooperation can produce meaningful results for the community.
Community and Business Leaders Respond
Local business owners also welcomed the decision. Amanita Kay, who owns Sweet Lattés Coffee Shop inside the building, reflected on her 13 years operating downtown and said the purchase brought a sense of renewed stability. She believed GAEDA’s ownership would inspire confidence among business owners and encourage continued growth in the area.
About the Property
The single-story commercial building features four attorney offices, several additional suites, and Sweet Lattés Coffee Shop. Situated directly across from the Rapides Parish Courthouse, the property currently generates about $65,000 in annual rent, with potential to reach $80,000 at full occupancy. Annual expenses are estimated near $22,000, leaving a projected net operating income of approximately $59,000.
GAEDA plans to use the property not only as its new headquarters but also as a resource hub for entrepreneurship, small business support, and community development.
Next Steps
With the unanimous vote secured, GAEDA will move forward with closing, updating tenant leases, and making modest renovations to create expanded meeting and training areas. The purchase marks the first permanent headquarters in GAEDA’s more than 20-year history, a milestone described by many as a reflection of alignment between GAEDA, the City Council, and the broader business community in pursuit of Alexandria’s continued growth.
 unanimously approved the $780,000 purchase of 720 Murray Street for its permanent headquarters, with support from Alexandria City Council Members Jules Green, Cynthia Perry, and Malcolm Larvadain.){kind=link}