The Pulaski County Brownfield Revolving Loan Fund, backed by the Environmental Protection Agency, will infuse $900,000 into Little Rock’s Main Street to create a mixed-use project of retail space and apartments, the city announced Thursday morning.
The project will revitalize about 250,000 square feet of vacant property in four historic buildings that have been vacant for years, plagued by environmental contamination, city officials said.
The four buildings on the west side of the 500 block of Main Street are: the 12-story building at Capitol and Main named the State Bank Building when erected in 1909; the 1941 M.M. Cohn Building; the Arkansas Building at Sixth and Main, formerly the Pfeifer Brothers Department Store; and the Arkansas Annex, also known as the Kahn Building, built in 1954.
Main Street Lofts LLC, a limited liability corporation, paid $1.5 million for the four vacant buildings in August, the Arkansas Democrat-Gazette reported at the time.
Wooten Epes, one of the partners in Main Street Lofts, said at least $10 million will be invested in the project by the time it’s completed.
As the site is across the street from the Arkansas Repertory Theatre, Little Rock’s vision is an emphasis on retail tenants to contribute to the arts, city leaders said.
County Judge Buddy Villines said at a Thursday morning news conference that the project is designed to revitalize both sides of the river.
Meanwhile, Little Rock Mayor Mark Stodola announced that the city will unveil a plan for an arts district Sept. 18.
The buildings must undergo environmental cleanup before preservation work may begin. The next phase will be converting the buildings from their original uses to mixed-use project with residential lofts on the upper floors and retail space below.
Read tomorrow's Arkansas Democrat-Gazette for full details.
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