Signs of the nation’s economic recovery are visible at Chaffee Crossing, the 7,000-acre mixed-use development in eastern Fort Smith, according to the development’s executive director, Ivy Owen.
“Banks are loaning money now that they weren’t loaning two years ago,” Owen said. “Interest rates are attractive.”
Among recent new development, Owen cites:
Affinity Chemical LLC, a Dallas-based company that manufactures and supplies aluminum sulfate to purify drinking water. The company expects to invest $18 million and create at least 12 jobs to start. Expected completion: late this year.
Phoenix Metals Co., a subsidiary of Fortune 500 company Reliance Steel & Aluminum in Los Angeles, which distributes aluminum, stainless steel and other metal products. The company is expected to invest $16 million and create at least 40 jobs. Expected completion: this fall.
Old Dominion Freight Line, Inc., of Thomasville, N.C. The trucking company’s new, expanded service center should bring a $6 million investment and 25 jobs to start. Expected completion: August.
The Fort Chaffee Redevelopment Authority, which oversees Chaffee Crossing, has sold about 2,000 acres in the past seven years, resulting in an estimated $520 million in private investment and 1,700 jobs, Owen said. About 1,200 people live in Chaffee Crossing, which includes six subdivisions established or under construction. Two more subdivisions are planned.
Business, Pages 30 on 05/25/2013