Moses Tucker Real Estate Inc. is under contract to buy a portion of the 500 block of Rock Street, including the American Legion M.M. Eberts building, and plans to put up a three-story, 36-unit apartment complex and turn the Legion space into a retail storefront or restaurant. The company's total investment in the property is estimated at about $4.5 million.
The apartments, along with Moses Tucker's nearby MacArthur Commons, will be the first new apartments to be built downtown in more than 30 years, said Frank Barksdale, president of AMR Architects Inc., which designed both projects.
"There's been a few renovations, but as far as new -- from the ground up -- this is pretty special because it's new and different," Barksdale said.
Earlier this week, Moses Tucker received a "certificate of appropriateness" from the Little Rock Historic District Commission. Plans should be submitted to the city next week and the matter taken up by the city's planning commission in mid-April, said Jamie Moses, the company's director of development.
MacArthur Commons on east Capitol Avenue is in the River Market District, and the new project -- loosely dubbed Legion Lofts -- is in the MacArthur Park Historic District. East Capitol divides the two areas. MacArthur Commons is substantially larger with 59 apartments.
Moses said the firm has not yet settled on a permanent name for the complex but the owners want to somehow incorporate the word "legion" because of its close proximity to the American Legion post at 315 E. Capitol Ave., Moses said.
Moses Tucker will overhaul the Legion building for commercial reuse with three more apartments in back, according to its application with the Little Rock Historic District Commission. The existing post has offices and also serves as a bar/dance hall and entertainment center for veterans. A call to the post commander went unanswered Friday.
In contrast to contemporary MacArthur Commons, Legion Lofts would be of traditional design.
"We wanted to be in harmony with the surrounding historic district," Barksdale said. It's being pitched as two three-story houses connected by a three-story breezeway. A rendering of the project makes it appear as as one continuous structure surrounded by a security gate.
MacArthur Commons is about halfway complete with an anticipated opening date of June or July. The Legion property is expected to close in June with construction starting in July. The apartments -- 12 two-bedroom units and 24 one-bedroom units -- could be available in the summer of 2016, Moses said. The Legion currently owns what Moses Tucker is buying.
The Legion apartments will be smaller -- 650 to 950 square feet -- and therefore at a lower rental rate than MacArthur Commons, though prices have yet to be determined.
"We're trying to have price points, as much as we can, for everyone," Barksdale said.
"I think they'll fill a niche that's market rate but not at the very top of the market," Moses added. "That's what we're shooting for."
The apartment building would face Rock street with parking to the west and behind the building. The block also is home to a small, blond brick apartment building bearing the name "Whitlow" and to the Downtown Deli & Grocery facing Sixth Street.
The new apartment buildings are planned for what is now a paid parking lot. Though the project will do away with the 45-space lot, parking will be added back to accommodate upward of 35 tenant vehicles.
Gating the area is necessary for security.
"Currently, there is considerable foot traffic, loitering and the like in the alley that is not conducive to the development of a quality, historic neighborhood," Moses Tucker said in its application to the historic commission.
Business on 03/14/2015