Developer Rusty Thompson has purchased 2.1 acres east of Interstate 30 in Little Rock for $1.7 million with the intent of building a residential and retail development.
Thompson said Tuesday that the timeline for developing the property will depend on the Arkansas Highway and Transportation Department's plans for the expansion of I-30 downtown. A priority for the site is to build an apartment complex with 75 to 80 units, Thompson said.
"We're wanting to build some more multifamily stuff, and if we get things situated with the Highway Department, we'll build mixed-use, multifamily on the property," Thompson said. "We don't really have plans on how much retail, haven't gone very far drawing anything up. Whatever it is will blend in with the craft beer places and businesses that are nearby. Same atmosphere."
A Highway Department spokesman said the I-30 expansion likely will not begin until early 2019.
Thompson's property is bordered by Collins, East Fourth and Rector streets and East Capitol Avenue. It is near a planned development, by Cromwell Architects Engineers and Moses Tucker Real Estate, that's known as East Village.
Cromwell is relocating its headquarters from South Spring Street to a 50,000-square-foot building at East Sixth Street and Shall Avenue. A ceremonial "wallbreaking" is scheduled for 10 a.m. Friday to mark the beginning of renovations of East Village.
Cromwell and Moses Tucker intend for the mixed-use property to serve as another catalyst spurring the revitalization of downtown east of I-30. Both the Clinton Presidential Center and Heifer International headquarters are nearby, and commercial operations in the area include Rock Town Distillery and Lost 40 Brewing.
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"We are excited for Rusty and his project," Cromwell Chief Operating Officer Dan Fowler said in a text message. "He's got a great and unique vision for the potential of East Village. It will be an example for future development in the area and validates that East Village will be the next great neighborhood in our community. We are looking forward to seeing how it develops on the heels of our pioneering mixed-use development at 6th and Shall."
CBC Hathaway Group President Jeff Hathaway represented Thompson in purchasing the property. Aaron Nicholson of Sage Partners represented the seller, Industrial Realty Co.
Hathaway said the development Thompson has in mind would be a natural fit with existing businesses and the "much anticipated development on East Sixth by the Cromwell Firm."
Thompson's property will be closest to I-30. A portion of the land could be purchased by the Highway Department.
"We've been hearing so many people say [the expansion] is going to kill the east-west connection, and I've always thought that wasn't correct," Hathaway said. "Here's a real-world example of somebody investing. Granted, he hasn't built anything. He hasn't leased anything, but he's certainly sunk significant money into it and has plans for the property."
Thompson has invested heavily in the downtown area this year. He purchased MacArthur Commons apartments, built by Moses Tucker Real Estate at 414 E. Capitol, for $10.4 million and the St. Clair Apartments at 500 E. Sixth St. for $750,000.
Even if the East Village development doesn't take off, Thompson said, the property is close enough to the River Market District to be attractive.
"We love downtown," Thompson said. "We think downtown is just getting started. We like that side of town. Everybody on that east side is just waiting to see who is going to be first."
Business on 12/14/2016