Little Rock Advertising and Promotions Commission members are expected to vote today on whether to consider an option to purchase the Cromwell Building at 101 S. Spring St.
Currently the Little Rock Convention and Visitors Bureau leases space on the fourth floor of the building, which houses Cromwell Architects Engineers. A third party, listed in the offer letter as Terry Wood Inc., has offered $3.35 million to purchase the building.
Under a lease agreement with Cromwell, the visitors bureau has 45 days to purchase the four-story building when another offer is made.
Additional details on Terry Wood Inc. were not immediately available. Members of the A&P Commission exercised the 45-day window last year, but the third party interested in the building at the time rescinded its offer.
Bureau staff relocated to the Cromwell Building in 2014 while the Robinson Center was being renovated. Visitors Bureau Chief Executive Officer Gretchen Hall said the opportunity to have all 35 employees under one roof -- other employees are currently in the Statehouse Convention Center -- is appealing.
Because of its proximity to the Robinson Center, the Statehouse Convention Center and large hotels, the location also is appealing for retail development, Hall said. A restaurant project on the first floor of the property fell through last year.
"There is potential of being able to relocate staff, add some additional meeting rooms and it's a prime location for future development in the downtown convention area," Hall said. "It would also be right across the street from a major renovation that we manage."
Cromwell announced plans last year to move its headquarters to the former Sterling Paint Factory at Sixth and Shall streets.
Dan Fowler, director of finance and business development for the firm, said moving to the East Village was intended to spur development in the area, similar to the transformation that happened after Cromwell opened its offices on Spring Street four decades ago.
"We moved there in part to help stimulate some other private investment around us and fuel investment around us," Fowler said. "That's happened pretty dramatically in 40 years.
"Our move to the East Village, really, in some ways, simulates that same thing. That part of town is not the right place for an architecture firm anymore. That first floor is best for retail. ... We want to exit and open it up for something that is more appropriate for the convention district and in doing so move to a long-neglected part of our city and hopefully spur more revitalization."
Fowler said construction on the company's new headquarters is scheduled to begin in September with an eye on moving into the space in September 2017. Retail and residential space are also slated as part of the development.
Business on 07/13/2016