Developers are aiming for a "24/7 feel" as part of a multimillion-dollar project proposed along the Arkansas River at the foot of the Broadway Bridge in North Little Rock.
The development and entertainment district, dubbed the Argenta Waterfront District, would sit on 5.6 acres just west of the span, which is set to reopen this spring.
Terraforma said Friday that Smarthouse Way LLC, acting as a titleholder for the real estate development firm, had bought the property for $2.6 million from the city of North Little Rock.
Doug Meyer, managing member of Terraforma, told Arkansas Online that project leaders are primarily looking to take advantage of the “phenomenal” riverfront, giving residents the opportunity to live, work and dine along the Arkansas River.
“If you go to the site, the view from North Little Rock looking through the new Broadway Bridge to the Little Rock skyline is just breathtaking,” Meyer said.
Included in the current site plan are a 91,950-square-foot hotel, a high-rise building encompassing up to 244,250 square feet and a 89,200-square-foot mid-rise apartment building.
The high-rise structure, the centerpiece of the project, would tentatively include offices, high-end condominiums, restaurant space and a fitness center, according to renderings.
Newmark Grubb Arkansas, the agency marketing the development, proposes that building being between 10 to 11 stories tall, depending on project interest.
J. Fletcher Hanson III, principal and executive managing member of Newmark Grubb Arkansas, said the plans developed during the Broadway Bridge work.
"We are in discussions with one potential investor that is a possible user of between 10,000 and 15,000 square feet,” Meyer said, adding that after the property buy, work now focuses on marketing the project.
The site also includes a boardwalk running the entire length of the property on its south side that would include trails, event space and "other active venues."
“It is envisioned the boardwalk will tie into the River Trail, Broadway Bridge and connect the downtown core of North Little Rock,” a property flyer states.
The project’s cost, which will fluctuate depending on interest in the market, is estimated at between $20 million and $50 million, Meyer said.
Read Saturday's Arkansas Democrat-Gazette for full details.
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Photos courtesy Newmark Grubb Arkansas
