Company finalizes $5.7M deal, buys historic Little Rock skyscraper

A developer reportedly has plans to convert the vacant Donaghey Building at Seventh and Main in Little Rock into 142 apartments.
A developer reportedly has plans to convert the vacant Donaghey Building at Seventh and Main in Little Rock into 142 apartments.

A deal to purchase one of Little Rock’s high-rise buildings and turn it into apartment and commercial space was finalized late last month.

On Oct. 31, LRMU LP became the owner of the Donaghey Building as part of a $5.7 million deal with Lake Hamilton Corp., according to records filed with the Pulaski County assessor’s office.

LRMU, an investor group from Virginia, previously outlined plans to convert the vacant 14-story building at Seventh and Main streets into apartments, the Arkansas Democrat-Gazette reported in February 2016. Construction work on 152 units ranging in size from 539 square feet to 1,093 square feet is scheduled to begin in the spring.

The closing comes more than a year after both parties had initially planned to complete the transaction.

The historic Donaghey Building, built in the mid-1920s, is one of the earliest skyscrapers in Little Rock. It is listed on the National Register of Historic Places.

Read Thursday's Arkansas Democrat-Gazette for full details.

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