A developer spearheading a planned multimillion dollar mixed-use project off Interstate 40 in Conway has backed out.
Jim Wilson & Associates’ withdrawal from developing the site once home to the city’s municipal airport came as the Conway Development Corporation sought to close on the $6.1 million land deal, according to an official with the organization.
The Montgomery, Ala.-based company’s departure from its Central Landing proposal was first reported Tuesday by the Log Cabin Democrat.
Jamie Gates, executive vice president of the Conway Development Corporation, told Arkansas Online on Wednesday that discussions are ongoing regarding a potential new partner or developer at the 151-acre site.
Gates did not name that developer, citing a “due diligence period.”
He said two factors weighed on the real estate firm: the timeline for completion of infrastructure improvements and shifts away from the traditional retail framework.
The organization still hopes to close on the land in late November or early December, Gates said. Only the city and commission are expected to be named in the deal.
Central Landing was proposed to have a 140,000-square-foot Dillard’s department store as its anchor. Other retail outlets as well as restaurants and hotels were also planned.
Gates said he has no reason to believe the withdrawal “would affect Dillard’s’ desire to have a presence in Conway.”
In recent weeks, Jim Wilson & Associates had removed evidence of Central Landing, including a website detailing the site plan.