BENTONVILLE -- Building permits for a large apartment complex pushed last month's value for upcoming projects to more than $100 million.
The city issued 111 building permits with a $102.9 million value in January. That's more than three times the value issued the same month last year.
The 123 permits the city issued in January 2017 were valued at $30.3 million, according to Shelli Kerr, interim community and economic development director. The city averaged 130 permits with a value of $32.9 million per month last year.
Bentonville uses the International Code Council data to determine the valuation of a building. The table provides an average construction cost per square foot. That valuation is then used to calculate permit fees. It is not the market value, Kerr said.
January fees totaled $255,740. They're used to help cover the cost of building inspections, according to Kerr. Total fees collected last year were $1.1 million with a monthly average of $92,000.
The majority of last month's value came from the 38 multifamily residential permits equaling $72 million, according to city data.
"Since many of these are multifamily permits, it indicates a diversification of the housing stock in Bentonville," Kerr said in an email. "The value suggests that there is continued investment in housing in Bentonville."
Planning officials, commissioners and community leaders have discussed for several years the need for more types of housing in the city.
Walton Crossing Apartments accounted for 31 of the 38 multifamily permits.
The Planning Commission approved plans for the development in March 2017. The complex will consist of 600 units in 31 buildings and a clubhouse on more than 25 acres along Southeast C Street between Southeast 22nd and Southeast 28th streets.
The site is just over two miles south of the downtown square.
Each building will be three stories, according to city documents. There will be 902 parking spaces. A traffic signal will be installed at Southeast C and Southeast 28th streets.
The development will be on both the east and west sides of Southeast C Street. The area around the site has been developed as a variety of uses including office and warehouse space.
Lindsey & Associates is building the project. Lindsey oversees eight other apartment complexes in Bentonville. A message left for Lewel McCutcheon, vice president of marketing, wasn't returned before 5 p.m. Friday.
The project is a complement to the city and Lindsey's belief in Bentonville's future, said Mayor Bob McCaslin.
"They're not building this for a 30-, 60- or 90-day payback," he said. "This is a long-term investment."
Walton Crossing is being constructed in one phase whereas other apartment complexes have been built over several phases, meaning the building permits would be issued at different times for each phase.
Walmart's new headquarters campus will be sure to generate some high-value commercial building permits over the next several years, but it would be surprising to see another month where the residential building permits had as much value as January's, McCaslin said.
"I think it's pretty precedent-setting, and it'd be pretty hard to top," he said.
Other high-value permits issued in January included a commercial permit for the Helen R. Walton Children's Enrichment Center and Early Childhood Initiatives Center at 309 N.E. J St. valued at $7.7 million. The centers will take up 43,700 square feet on 8 acres south of the Scott Family Amazeum and east of Crystal Bridges Museum of American Art.
Another large commercial permit, valued at $7.5 million, was issued to Rogers Warehouse Development for a project at 2914 S.E. I St.
NW News on 02/12/2018