Little Rock Mayor Frank Scott Jr. and other officials on Wednesday announced an incentive package and a targeted redevelopment plan for the Asher Avenue area that aim to spark more economic development in areas that traditionally haven't seen as much as other parts of the city.
The city will waive building permit fees for developers in areas that include federally designated opportunity zones as well as other areas in Ward 6 and Ward 7, officials said.
Exact geographical details of areas where developers would be eligible for incentives were still being finalized Wednesday. Jamie Collins, the city's planning and development director, said a map would be available next week.
The city's four opportunity zones -- census tracts where the federal government allows the deferral of capital-gains taxes on new investments -- are in the 12th Street and University area; the Dunbar area; the Main Street and downtown area; and the eastern area of the city.
Scott described the effort as Little Rock's first incentive package for south of Interstate 630 and east of Interstate 30, areas that historically haven't seen as much economic activity as other parts of the city. Many of the city's Black and Hispanic residents live south of Interstate 630, according to census data.
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"We have to have decisive and intentional efforts to spur economic development," Scott said. "This is a game changer. It's a first step to help spur more economic development south of 630 and east of 30, particularly in the areas of our opportunity zones."
Central Arkansas Water and the Little Rock Water Reclamation Authority also will waive or discount utility setup fees for commercial and residential developers in those areas, the agencies' chief executive officers said.
"It's a costly thing to do, but we think it's the right thing to do," Water Reclamation Authority CEO Greg Ramon told the Arkansas Democrat-Gazette.
A redevelopment project that targets the Asher Avenue area is also underway. Collins said he and the city's development division staff are about three weeks into the process of meeting with owners of buildings in that area in need of rehabilitation to help them develop a plan for their properties.
That could mean rehabilitating buildings to house a new businesses, rezoning sites so development can take place, or in some cases demolition, Collins said.
Collins said he hopes to have "some type of movement" on the properties within three months, though the rezoning process could take longer.
Scott said the area has a history of vacant, structurally deficient commercial properties that can breed criminal activity and lead to a lower quality of life for neighbors.
'Important face'
The University of Arkansas at Little Rock, which is at University and Asher avenues, also is collaborating with the city to revitalize the area. Chancellor Christina Drale said at Wednesday's news conference the university plans to begin redeveloping University Plaza Shopping Center this year.
"Our plans have always been to rebuild this center with a focus not just on our campus needs, but also how those might intersect with the interests of business and the concerns of the community in which we live. So this is a really important project to us," Drale said. "A redeveloped center on the south end of UA-Little Rock's campus will provide an important face to the Asher Avenue corridor.
"It will add to the positive development the mayor sees for this part of Little Rock, and we are excited to be a part of these changes."
UALR owns the shopping center and uses it to house its two public radio stations as well as other university departments. The school also owns the University Village Apartments and the Coleman Sports and Recreation Complex.
"We have a large stake and presence in the Asher corridor," Drale said.
