That is indeed amazing- how could a bank justify making a loan to someone who has the amount of legal action against them that Barber does? With all the NWA real estate problems and Barber's in particular you would think every bank would be scrutinizing every attempt to get credit with a leaning towards refusing it. Makes one think there is more to the story than we know.

I agree, very interesting article, Andrew. Everybody should take a look at it. This was orginally mentioned in another topic but since it talks about the Lofts I thought I'd put a response here.


http://www.arkansasbusiness.com/article.as...17110&cID=2

Kudos on the Rob Sharp article in NWA Business Journal, Andrew. I knew he was very active in Fayetteville but didn't realize how many projects I like that he has had a hand in. The story about people telling him about how that hate the Three Sisters and not knowing he was involved in it was hilarious. That was a great addition to town although I wish they would take that top floor room off.

All about the Pinnacle White Oak Station

http://www.nwaonline.net/articles/2008/05/...108morrison.txt

It is just sort of hard to understand the inability to get financing when Brandon Barber can still get a $17M loan from Enterprise Bank in Mo. for the Bellafont in spite of all his problems and the "credit crisis" we keep hearing about.

At Metro District, 15 of the 30 condos have either sold or are under contract since the first of the year. Seven are being occupied in a "lease-to-own" plan, where if the tenant decides to buy, their rent payments will be applied to the purchase price. So that's 22 of 30 with people in them. That's a lot better than the Legacy.

As far as The Dickson, that ain't happening. Collins Haynes has divested his interest in the Mr. Tux property, and we hear the building is simply going to be renovated, probably with a spa tenant.

At Metro District, 15 of the 30 condos have either sold or are under contract since the first of the year. Seven are being occupied in a "lease-to-own" plan, where if the tenant decides to buy, their rent payments will be applied to the purchase price. So that's 22 of 30 with people in them. That's a lot better than the Legacy.

With Flake & Kelley marketing the Legacy, we might finally see something happen there. They have credibility, something Barber does not, and they are well connected in the affluent LR and Hot Springs circles, which means they'll be having open houses that aren't glorified keggers. Even though the building has liens and is in foreclosure, the receiver can grant clear title to anyone who wishes to buy a unit.

At the Lofts, around half the deposits are from out-of-staters and the rest are local. Judging by the number of small aircraft at Drake Field on any given Saturday, they are banking on a lot of those types as the demographic who'd buy a $400,000 condo on Dickson Street. Hopefully they are right.

John Nock came by and visited with me and toured some of my projects a couple weeks ago and he assured me the Ren would be built and that the delay, while a pain now for everyone, will be a distant memory some day when this tower is up and operational. I tend to believe him that it will happen still....

M

Another student housing project is being proposed next to this one. Summit, a 16 acre, 294 unit development atop the hill between Hill Place and Razorback Road is in the early stages of the city planning process. It is being developed by the owner of the Hill Place site, although Hill Place is being developed by Place Properties. According to this article the two will have over 1,000 bedrooms in over 500 housing units- quite a large impact for south Fayetteville.

Increased off campus student housing is needed if the university's plan to add thousands of more students is to be realized. This area is just south of campus and so is a logical area to add student housing. If it is added according to city ordinances and hopefully some type of conditional use requirement concerning the long term management of the complexes it should be a positive addition to the city.

NWA Times article

John Nock came by and visited with me and toured some of my projects a couple weeks ago and he assured me the Ren would be built and that the delay, while a pain now for everyone, will be a distant memory some day when this tower is up and operational. I tend to believe him that it will happen still....

M

Strong sources involved in the project sate there are NO plans to stop the project. Instead, The developers have their hands full doing the Underwood condos project, the Metro, Bank of America bldg among others. Also, the city has received every payment required for liquidated dameges in the contract. Crane or no crane is not the question. Timing is.

I can think of a couple people up here with deep enough pockets and good enough credit to make something happen there. Of course, four years ago you would have said the same thing about the guys involved with Renaissance.

It is just sort of hard to understand the inability to get financing when Brandon Barber can still get a $17M loan from Enterprise Bank in Mo. for the Bellafont in spite of all his problems and the "credit crisis" we keep hearing about.

As far as The Dickson, that ain't happening. Collins Haynes has divested his interest in the Mr. Tux property, and we hear the building is simply going to be renovated, probably with a spa tenant.

At Metro District, 15 of the 30 condos have either sold or are under contract since the first of the year. Seven are being occupied in a "lease-to-own" plan, where if the tenant decides to buy, their rent payments will be applied to the purchase price. So that's 22 of 30 with people in them. That's a lot better than the Legacy.

With Flake & Kelley marketing the Legacy, we might finally see something happen there. They have credibility, something Barber does not, and they are well connected in the affluent LR and Hot Springs circles, which means they'll be having open houses that aren't glorified keggers. Even though the building has liens and is in foreclosure, the receiver can grant clear title to anyone who wishes to buy a unit.

At the Lofts, around half the deposits are from out-of-staters and the rest are local. Judging by the number of small aircraft at Drake Field on any given Saturday, they are banking on a lot of those types as the demographic who'd buy a $400,000 condo on Dickson Street. Hopefully they are right.

Yeah I think a lot of people are curious to see what happens at the Lofts. So far a number of the other large condo developments haven't been very successful so far. But right now I think there's been some other factors that maybe have turned off potential buyers. If the Lofts have a hard time selling then I think everyone would have to think the idea of selling upscale condos in Fayetteville is over and there just wasn't the demand a number of people thought there was. Of course the way the market is currently might not help the situation.

I agree with all of this.

If The Lofts sell, maybe it will spur the development of The Dickson. Better yet, maybe the same guys who did The Lofts will get a shot at designing and building it.

once the developers are no longer liable for the payments, if nothing is still happening, I believe the city has the option to get the land back for a song. Then it could sell the land to another developer who could actually build something. In the current market, a high rise hotel/condo project may not look good to financers, but given the need, I'd think a hotel with ample convention and breakaway meeting space would fill an enormous demand in NWA. The Hammons center routinely has to turn conventions away. It would be nice if Fayetteville could pick up some of that business, especially considering how often the UA is involved with those retailing events.

I think if you see that crane come down, the public is going to howl in anger and demand to know just what the heck is going on there.

Found this looking around the other day:

Benton County cracks 200k; Washington County close behind:

http://factfinder.census.gov/servlet/GCTTa...2S&-_sse=on

Johnny Brusco's is open. Had a pretty decent sub there.

I understand the old Coolwater on College in Fayetteville will be reopened as a new steak and chophouse restaurant with an all new interior and new ownership very soon.

M

It really going to be a nice looking building. I'm glad it's as tall as it is- it sort of drowns out the high voltage lines right in that area. If the Dickson has been built that stretch would have quite a sight coming down Dickson Street.

Back earlier in the topic you had found some information that has the deck at 303 spaces with the Lofts having 72 living units and the first 2 floors as retail/office. Guess it depends if the units come with 2 spaces or not as to whether there will be public parking or not. I bet they will be reserved unless you are doing business there.

They were adding copper trim to the Lofts today. It really going to be a nice looking building. I'm glad it's as tall as it is- it sort of drowns out the high voltage lines right in that area. If the Dickson has been built that stretch would have quite a sight coming down Dickson Street.

Honestly I've never really heard any specifics on it. But from what I saw just driving by it looked way too big for just the condo owners. So I'm assuming there will be parking for others. Of course I'm betting it will be paid parking. Underwood might also make a section reserved for customers to his store next door as well.

They look ambitious. Like they want this to be more the type of little place you might find in a city like Chicago or NY. They seem to have a deli, the seafood area, and other fresh made stuff. Really interested to see what it'll be like when open...whenever that is.

Perhaps even more importantly, it continues to draw healthy traffic a full year after it opened. Though, there's not really anything truly comparable to The Fresh Market in the metro. (Brannon's Market was similar, but less elaborate and hit the city a bit too early.) So that worked in its favor. Its true achievement is in being able to successfully court the upscale consumers in western and northwestern Little Rock, as well as those from over the river in Maumelle.

Speaking of fresh merchandise, a recent article in Arkansas Business makes mention of the growing trend toward operation of farmers' markets in both large and small cities, citing low startup costs. But the growth of markets like the one at Little Rock's River Market pavilions and the new market in North Little Rock's Argenta district is tempered by the rising prices of gas and other costs associated with production and transportation of goods. For established farmers' markets, one of the Little Rock television stations reported somewhat diminished participation among vendors.

I wonder if they're thinking of the new White Oak Station near the mall. If you look inside that thing, they've got a lot going on including fresh seafood. Not your local 7-11 or gas station Quick-Mart...

You know I was wondering that same thing today. I saw the Phillips 66 sign go up in the last week or 2. I haven't looked inside enuff to see what they are setting up for though.

I wonder if they're thinking of the new White Oak Station near the mall. If you look inside that thing, they've got a lot going on including fresh seafood. Not your local 7-11 or gas station Quick-Mart...

I have had that shrimp from Richard's and you are right--it is good. I also like the New Zealand lamb chops from there. The Chilean sea bass from the seafood place at Evelyn hills is fantastic but costs something like $27 a pound (crazy expensive).

M

Ya Mith I live right across the street from Pinnacle and the only thing I've been told by a developer around here is there is a Harps on the way. I do not know of anything else nearby.

There's still constant construction activity on the other buildings of this project. The major renovation of One East Center's first floor is underway. From what I've read credit is becoming a little easier to get. They've already invested a large sum of money and time in Ren Tower. Why would they take the crane down now?

I'll have to give the salmon a try. Do you eat much shrimp? You should try some of the jumbo (16/20) Gulf shrimp from Richard's. They aren't much more than WM and are so much better you will be amazed.

I have been told that the Crane will be coming down shortly.