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Park Avenue

skirby

By skirby
in Little Rock Metropolitan Area

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LIT uPP Whistle-Stop

LIT uPP

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I was informed today of some very interesting news about Park Avenue. Apparently, the entire site package bid a couple of weeks ago, with a tentative (very aggressive) timetable to be complete by year end. This is a pretty good indicator that the project is about to commence. We'll see.

Do you mean that the developers want to have contractor bids for the entire project by the end of the year? Just three or four weeks ago, the Arkansas Democrat-Gazette printed a story about Park Avenue, stating that the project was on indefinite hold, because Target would need to build first. While they are still interested in the development, they did not seem to be in any hurry to constuct a new store at Park Avenue within the next couple of years.

I hope you're right. This would be a positive sign.

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Architect Town

Architect

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Do you mean that the developers want to have contractor bids for the entire project by the end of the year? Just three or four weeks ago, the Arkansas Democrat-Gazette printed a story about Park Avenue, stating that the project was on indefinite hold, because Target would need to build first. While they are still interested in the development, they did not seem to be in any hurry to constuct a new store at Park Avenue within the next couple of years.

I hope you're right. This would be a positive sign.

No, just all the site work (grading, paving, landscaping - all prepped for building construction) to be completed by December.

Regarding Target, I was told that it was on hold until the project was committed and began construction...perhaps that is the precipitator.

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EJC Whistle-Stop

EJC

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From the ABJ:

How bad does Dallas developer Jim Strode want to jump-start his Park Avenue development in midtown Little Rock?

Bad enough to give Target Corp. an 8.5-acre site, we're told.

And we understand Strode did just that recently.

Providing a free or next-to-nothing site isn't unheard of for an anchor tenant, and Target is viewed as a bell cow for more development opportunity to follow.

You might recall Strode owns 27 acres where the now-razed University Mall had stood for a generation. That piece of Little Rock cost $21 million.

You also might recall that Simon Property Group Inc. of Indianapolis ponied up $3 million or so to help make the 2007 deal happen.

Simon was stuck on a 20-year land lease and hammered with a $7 million judgment to upgrade the neglected mall.

http://www.arkansasbusiness.com/article.as...29348&cID=j

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adman0468 Hamlet

adman0468

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That's a very good sign for the center. Get Target in there and others will certainly follow. Especially if the economy's fall has leveled off (fingers crossed).

Anyone know what's happening with the old bank on University, just south of Markham?

According to the Arkansas Blog, Strode has sent out a press release saying that Target will open in October 2010. No word on any other tenants.

http://www.arktimes.com/blogs/arkansasblog..._universit.aspx

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Architect Town

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According to the Arkansas Blog, Strode has sent out a press release saying that Target will open in October 2010. No word on any other tenants.

http://www.arktimes.com/blogs/arkansasblog..._universit.aspx

This is fantastic news! Apparently this will be one of only twelve opening in 2010 in the U.S. Here's the link to the Arkansas Business article:

http://www.arkansasbusiness.com/article.as...52.54928.129378

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adman0468 Hamlet

adman0468

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I would offer that Target's confirmation as the anchor tenant is a HUGE statement of legitimacy for Park Avenue and I think this will have a profound affect on subsequent tenants. I predict a Borders and Whole Foods will follow.

According to today's paper, the Target will not be a SuperTarget, but will have more groceries than the WLR store, including ground beef, produce and a bakery. I wonder if that will affect someone like Whole Foods?

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gman430 Megalopolis

gman430

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I would offer that Target's confirmation as the anchor tenant is a HUGE statement of legitimacy for Park Avenue and I think this will have a profound affect on subsequent tenants. I predict a Borders and Whole Foods will follow.

Unfortunately, Borders is not doing well right now. They have pretty much stopped all expansions for the time being. However, I could definitely see Whole Foods Market and maybe even Apple coming to this development. Those two retailers are doing very well right now and continue to expand. :) Seeing this project move forward is definitely great news for Little Rock either way. It shows the economy is improving.

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Architect Town

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Unfortunately, Borders is not doing well right now. They have pretty much stopped all expansions for the time being. However, I could definitely see Whole Foods Market and maybe even Apple coming to this development. Those two retailers are doing very well right now and continue to expand. :) Seeing this project move forward is definitely great news for Little Rock either way. It shows the economy is improving.

Apple is doing well, but I cannot see them in this development...it would be very unusual for them to locate in a center anchored by a Target. HOWEVER, I think the wider impact of this development in the midtown area could very much sway Apple to consider/reconsider Strode's higher-end Midtown Little Rock across the street.

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turboturtle Hamlet

turboturtle

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Everybody likes pictures of dirt being moved.

p1060028k.jpg

p1060033.jpg

p1060034.jpg

I'm sorry I can't be there to see Park Avenue rise. Thanks for the pics. I'm sure happy it is finally happening.

The pic of the St. Vincent addition is a good one. The architects did a great job with the addition. Updated. Modern. Great scale. I think it is well-executed.

Skirby, if you ever make it on to UALR campus, please post a pic of the new EIT building.

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Architect Town

Architect

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A "Business news in Brief" article in today's DemGaz stated that construction would commence on Target in February with anticipated completion by October (sooner than I had thought!). It is listed as a $4.4 million (the paper said billion - slight typo!), 137,000 SF store. Does anyone know how that compares with the other four targets in the market? I'm guessing it's smaller.

I'm now curious about how much of the surrounding Park Avenue development (i.e. other retail, residential, etc.) will be built by then. Sadly, I'm guessing none...not until the markets have completely recovered - perhaps 2011?

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adman0468 Hamlet

adman0468

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A "Business news in Brief" article in today's DemGaz stated that construction would commence on Target in February with anticipated completion by October (sooner than I had thought!). It is listed as a $4.4 million (the paper said billion - slight typo!), 137,000 SF store. Does anyone know how that compares with the other four targets in the market? I'm guessing it's smaller.

I'm now curious about how much of the surrounding Park Avenue development (i.e. other retail, residential, etc.) will be built by then. Sadly, I'm guessing none...not until the markets have completely recovered - perhaps 2011?

According to Target's website, their typical store (non-SuperTarget) is 126,000 sq. ft., so this is actually a pretty large store. I don't know what the Chenal one is, but I would guess it's around the same size.

I don't think anything else is committed to the center, so I could see Target opening alone and then others following afterward. I just hope it doesn't look lonely on that big lot.

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Cru Jones Whistle-Stop

Cru Jones

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So will Target limit Park Avenue to a middle of the road retail development, or is there still a chance to attract new and exciting retail stores? Target is a fine store, but I don't recall any outstanding developments that were anchored by one. I hope I'm wrong and I just haven't been paying attention.

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Architect Town

Architect

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So will Target limit Park Avenue to a middle of the road retail development, or is there still a chance to attract new and exciting retail stores? Target is a fine store, but I don't recall any outstanding developments that were anchored by one. I hope I'm wrong and I just haven't been paying attention.

I think it's a perfect anchor for an urban "power" center...it wasn't envisioned to be a high-end center. That need is filled by Park Plaza and Midtowne. This is planned to have a bookstore (Borders?), theater, etc.

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bwiched Crossroads

bwiched

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sorry if this is a repeat question...but my time is limited these days (a newborn!)....is there a list of stores for this location yet? if so, i'd love to see it. i can see there will be a target there but am curious to know if apple is coming...maybe some more interesting shopping and restaurants.

thanks in advance! just don't have the time to read back over many pages to find out the latest. :)

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Architect Town

Architect

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sorry if this is a repeat question...but my time is limited these days (a newborn!)....is there a list of stores for this location yet? if so, i'd love to see it. i can see there will be a target there but am curious to know if apple is coming...maybe some more interesting shopping and restaurants.

thanks in advance! just don't have the time to read back over many pages to find out the latest. :)

I am not aware of any "official" publicized list. In fact, Strode has never (to my knowledge) even floated anything out there other than generic store-types, such as a movie theater and bookstore (both great!). Frankly, I'm just curious at this point if ANY of the mixed-use/other retail structures are going to be built in this first Phase alongside the Target.

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