The Stephens Empire: Big Plans for Downtown LR?

[jcaruth]

Don't know any details, but I've heard to expect a big announcement from the Stephens family in the next month or so that involves a large downtown project. Has anyone else heard this or know any details?

[arkansas_buff]

Don't know any details, but I've heard to expect a big announcement from the Stephens family in the next month or so that involves a large downtown project. Has anyone else heard this or know any details?

Very exciting. Where have you "heard" this? I'll do some digging, too.

[skirby]

I read this past week that the renovations of the Capital Hotel are taking longer than expected. They will not be done until May of next year. Also, there will be a reduction in the number of rooms.

[Aporkalypse]

I read this past week that the renovations of the Capital Hotel are taking longer than expected. They will not be done until May of next year. Also, there will be a reduction in the number of rooms.

I saw that, but they are adding meeting space. They didn't really have a good place to have conferences there before the renovation. I love the hotel, it's amazing they could improve upon it.

I always kind of thought Stephens might add on to the back of the hotel space to add some amenities and build a small a parking deck on the lot behind it but that doesn't seem to be the plan.

[theman]

I read this past week that the renovations of the Capital Hotel are taking longer than expected. They will not be done until May of next year. Also, there will be a reduction in the number of rooms.

[skirby]

Interesting comment in the Arkansas Times from Mr. Stephens. He said the redo of the Capital Hotel and the teardown of the bus station was costing $24 million. Building permits for the renovation of the Capital Hotel were $10,750,000. What does it cost to tear down a building these days?

[skirby]

Interesting comment in the Arkansas Times from Mr. Stephens. He said the redo of the Capital Hotel and the teardown of the bus station was costing $24 million. Building permits for the renovation of the Capital Hotel were $10,750,000. What does it cost to tear down a building these days?

[Aporkalypse]

Arkansas Business also has an article on Mr. Stephens. It says the $24 million is for the hotel makeover. But both article give the impression that maybe time has come for the redevelopment of Main Street. On the teardown of the bus station Mr. Stephens says:

[Architect]

Arkansas Business also has an article on Mr. Stephens. It says the $24 million is for the hotel makeover. But both article give the impression that maybe time has come for the redevelopment of Main Street. On the teardown of the bus station Mr. Stephens says:

[skirby]

I'm not comlaining about Mr. Stephens investment and commitment to downtown Little Rock, but what does tearing down a building on a key intersection - destroying the urban edge - have to do with accelerating development along Main? Ah....unless he is alluding to his plans for ANOTHER building on that site!!!

[Aporkalypse]

I'm not comlaining about Mr. Stephens investment and commitment to downtown Little Rock, but what does tearing down a building on a key intersection - destroying the urban edge - have to do with accelerating development along Main? Ah....unless he is alluding to his plans for ANOTHER building on that site!!!

[Architect]

That corner is perfect for something major and everyone has assumed that was his intention when he tore it down. That's as prime as Arkansas real estate gets.

I wonder if there still is a possibility of the Rep relocating to the parking lot a block South of there. The dead space from that lot and the parking deck across from it really breaks up the continuity on Main.

[Aporkalypse]

Yes, maintaining the urban edge is important. Little Rock has lost a lot of that to surface parking over the years - much more than other cities of similar size/density. I really hope that the corner is slated for a signficiant development - it would be PERFECT for a mid-to-high rise mixed-use with another major, anchor tenant hotel and condos (above).

[EJC]

You know, it's so perfect I just assume that's what will happen until I see otherwise. I'm glad Stephens is the one that owns the land.

It's the perfect spot for a signature high-rise hotel. Main and Markham is the city's prime location.

[Aporkalypse]

Just curious, what are downtown hotel occupancy rates? Is there any need for additional hotel space yet, can it be supported?

[Hillcrest_LR]

Did anyone see the article about the golf course, Alotian, in the Arkansas Business on-line. The course is ranked third in the country. What Stephens does downtown, I'm sure, will follow along the same lines of quality. But it will be some time before anything happens, probably at least 2 or 3 years.

I believe the plans for a new Rep being built on that vacant half-block were scrapped and it was to be in renovated buildings across from the old Center Theate, which would have been converted to practice space. I wish he would continue with the old plans for the Center and turn it into an art-house with cafe/bistro.

[EJC]

Hotel occupancy increased 12% from 2004 to 2005 despite addition of a new hotel. I don't know the specific rate though I'd seen it published at one point, I just can't recall it.

The nicest hotel in Little Rock, the Capitol, which is located just across from the Peabody on Markham is closed for a $24 million renovation and that would certainly affect occupancy rates.

There generally has been a considerable improvement in the downtown LR hotel market because of the impact of the Clinton Presidential Library and associated graduate school and nonprofits. The city's convention business has been booming largely due to the Clinton Foundation's influence. Though a Courtyard by Marriott opened the major impact hasn't been by opening new hotels as much as improving existing hotels by thorough renovation and upbranding (such as conversion of the Comfort Inn to the Holiday Inn Presidential Center). The hotels in the River Market district or on Markham (i.e. within easy walking distance of the convention center and River Market district and sitting on the trolley line) seem to be doing very well with no occupancy issues. A Hilton Garden Inn is planned for the River Market District but nothing major yet.

There are struggling hotels, though. There is one on Broadway that was converted to a Radisson that struggled and had low occupancy and was bought by La Quinta and currently being converted. The issue there is that it is not a walkable distance from downtown attractions and really was a poor choice of a site for a nice hotel. There is a historic hotel (1915) named the Legacy that was fully renovated and is also a fair distance from the downtown attractions. I don't know how it is doing, I suspect it relies on business travelers and does fair but not as well as the others in a better location.

Any new hotels would really need to be near the strip on Markham/Clinton near the convention center and River Market to capitalize on the momentum of the downtown tourism resurgence.

Stephens' property, though, is prime. It's the optimal location.

[Aporkalypse]

Yes, I can see that it is desirable space, I'm just not sure that the city needs that at this point. Seems like the need for the Capital Hotel to complete it's renovation is high, but the other might be wishful thinking. I'd like to see convention business continue to escalate as this would be an impetus for the types of things you are discussing.

[mcheiss]

Did anyone see the article about the golf course, Alotian, in the Arkansas Business on-line. The course is ranked third in the country. What Stephens does downtown, I'm sure, will follow along the same lines of quality. But it will be some time before anything happens, probably at least 2 or 3 years.

I believe the plans for a new Rep being built on that vacant half-block were scrapped and it was to be in renovated buildings across from the old Center Theate, which would have been converted to practice space. I wish he would continue with the old plans for the Center and turn it into an art-house with cafe/bistro.

[LIT uPP]

You know, it's so perfect I just assume that's what will happen until I see otherwise. I'm glad Stephens is the one that owns the land.

It's the perfect spot for a signature high-rise hotel. Main and Markham is the city's prime location.

[Architect]

Have patience. (No pun intended - you being a doctor.)

Our patience will be rewarded. When? That depends on Mr. Stephens. As we all know, his projects are first class, and when he does decide to make an announcement, the project will have been worth the wait.

By the way, a large hotel is a VERY good assumption as one of the components for the vacant space.

[theman]

Hotel occupancy increased 12% from 2004 to 2005 despite addition of a new hotel. I don't know the specific rate though I'd seen it published at one point, I just can't recall it.

The nicest hotel in Little Rock, the Capitol, which is located just across from the Peabody on Markham is closed for a $24 million renovation and that would certainly affect occupancy rates.

There generally has been a considerable improvement in the downtown LR hotel market because of the impact of the Clinton Presidential Library and associated graduate school and nonprofits. The city's convention business has been booming largely due to the Clinton Foundation's influence. Though a Courtyard by Marriott opened the major impact hasn't been by opening new hotels as much as improving existing hotels by thorough renovation and upbranding (such as conversion of the Comfort Inn to the Holiday Inn Presidential Center). The hotels in the River Market district or on Markham (i.e. within easy walking distance of the convention center and River Market district and sitting on the trolley line) seem to be doing very well with no occupancy issues. A Hilton Garden Inn is planned for the River Market District but nothing major yet.

There are struggling hotels, though. There is one on Broadway that was converted to a Radisson that struggled and had low occupancy and was bought by La Quinta and currently being converted. The issue there is that it is not a walkable distance from downtown attractions and really was a poor choice of a site for a nice hotel. There is a historic hotel (1915) named the Legacy that was fully renovated and is also a fair distance from the downtown attractions. I don't know how it is doing, I suspect it relies on business travelers and does fair but not as well as the others in a better location.

Any new hotels would really need to be near the strip on Markham/Clinton near the convention center and River Market to capitalize on the momentum of the downtown tourism resurgence.

Stephens' property, though, is prime. It's the optimal location.

[skirby]

When this property was first developed as a Holiday Inn, the location made sense. It was near the CBD and I don't think the convention center had been built yet (someone can correct me if I'm wrong) so you didn't have that convention aspect to worry about. Now, the best place to develop a hotel downtown is near the convention center or in the River Market to be close to the Clinton Library, Heifer and all the other development going on down there.

La Quinta's $4 million investment maybe the best thing for that property. Converting it to a limited service hotel may be best because of its location. It can attract some business travelers and those who may want to stay downtown, but not pay the price of a Peabody, Capitol, Doubletree or Courtyard.

That being said, downtown is actually loosing some hotel rooms because of the renovations of the Capitol and La Quinta. If LR wants to continue to grow as a convention city and to host big time sporting events (NCAA Regionals, SEC Womens Tournament, etc.) it is going to need more hotel rooms, specifically more full service hotel rooms.

[Aporkalypse]

Interesting point about hotel rooms in downtown LR. I think there are fewer rooms now than there were in the 1960's.

[skirby]

An interesting quote from a recent article about Warren Stephens in the Arkansas Times: "Stephens insists he does not have an overarching plan or specific goals for developing his downtown properties. Rather, he is waiting for good ideas and other sources of financing." It says he thinks the city of Little Rock should commit some money to the development of downtown. I don't see this happening anytime soon and I'm not sure what kind of tax supported projects he is thinking about.