River Market Tower/Place

[jcmcclure77]

The Hampton Inn & Suites will open on Friday 10/10/08.

[skirby]

Pictures of the River Tower. The tower crane is now gone. I wonder how long it will be before another shows up downtown?

Work on the parking deck.

I thought more glass would have been installed since last month.

[skirby]

Pictures from today.

[ndark]

Thanks for the pics skirby.

I really like the top one. The way the buildings look with the reflections of the buildings and sky in the glass and how clean it looks almost makes it look like a rendering it looks so good.

[skirby]

A few pictures from today of the 300 Third and the River Market Tower.

[skirby]

The east side of the tower is about finished. If they planted some trees on the south side of 3rd it would be a very nice view.

[skirby]

River Market Place's own urban park under construction.

[skirby]

Soon to be finished.

[skirby]

More work on the has been done.

The west side of the tower.

[skirby]

Not too much work left to be done.

New addition at the entrance to the park.

[johnnydr87]

I've driven around Little Rock and coming in from I-30, the skyline is starting to look very dense with these towers.

The towers look equally stunning coming down on third from the Capitol...

Thanks for the pics btw, they revitalize dying threads...

[adman0468]

On the Tower's website, you can click on each floor to view the floor plans and see how many units on each floor are still available. According to the site, the tower has the following % of sold units:

Lofts (lower floors, more urban feel) 12 sold, 53 more available.

Residences (upper floors, more upscale) 15 sold, 46 more available.

Penthouses (top two floors, larger and more expensive) 3 sold and 8 available.

This is an occupancy rate of about 22%, although I will say that the 3 penthouses which have sold are huge, so the actual % of space sold is probably a little higher maybe. To me, the numbers seem low, even allowing for the down economy. Any projections on how long it's going to take to get this building to a decent occupancy? I'm thinking many years/never.

[skirby]

On the Tower's website, you can click on each floor to view the floor plans and see how many units on each floor are still available. According to the site, the tower has the following % of sold units:

Lofts (lower floors, more urban feel) 12 sold, 53 more available.

Residences (upper floors, more upscale) 15 sold, 46 more available.

Penthouses (top two floors, larger and more expensive) 3 sold and 8 available.

This is an occupancy rate of about 22%, although I will say that the 3 penthouses which have sold are huge, so the actual % of space sold is probably a little higher maybe. To me, the numbers seem low, even allowing for the down economy. Any projections on how long it's going to take to get this building to a decent occupancy? I'm thinking many years/never.

The original plans were for the following:

Lofts 66 units

Residences 64 units

Penthouses 10 units

Some of the units were combined:

Lofts 66 units

Residences 58 units

Penthouses 9 units

Of the original 140 units 33 have been sold.

I don't know if the website is up to date or not. I don't think anything has changed since the start of the year. If the ground floor spaces were occupied then I think the building will have a greater chance of selling units. It might not be a bad idea to use the Lofts units as rentals for a period up to five years.

[bchris02]

While I like these towers and the feel they give to downtown, I am not at all surprised they aren't selling. If I made the kind of money to afford one of these and I wanted to live the urban life, I wouldn't do it in Little Rock, Arkansas. I think these towers will eventually have to be rented out as apartments. The market demographic targeted by this tower would MUCH rather live in Chenal than downtown. There are people who would live downtown but there aren't currently any affordable options for them.

[Sammy00]

While I like these towers and the feel they give to downtown, I am not at all surprised they aren't selling. If I made the kind of money to afford one of these and I wanted to live the urban life, I wouldn't do it in Little Rock, Arkansas. I think these towers will eventually have to be rented out as apartments. The market demographic targeted by this tower would MUCH rather live in Chenal than downtown. There are people who would live downtown but there aren't currently any affordable options for them.

Is there anything you like about this dystopia we call Little Rock?

[bchris02]

Is there anything you like about this dystopia we call Little Rock?

How does me saying this isn't a big condo market (which is 100% the truth) equal me saying Little Rock is a dystopia? One or two towers would be suffice for this market. They went overboard and are most likely going to have to rent them out as apartments to ever make any money off of them.

[Architect]

How does me saying this isn't a big condo market (which is 100% the truth) equal me saying Little Rock is a dystopia? One or two towers would be suffice for this market. They went overboard and are most likely going to have to rent them out as apartments to ever make any money off of them.

Because the fact that they were built at all is a testament to the vibrancy/sophistication of this market.

I agree that these are beginning to push the limits of the market, but I can't comprehend pointing to these and being critical of the fact.

[turboturtle]

How does me saying this isn't a big condo market (which is 100% the truth) equal me saying Little Rock is a dystopia? One or two towers would be suffice for this market. They went overboard and are most likely going to have to rent them out as apartments to ever make any money off of them.

bchris02, I remember when you moved to LR from Fort Smith (I believe). Seems like you made a decision between NWA and LR with Dallas being a distant contender.

You do seem to have developed into somewhat of a LR-hater since coming to LR. At the very least, you make it clear it fails your expectations as the right city for you. My appreciation for LR grew after living other places.

[bchris02]

bchris02, I remember when you moved to LR from Fort Smith (I believe). Seems like you made a decision between NWA and LR with Dallas being a distant contender.

You do seem to have developed into somewhat of a LR-hater since coming to LR. At the very least, you make it clear it fails your expectations as the right city for you. My appreciation for LR grew after living other places.

Dallas was my first choice, but my family was really pushing for me to stay in NWA and I ended up getting a job offer in LR i couldn't refuse (which I then lost and am now working a much lower paying job). I am not a LR-hater, its just not the right place for me due to some qualities about me as a person. It really isn't a bad city in itself and especially for its size. Sometimes I just let my emotions get to me and I come off harder on the place than I really should be.

[Architect]

Dallas was my first choice, but my family was really pushing for me to stay in NWA and I ended up getting a job offer in LR i couldn't refuse (which I then lost and am now working a much lower paying job). I am not a LR-hater, its just not the right place for me due to some qualities about me as a person. It really isn't a bad city in itself and especially for its size. Sometimes I just let my emotions get to me and I come off harder on the place than I really should be.

bchris02 - I had forgotten about that...I know that has to be rough, and would certainly color my outlook as well. I hope you're able to sort it all out soon! Any potential prospects on employment?

[bchris02]

bchris02 - I had forgotten about that...I know that has to be rough, and would certainly color my outlook as well. I hope you're able to sort it all out soon! Any potential prospects on employment?

Nope. I am camping out here living paycheck to paycheck until the economy gets better.

[skirby]

The Arkansas D-G had an article yesterday about condo development in LR. In it Rett Tucker said that 38 of the River Market Tower units are under contract. He also said that they were "very close to commitment" on two of the buildings three retail spaces. They are talking with a pharmacy and a pub and grill to open by the fall.

Also, he said that 96 out of the 98 units in the 300 rd Tower were had been sold.

[skirby]

The Arkansas D-G had an article yesterday about condo development in LR. In it Rett Tucker said that 38 of the River Market Tower units are under contract. He also said that they were "very close to commitment" on two of the buildings three retail spaces. They are talking with a pharmacy and a pub and grill to open by the fall.

Also, he said that 96 out of the 98 units in the 300 rd Tower were had been sold.

The Green Earth Pharmacy & Wellness Center is under construction and will open in a few months and today it was announced that Dugan's Pub will open in early July.

[LIT uPP]

An article on the Arkansas Business website reports that Moses-Tucker predicts 50% occupancy for River Market Tower by mid-summer. That sounds a bit optimistic to me, but at least sales are increasing. Good news.

The article also mentions that the developers are in negotiations for the last bay of retail space on the ground floor.

[ndark]

Is there anything holding up the Irish Pub that is supposed to go in on the ground floor? There are signs up that say it will open by the summer but there has not been anything done on the inside yet at all.