The Promenade At Chenal

[Architect]

13 minutes ago, SangreRaVen said:

That has just been a rumor so far... Nothing official yet unless I missed something.

Perhaps, though I suppose it was legitimate enough to make the news (DemGaz).

[OzarkSingleSpeed]

22 hours ago, Architect said:

However, there are none to be found in Shreveport, Jackson, Des Moines, NWA, or even Atlanta (save for the airport).

Northwest Arkansas (NWA) actually has two 'Pei We Asian Diner' locations ... the restaurant in Rogers on Pauline Whitaker Parkway opened in 2015 and the location in Fayetteville on the 'University of Arkansas' campus (only the second on campus location in the USA) opened this year.

[Architect]

Northwest Arkansas (NWA) actually has two 'Pei We Asian Diner' locations ... the restaurant in Rogers on Pauline Whitaker Parkway opened in 2015 and the location in Fayetteville on the 'University of Arkansas' campus (only the second on campus location in the USA) opened this year.

Ah, you’re right! My bad...I now remember that being added recently. However, Google only shows the Rogers location.

 

 

Sent from my iPhone using Tapatalk

[LRretail]

On 8/23/2018 at 5:02 PM, Architect said:

Perhaps, though I suppose it was legitimate enough to make the news (DemGaz).

Ruth Chris has been negotiating with Del Frisco's on the terms of their deal.  The rent factor at Del Friscos was very high.  I'm sure Ruth Chris is trying to negotiate as much of a discount on the rent with Del Frisco's subsidizing as much of it as they are willing to.  Ruth Chris has been interested in Little Rock for a number of years but the big kink in the deal has always been their demand of $900k in tenant improvement money from a landlord or seller.  That is what killed the deal at every venue they've gone to.  But with Del Friscos buying, building, and now closing this location in promenade, Ruth Chris has finally found their deal to get open.  From what I am hearing, the deal is very close to being done if not already completed.  

[jcaruth]

Surprisingly The Tavern has closed...I’ve heard a strong rumor that Lost 40 will be taking over this location which would be an upgrade if true. 

[SangreRaVen]

Wow... But yeah if they do it should get a decent bump.

 

-R

Edited November 3, 2018 by SangreRaVen

[Arkanzin]

On 11/2/2018 at 3:26 PM, jcaruth said:

Surprisingly The Tavern has closed...I’ve heard a strong rumor that Lost 40 will be taking over this location which would be an upgrade if true. 

Not surprising to me.  I will miss their chicken wings.  Hands down, the best in town.  

[SangreRaVen]

The food was not bad most of the time and it was a nice place for sure. Service was hit and miss, same thing with if they were busy or not.. sometimes they were busy and others they were dead, I think the theater opening again helped some for sure. Will be curious to see what Lost 40 goes with if they actually do take that spot. 

 

-R

[theman]

On 11/2/2018 at 3:26 PM, jcaruth said:

Surprisingly The Tavern has closed...I’ve heard a strong rumor that Lost 40 will be taking over this location which would be an upgrade if true. 

According to the Democrat-Gazette restaurant transitions article on Thursday Lost 40 will not be taking over the Tavern spot. But also according to the article active lease negotiations are on going.

[SangreRaVen]

Now I am curious who they can land for the spot if anything.. For a premium center it is not good to have so many empty spaces like they do.

 

-R

[Architect]

3 hours ago, SangreRaVen said:

Now I am curious who they can land for the spot if anything.. For a premium center it is not good to have so many empty spaces like they do.

 

-R

Internet.

[ArkansasTraveler]

On 11/12/2018 at 11:52 AM, SangreRaVen said:

Now I am curious who they can land for the spot if anything.. For a premium center it is not good to have so many empty spaces like they do.

What concerns me is that significant portions of the shopping center have never been occupied, even 10 years into its life.

[SangreRaVen]

Agreed, several spots have never been filled.

 

-R

[Architect]

7 hours ago, ArkansasTraveler said:

What concerns me is that significant portions of the shopping center have never been occupied, even 10 years into its life.

True, though admittedly there's been little turnover with existing tenants, and even some solid new ones in the past year.  I think the lack of momentum on filling ALL the spots is driven by both its remoteness and lack of an anchor tenant (Dept. store).

[SangreRaVen]

A major anchor is a big miss for sure.. hopefully they can fill in some of the gaps soon.

[LRretail]

On 11/16/2018 at 4:04 PM, Architect said:

True, though admittedly there's been little turnover with existing tenants, and even some solid new ones in the past year.  I think the lack of momentum on filling ALL the spots is driven by both its remoteness and lack of an anchor tenant (Dept. store).

Some spaces I don't believe will ever be occupied on the side where Homegoods is located unless something else besides the Homegoods is placed there.  The theater is obviously a big driver but has changed hands twice since it's been opened.  I'm thankful AMC bought it but it's never seemed like it's full of customers.  I frequent the theater several times a month and there's never very many people there when I take my kids to watch a movie.  Location perhaps might get better with time.  I'm encouraged by the activity in Chenal.  More rooftops being built no doubt helps. 

[EJC]

1 hour ago, LRretail said:

Some spaces I don't believe will ever be occupied on the side where Homegoods is located unless something else besides the Homegoods is placed there.  The theater is obviously a big driver but has changed hands twice since it's been opened.  I'm thankful AMC bought it but it's never seemed like it's full of customers.  I frequent the theater several times a month and there's never very many people there when I take my kids to watch a movie.  Location perhaps might get better with time.  I'm encouraged by the activity in Chenal.  More rooftops being built no doubt helps. 

I wonder if the incoming Aloft, being adjacent to this development, will ultimately help out somewhat with this property.

[Architect]

1 hour ago, EJC said:

I wonder if the incoming Aloft, being adjacent to this development, will ultimately help out somewhat with this property.

Yes....totally agree about the Aloft being a driver for some traffic.

[Aleck]

4 hours ago, EJC said:

I wonder if the incoming Aloft, being adjacent to this development, will ultimately help out somewhat with this property.

Has anything been said/done about the Aloft? Have they started construction yet?

[adman0468]

The center just never seems to have the momentum to get close to full occupancy. Driving through there the other day for the first time in a while, I saw the following spaces empty or soon-to-be:

 

The Tavern

Del Frisco's

Charming Charlie's

The photo place

Paul's Shoes

Just Dogs

Pei Wei

 

That's a lot of empty space to fill, especially when you add in the completely undeveloped areas. 

[ecity3138]

1 hour ago, adman0468 said:

The center just never seems to have the momentum to get close to full occupancy. Driving through there the other day for the first time in a while, I saw the following spaces empty or soon-to-be:

 

The Tavern

Del Frisco's

Charming Charlie's

The photo place

Paul's Shoes

Just Dogs

Pei Wei

 

That's a lot of empty space to fill, especially when you add in the completely undeveloped areas. 

The lack of dense population and visibility to a major freeway is a major blow to the shopping center attracting and maintaining  retailers. The center is in a less dense part of town with no daytime traffic on weekdays. The center would been much better if it had located at the Shackleford Crossing site where it is highly visible and more dense part of town.

[LR501]

3 hours ago, adman0468 said:

The center just never seems to have the momentum to get close to full occupancy. Driving through there the other day for the first time in a while, I saw the following spaces empty or soon-to-be:

 

The Tavern

Del Frisco's

Charming Charlie's

The photo place

Paul's Shoes

Just Dogs

Pei Wei

 

That's a lot of empty space to fill, especially when you add in the completely undeveloped areas. 

I definitely agree that the center has suffered a lot of losses recently, but FWIW the Just Dogs store is definitely still there. I was dragged to pet photos with Santa the other day and there was a line out the door. Unless someone knows about a future closing..

Also to note, the jewelry store in the middle of the center (Kenneth Edwards I think) is closing.

Update: And upon review, the dogs store is indeed closing, which is unfortunate. They were one of the original tenants if I remember correctly.

Edited December 15, 2018 by LR501

[adman0468]

On 12/14/2018 at 5:52 PM, LR501 said:

I definitely agree that the center has suffered a lot of losses recently, but FWIW the Just Dogs store is definitely still there. I was dragged to pet photos with Santa the other day and there was a line out the door. Unless someone knows about a future closing..

Also to note, the jewelry store in the middle of the center (Kenneth Edwards I think) is closing.

Update: And upon review, the dogs store is indeed closing, which is unfortunate. They were one of the original tenants if I remember correctly.

Yes, they were one of the original tenants. 

I had seen that Kenneth Edwards was closing, forgot to mention that.

After the holiday season, it may lose another one that hasn't announced anything. We'll see.

[SangreRaVen]

They are going to have to figure something out, having all those empty spots does not look good. Also the more empty spots in one area, the less traffic which can also lead to other concerns. 

[LRretail]

On 12/13/2018 at 6:39 PM, EJC said:

I wonder if the incoming Aloft, being adjacent to this development, will ultimately help out somewhat with this property.

The Aloft has already started construction on the southern end of Bank OZK.  It may be a traffic driver for people wanting to stay in an Aloft but the project is $15M with over 120 rooms.  That translates to about a $90k/month mortgage.  That is HUGE.  You have to selling a ton of rooms every night to make any profits.  It makes me a little worried because there's not alot of folks outside of the Downtown LR area that will spend $140/night to stay at a hotel no matter where in the city it is.  It used to be that part of the allure of staying at Aloft was that there are not many Starwood Hotel properties in Little Rock besides the Four Points Sheraton in Midtown.  But since Marriott bought Starwood, the Aloft brand has suddenly found itself amongst a bunch of sister Marriott properties.  So it's not as significant to stay at an Aloft as it once was to get SPG points instead of Marriott points.  

The Aloft will also have to fend off the Tru by Hilton property that is going to be built in 2019 behind the Walgreens on Chenal/Wellington.  

Not many people know that the main cause of unsuccessful businesses in the Promenade (the list is long and distinguished at this point) is the highest rent factor in Little Rock in a shopping venue that has the least amount of traffic during certain seasons.  It's not centralized in location and so it has to be a destination for some.  I'll drive to Chenal if I'm elsewhere in the city to go to the Apple Store or the Nike outlet.  But not Urban Outfitters or VS or any of the other stores that already have stores in Park Plaza, etc.  Since the Nike outlet is going to the outlet mall by Bass Pro, there might be little reason to go to Promenade besides Apple.