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Downtown LR outside the River Market area


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Tower Investments, the real estate firm from Woodlands, California, has decided to sell the Boyle, Arkansas, M.M. Cohn, and YMCA buildings in downtown Little Rock and focus their attentions on more promising markets in which they hold development property. In the mid-2000s the company purchased those properties and the Lafayette building. They renovated the Lafayette into a mixed-use condo/office building and had plans to do the same with the other buildings. As most of us know, the Boyle, Arkansas, Cohn, and Lafayette buildings were to become the “Lafayette Square” development. The growth and development of the River Market District has never spread to the Main Street corridor, as Tower had anticipated, and now they are giving up on their plans. Even if the recession had not materialized, I doubt that Main Street would have seen the redevelopment that the River Market has, and I seriously doubt it will happen within the next ten years.

As an interesting side note: The Wall Street Journal focused on the Little Rock real estate market a few years ago and mentioned Tower’s plans for Lafayette Square. They even included the artist’s rendering of the finished product.

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Tower Investments, the real estate firm from Woodlands, California, has decided to sell the Boyle, Arkansas, M.M. Cohn, and YMCA buildings in downtown Little Rock and focus their attentions on more promising markets in which they hold development property. In the mid-2000s the company purchased those properties and the Lafayette building. They renovated the Lafayette into a mixed-use condo/office building and had plans to do the same with the other buildings. As most of us know, the Boyle, Arkansas, Cohn, and Lafayette buildings were to become the “Lafayette Square” development. The growth and development of the River Market District has never spread to the Main Street corridor, as Tower had anticipated, and now they are giving up on their plans. Even if the recession had not materialized, I doubt that Main Street would have seen the redevelopment that the River Market has, and I seriously doubt it will happen within the next ten years.

As an interesting side note: The Wall Street Journal focused on the Little Rock real estate market a few years ago and mentioned Tower’s plans for Lafayette Square. They even included the artist’s rendering of the finished product.

Not surprising whatsoever. I would also go as far as to say that it had a lot to do with the type of product they offered as it did the location, though location (and lack of viable parking) was by far their main issue. It's too bad that it hasn't worked out well for them.

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Hopefully a local developer will pick it up and know how to make it work. Maybe apartment homes? Also, I think that there needs to be some focus on the Main Street area, but I think it willl take somebody like Stephens or somebody like that.

What about the extension of the trolley down main st?

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Hopefully a local developer will pick it up and know how to make it work. Maybe apartment homes? Also, I think that there needs to be some focus on the Main Street area, but I think it willl take somebody like Stephens or somebody like that.

What about the extension of the trolley down main st?

That's the problem there is no focus for Main St. or what it should become. I don't know if Stephens is that interested anymore. Although he is a major property holder time slips away on vacant buildings and they end up being turned into vacant lots. Look at the difference across the River on Main. There is a concept of what the future might hold and the stakeholders are working towards that goal. The city as well as private investors are working together and I don't see that happening in LR.

As for the trolley that will be a few years down the line because the next expansion will be in NLR.

I think any type of living on Main will only come after other projects are developed. What I don't like to see are vacant buildings waiting to be redeveloped. Why don't developers find short term uses for these buildings. An example would be to turn the Arkansas Building at 6th and Main into studios for visual artists. Being across the street from the REP would make a good fit. I understand the building's interior is in pretty good shape. Also, turn the Boyle Building into office space for start ups. There might even be some type of grant money available for something like this. Both of these would create an environment of activity that an office building for state workers does not.

That's my two cents on Main.

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  • 1 month later...

Saw some people putting a sold sign up on the old YMCA Building a couple days ago. I have seen a lot of people looking around it and going in and out in the last month or so. Any word on who might have bought it and for what?

Arkansas Business reports that the parking lot across 6th Street has been purchased from the YMCA owners for $925,000. The new owners are Buckhead Investments LLC of Atlanta. To me paying almost a million dollars for a parking lot is a little excessive unless you have plans to do more than collect parking fees.

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Saw some people putting a sold sign up on the old YMCA Building a couple days ago. I have seen a lot of people looking around it and going in and out in the last month or so. Any word on who might have bought it and for what?

The Arkansas Times is reporting the YMCA building has been sold but offers no further information at this time.

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The former KARK-TV building located on Third between Louisiana and Center has been sold. The 107,000 sq. ft. build will be demolished and used as a parking lot. The new owners say their long term plans are to build an office building with a parking deck. I always thought this would be a good location for a hotel/condo project because of its location. Just two blocks from the Peabody and Convention Center, to the north, and two block to Capitol Avenue, to the south. It is also located within one block of the River Rail. For a visitor it would be an easy walk to the CBD or to the River Market on foot or by the trolley.

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The former KARK-TV building located on Third between Louisiana and Center has been sold. The 107,000 sq. ft. build will be demolished and used as a parking lot. The new owners say their long term plans are to build an office building with a parking deck. I always thought this would be a good location for a hotel/condo project because of its location. Just two blocks from the Peabody and Convention Center, to the north, and two block to Capitol Avenue, to the south. It is also located within one block of the River Rail. For a visitor it would be an easy walk to the CBD or to the River Market on foot or by the trolley.

That's disappointing. I'm not sure I see the point in demolishing it right away- if it's the building I'm thinking of, it's really not in that bad of shape- you'd think they'd have a more suitable short term use than a parking lot. Oh well- as long as the long-term plans for some density play out in that spot, that'll be good for that area of downtown. Maybe the parking lot across the street from it could still be a hotel/condo project someday. I do agree that the position seems great for it.

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The Arkansas Times is reporting the YMCA building has been sold but offers no further information at this time.

Arkansas Times is now saying that Deseo out of Jonesboro has bought the building and has plans for office space on the first floor. Work should start within the next few months.

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The former KARK-TV building located on Third between Louisiana and Center has been sold. The 107,000 sq. ft. build will be demolished and used as a parking lot. The new owners say their long term plans are to build an office building with a parking deck.

Two of the partners in the development company that plans to redevelop this property are Sam Alley, CEO of VCC general contractors, and Greg Hatcher, head of a sizable local insurance company. VCC’s headquarters are in an old building just north of the old KARK complex, across 3rd street and a surface parking lot. Even though the planned office complex is most likely years in the future, it will be interesting to see if VCC and Hatcher move their respective HQs to that building. VCC has a national footprint, and Alley may be wanting a home facility that is more modern and impressive to clients who visit on business. Hatcher has recently moved into office space near Third and Louisiana. If the new building is to have any real verticality beyond two or three floors, you would think that the office space would need to rise on the eastern half of the property, so as not to butt up against the Tower Building – or have tenants staring at each other a few feet apart. I hope that if this project is built, it will be a source of pride for downtown. I think that is one of the goals for these developers.

If nothing else, the old buildings should be gone a year from now.

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Well...that's anticlimactic. Maybe it will eventually be mixed-use (residential above)?

They're saying office and commercial is their long term plan, and they seem to have had some interest from potential tenants already. There is an article up on the Democrat Gazette's website about the new owners plans for the building- exciting news overall. It's always good to see a historical downtown building given new life.

http://www.arkansasonline.com/news/2010/aug/28/downtown-ymca-buyers-plan-office-retail-s-20100828/

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  • 3 weeks later...

In addition to the above post, which I'm also curious about, the building at 400 S. Louisiana sold recently for $500,000. (At the corner of Louisiana and 4th.) Any ideas about plans for that building, or is it just changing hands? A picture from streetview of the building is at the link below.

http://maps.google.com/maps?ie=UTF8&q=400+S.+Louisiana+Street,+Little+Rock,+AR&fb=1&gl=us&hnear=&cid=0,0,17499901458636724785&ei=s42XTK30G4G8lQfex_H6Bg&ved=0CBcQnwIwAA&hq=400+S.+Louisiana+Street,+Little+Rock,+AR&ll=34.745038,-92.27217&spn=0,0.001805&z=19&layer=c&cbll=34.745135,-92.272152&panoid=b_FBoOU1lz6OUxaeyP3CpA&cbp=12,291.328449,,0,-7.670407&photoid=pg-ZK6TQCnGAKR2yyR2Q5EndQ

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In addition to the above post, which I'm also curious about, the building at 400 S. Louisiana sold recently for $500,000. (At the corner of Louisiana and 4th.) Any ideas about plans for that building, or is it just changing hands?

According to Arkansas Business, insurance executive Greg Hatcher purchased the building. As I mentioned in my previous post, he is partnering with the CEO of VCC Contractors in the purchase of the half-block that includes the former KARK building.

It is interesting to note the multiple real estate transactions within such a concentrated area and within such a relatively short amount of time, not to mention the involvement of the same players. It almost makes you think that something big is being planned. If these buildings were adjacent to one another, I would believe that even more, as their demolition would create a large enough footprint for a major project. According to the developers, the KARK property is slated to eventually become an “office building with a parking deck.” That doesn’t necessarily mean an office tower. It might be a relatively small-scale project.

You could be right about 400 South Louisiana. It might just be changing hands as an investment property. And who knows what the future holds for the site of the building being demolished. Is that a part of the Alley-Hatcher plans? Not sure.

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Thanks for the info/input! It is interesting that there's been a whole lot of buying/changing hands going on in that area recently, and I can't see it being a bad thing. It would be nice if some larger projects are in their long term plans, but even occupancy in some of those places for the time being is a big improvement. As for the KARK property, I think it'd be a mistake for them to go low density, or there's no point in getting rid of the building there now. If they're willing to pay to demolish it instead of renovate it, I can't see it being very cost effective for them unless they make at least a mid-rise tower project there.

What's interesting to me is how tight lipped people have been about projects recently. Maybe it's because they don't want to get hopes up if the money for their projects doesn't come through (as so many developers did a few years back), but it's still surprisingly hard to get details about these projects and transactions lately. Maybe people in NWA were just weren't very good at keeping secrets :P .

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What's interesting to me is how tight lipped people have been about projects recently. Maybe it's because they don't want to get hopes up if the money for their projects doesn't come through (as so many developers did a few years back), but it's still surprisingly hard to get details about these projects and transactions lately. Maybe people in NWA were just weren't very good at keeping secrets :P .

We're just a bunch of newbies up here. :lol:

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  • 3 weeks later...

Saw this on the Arkansas Business.com website today:

Dual Downtown Buy

Adjoining properties in downtown Little Rock changed hands in a combined $675,000 transaction.

207 West 3rd Development LLC, led by Sam Alley and Greg Hatcher, purchased the 61,000-SF KARK Building at 201 W. Third St. for $550,000.

The 0.36-acre KARK property was bought from the heirs of Cora Moore and the heirs of O.D. Tucker Sr., whose families had owned the location for more than 85 years.

The limited liability company also bought the 46,000-SF former First National Bank operations center at 207 W. Third St. for $125,000 from Regions Bank of Birmingham, Ala.

The deal is financed with a five-year loan of $1.2 million (which includes $583,000 for asbestos abatement) from Simmons First National Bank of Pine Bluff.

Regions acquired the 0.3-acre First National property for $650,000 in April 2002. The sellers included Adolphine Terry, Joseph Terry, Elizabeth T. Foti, Susan T. Borne, Ellen Terry, Mary Yatsevitch, Michael Yatsevitch, Margaret Yatsevitch, Stephanie Yatsevitch, McGregor Yatsevitch, Leonard Drennan Jr., Oliver Terry and Tonya T. Smith.

-There's been a lot of buying (and some demolishing) downtown lately, and a lot of it involves the same people... any ideas on what the plan is?

Edited by thewizard16
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  • 2 months later...

Arkansas Business reports today of a plan to construct a five-story office building and a parking deck at 1417 West Sixth Street, which appears to be just south of the Victory Building and just east of the State Capitol complex. A complaint has been filed against the Capitol Zoning District Commission, because of the criteria it used to grant a height variance for the project. The advertising, marketing and public relations firm Cranford Johnson Robinson Woods is among the rumored tenants for the new building.

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