Main Street, Downtown Little Rock.

[skirby]

Interesting article in the Arkansas Times on Main St. development or the lack thereof.

http://www.arktimes.com/ArkansasBlog/archives/2015/07/09/main-street-developer-puts-mm-cohn-hall-buildings-up-for-sale

This shouldn't be too much of a surprise. A month ago the developer said he might put the buildings up for sale because the state changed the way it offered tax credits. He was fine when he was getting $125k to $150k per floor but the amount was changed to that amount per project. Almost glad he will be getting out of the development because of the delays on his projects. The Klofts should have been opened sometime ago as well as his Main Street projects. I would like to see MT take over these buildings and work their magic. As far as the Aloft Chi has said they were having problems with the building redevelopment. It happens when you are working with an old building. Maybe he can work things out because I thought he had the financing taken care of.

[theman]

This shouldn't be too much of a surprise. A month ago the developer said he might put the buildings up for sale because the state changed the way it offered tax credits. He was fine when he was getting $125k to $150k per floor but the amount was changed to that amount per project. Almost glad he will be getting out of the development because of the delays on his projects. The Klofts should have been opened sometime ago as well as his Main Street projects. I would like to see MT take over these buildings and work their magic. As far as the Aloft Chi has said they were having problems with the building redevelopment. It happens when you are working with an old building. Maybe he can work things out because I thought he had the financing taken care of.

I agree with you about Reed and his lack of developing the properties he and his group have purchased. His K Lofts is now being held up because he can't get the appliances for them. Give me a break. The Democrat-Gazette said in an article today there was something else with the building itself that is holding it up. Like you I hope MT buys any or all of the properties and redevelops them. At least we would know that they would actually be redeveloped. As far as the Aloft I have heard the same thing about the problems and difficulties in the developing the Boyle Building. Hopefully those problems won't derail the project.

[skirby]

Open for business.

Across the street and to be ready next month.

The Arkansas Building.  Signs on the windows saying coming soon except for the Rep space. They were holding auditions in their space. Most the the space looks like it wouldn't take too much work to finish.

[thewizard16]

I'm impressed by how well those buildings turned out... Totally changes the look and feel of that corner, which is really an entrance to a revitalized Main Street, for the better. I look forward to checking them out the next time I'm in LR. 

[Architect]

I'm impressed by how well those buildings turned out... Totally changes the look and feel of that corner, which is really an entrance to a revitalized Main Street, for the better. I look forward to checking them out the next time I'm in LR. 

What's just as impressive is the streetscape.  Very, very nice.

[skirby]

Arkansas Times is reporting that Soul Fish Cafe out of Memphis is heading to the old Dundee's location on Main. This will leave only one vacant storefront on the west side of the 300 block of Main.

[LRU1967]

Arkansas Times is reporting that Soul Fish Cafe out of Memphis is heading to the old Dundee's location on Main. This will leave only one vacant storefront on the west side of the 300 block of Main.

This is good news for the block. Hopefully the wig store will go next and the K-Lofts will be finished. This block will be the best on Main Street.

[skirby]

Jones Film Video has moved into its new location on Main and in the process has changed its name to M-3 Productions.

It is a shame that the developer of the K-Loft project has had so many problems. I doubt he completes the project and it will be sold to someone who does.

[LRretail]

It is a shame that the developer of the K-Loft project has had so many problems. I doubt he completes the project and it will be sold to someone who does.

One of the other Main Street property owners has secured the old M.M. Cohn building.  Hopefully this allows some progress on that portion of Main Street.  The K Loft project will be dead in the water until the banks foreclose on the property and sell it to someone else.  I feel like the faster Scott Reed leaves town, the better off Main Street will be.  

[skirby]

Arkansas Times is reporting that Soul Fish Cafe out of Memphis is heading to the old Dundee's location on Main. This will leave only one vacant storefront on the west side of the 300 block of Main.

The owners have announced they plan to start work on the building in the next few weeks with a planned opening in early 2016.

[Architect]

Soooooo....is there any work happening on the aLoft hotel?

[skirby]

Soooooo....is there any work happening on the aLoft hotel?

The Arkansas Times mentioned last week that they understood  work has stopped until the buildings next to them on Main resume construction.

[Architect]

The Arkansas Times mentioned last week that they understood  work has stopped until the buildings next to them on Main resume construction.

Why would that matter?  That doesn't sound good.

[LRretail]

Why would that matter?  That doesn't sound good.

When Reed sold the Boyle to the group developing Aloft, he promised that the remainder of the 500 block of Main Street would have been finished.  He made a ton of promises to everyone, none of which he's fulfilled.  From everything I've read and heard, I do not believe he has any intention on completing a single project downtown.  In the defense of the Aloft's developer, you wouldn't build a million dollar mansion next to a slum would you?  The 500 block of Main will likely never be completed until Reed has sold those properties to someone that has the capability and the knowledge to actually finish them.  Cause it doesn't look like Reed has a clue about what he's doing.  His lack of ability to finish his work is clearly a detriment to Main Street and devalues the property around him.  

[Arkanzin]

When Reed sold the Boyle to the group developing Aloft, he promised that the remainder of the 500 block of Main Street would have been finished.  He made a ton of promises to everyone, none of which he's fulfilled.  From everything I've read and heard, I do not believe he has any intention on completing a single project downtown.  In the defense of the Aloft's developer, you wouldn't build a million dollar mansion next to a slum would you?  The 500 block of Main will likely never be completed until Reed has sold those properties to someone that has the capability and the knowledge to actually finish them.  Cause it doesn't look like Reed has a clue about what he's doing.  His lack of ability to finish his work is clearly a detriment to Main Street and devalues the property around him.  

Reed has a LOT of debt from other projects and, according to information I've read, is behind on most every loan.

[LRretail]

Reed has a LOT of debt from other projects and, according to information I've read, is behind on most every loan.

He doesn't use any of his own money.  His projects are almost always funded by some kind of government loan or subsidy.  There's nothing wrong with that.  However, if your projects aren't finished on time and/or done in an irresponsible way, there's never going to be that opportunity for other people to use those same resources.  All around, I call Reed's involvement in Downtown LR one of the worst failures I've seen in a long time.  I know he's trying to pull off the same type of tricks in Birmingham, AL.

http://www.al.com/news/birmingham/index.ssf/2015/04/a_return_to_grandeur_developer.html

I hope he doesn't mess up Birmingham like he's messed up on Main Street Little Rock. 

[LRretail]

This article came out in Arkansas Business today about the Cranfords and their agency opening in the Arkansas Building after having to do their own work that was originally promised by Reed.  Congrats to their new opening and I applaud their perseverance in all this crap they are having to go through.

http://www.arkansasbusiness.com/article/106702/cranford-co-makes-move-into-arkansas-building

[Arkanzin]

Here's the article I remembered:

Reed, taxes and debt

[skirby]

Saturday Oct. 3rd the 5th annual Main Street Food Truck Festival was held. This year it had over 45 trucks along with other activities. Last year the estimated attendance was 10k and so far this year the attendance has been estimated at 20k. After attending both years the number of people being there had to be at least twice that of last year. It took my wife and I at least an hour to walk between 3rd and 9th streets and back. We only stopped at one truck and ended up eating lunch at Samantha's Tap Room located in the 300 block of Main. The truck we stopped at was the Pie Hole and they reported they sold out after selling over 1000 pies. Main Street is looking nice with the development going on.

Starting at 3rd.

New addition of walkway to Main.

About the only thing south from this point was an Uber tent.

 

[Architect]

Saturday Oct. 3rd the 5th annual Main Street Food Truck Festival was held. This year it had over 45 trucks along with other activities. Last year the estimated attendance was 10k and so far this year the attendance has been estimated at 20k. After attending both years the number of people being there had to be at least twice that of last year. It took my wife and I at least an hour to walk between 3rd and 9th streets and back. We only stopped at one truck and ended up eating lunch at Samantha's Tap Room located in the 300 block of Main. The truck we stopped at was the Pie Hole and they reported they sold out after selling over 1000 pies. Main Street is looking nice with the development going on.

 

Nice shots.  We ALSO just ended up eating outside on the patio at Samantha's!!!  It was about 12:15 or so...

[skirby]

The Little Rock Tech Park is on schedule to purchase property in January and start construction of Phase I in March. Phase I will include the rehab of existing buildings in the 400 block of Main on the south east corner. Plans include a public coffee bar.

[skirby]

On 12/10/2015 at 9:02 AM, skirby said:

The Little Rock Tech Park is on schedule to purchase property in January and start construction of Phase I in March. Phase I will include the rehab of existing buildings in the 400 block of Main on the south east corner. Plans include a public coffee bar.

Closing is now February 1st with construction starting in early March with an opening in November.

[skirby]

On 6/19/2015 at 11:08 AM, skirby said:

More good news for Main Street. Bruno's will be opening a deli next door to its namesake restaurant  at 308 Main in the former Dundee's location.

Work finally started yesterday on the deli. I would say by spring it will be open.

[Architect]

On August 21, 2015 at 6:03 PM, skirby said:

The Arkansas Times mentioned last week that they understood  work has stopped until the buildings next to them on Main resume construction.

Any update on the Aloft?

[Arkanzin]

17 hours ago, Architect said:

Any update on the Aloft?

I thought this was pretty much a no-go.