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2012 New Development News
City Planning Commission OKs Student Housing Complex
City Planning Commission approved a 180-unit hilltop development geared towards the U of A's growing student population. The Vue will be a 656-bedroom complex to be built on Paris Avenue south of MLK Blvd overlooking the Fayetteville High School. The developer is Houston-based Park Green Properties. Park Green Properties is partnering with New Jersey-based University Student Living. Construction is expectetd to begin between May and June 2012 and will take about a year to complete. The two- and four-bedroom apartments will be ready for occupancy in August 2013. The development will be a combination of five-story podium building with parking underneath and three-story townhomes. The site is 19 acre in size.
Liberty Bank Groundbreaking
Liberty Bank had its groundbreaking ceremony in Fayetteville recently for a two-story, 22,000 SF flagship building near the intersection of Joyce Blvd and Vantage Dr. The new bank will be the largest of the Liberty Banks in the state and will house the region's administration, mortgage loan department and operations, and provide customer service for accounts, loans, investments and insurance needs. Construction is expected to be completed by November 2013. Howard R. Hamilton, the northwest regional president and chief operating officer, said the new center shows the bank's commitment to its customers in northwest Arkansas. Liberty Bank has 45 centers throughout Arkansas, including 10 locations in Northwest Arkansas. and is a wholly owned subsidiary of Liberty Bancshares Inc. with assets in excess of $2.8 billion. The new center will employ 35 people.
Area Agency on Aging Breaks Ground
Area Agency on Aging broke ground on a new location in Fayetteville. The new 4,980 SF office building to be constructed for $557,760 is located at 4332 N Waterside Court. The new branch office, expected to be completed in July 2012, will house 10-12 staff members. It will replace the agency's current office building, a 2,360 SF space located at 2325 Green Acres Rd. Area Agency on Aging Northwest Arkansas Inc. acquired the land from Zion Holdings LLC in June 2011 for $185,000.
Academy Sports + Outdoors Coming Soon to Fayetteville
Academy Sports + Outdoors could soon has its second store in northwest Arkansas. The sporting goods retailer has recently signed a letter of intent with developer Brent Mann of Houston's Vista Private Equity Group. Mann has a deal under contract to buy about 9 acres of land next door to Razorback Cinema in the Steele Creek area of uptown Fayetteville. If everything is in place, Mann's group will build the building and Academy will rent it from them. Academy currently has a store in Rogers, north of Fayetteville.
Fayetteville's Aldermen Approve Project Cleveland, a Student Housing Project
City aldermen approved zoning and development plans for Project Cleveland, a 122-unit and 450-bedroom apartment complex. The complex will be located near University of Arkasnas dormitories and Leverett Elementary School. Seth Mims, a partner with Springdale-based Specialized Real Estate Group, hopes the development will open in Fall 2014. It will be at the northwest corner of North Hall Avenue and West Cleveland Street.
Commission Approves Apartments
Fayetteville's Planning Commission gave approval to the second of two large-scale development requests from a team of Springdale developers. The projects will add more than 1,200 bedrooms in downtown Fayetteville. Eco Downtown, a 250-unit apartment complex, would be located south of Lafayette Street between West and Campbell Avenues. Currently, the property has an activity center and a parking lot for the University Baptist Church. Both Eco Downtown and 555 Maple, a similar development, are intended to provide pedestrian-friendly living options for people seeking the urban experience, according to Seth Mims, a partner with MC3 Multifamily, the developer. The 183-unit 555 Maple project is located northwest of Eco Downtown where there are two rental properties, a boarded-up church and the Maple Street Apartments are located.