Six-Story Office Complex Planned for Pinnacle Hills

Six-story Office Complex Planned for Pinnacle Hills

Gary Combs, Carla Tyson, John Tyson, J.B. and Johnelle Hunt and John Q. Hammons are partners in a six-story, 96,000-SF office tower going up at Pinnacle Hills in Rogers.

The $11 million project will be on 3.5 acres and will coincide with the 10-story, 250-room Hotel Charlevoix, a Marriott Renaissance Resort that Hammons will begin construction on May 1. Arkansas Highway 94, also known as New Hope Road, will be widened to four lanes from Interstate 540 at Pinnacle Hills to the intersection of Arkansas Highway 71 Business in Rogers.

Seventy-five acres on the property is still for sale at $10 to $15 per SF.

The 3.2-mile stretch of New Hope Road connecting 71-B and I-540 will be acquired by Rogers from the state for $1 million.

Rogers Mayor Steve Womack said the state had agreed to do the $10 million project of four-laning the stretch of New Hope Road, including taking out the “S” curve. Womack said the new road would help connect the new part of Rogers with the old.

Jonathan Barnett, a state highway commissioner from Siloam Springs, helped push through the proposal in which Rogers agreed to take the stretch from the state and make it a city street.

Womack expects the final designs on the road to be issued this year and bidding to begin in early 2002.

In addition, Combs, Carla Tyson and J.B. Hunt have purchased 200 acres from Steve Clary on the east side of I-540 in Rogers. Combs said there would be an announcement soon on what development is planned for that property, across I-540 from Pinnacle Hills.

Presbyterian Church to Add Much Space

First United Presbyterian Church of Fayetteville on Jan. 16 got a loan of $2.1 million from Bank of Fayetteville to add two buildings and enlarge an existing facility.

The church, founded in 1830, has been at its current location at 695 Calvin St. near Mission Boulevard and Old Wire Road since 1958. It has a congregation of 687 members.

May Construction Inc. of Fayetteville is the general contractor on the project.

The additions will include an activities center on the south side of the existing facility and a new office building on the north side. Also, the sanctuary and gathering space will be enlarged. There is 15,000 to 20,000 SF of structure being added to the church.

The project is to be completed by February 2002.

Commerce Centre to Add Another Building

Commerce Plaza LLC, consisting of Mark Marquess, Rick McCullough, Dan Dykema, Collins Haynes and Vic Evans, on Jan. 9 secured a loan of $1.65 million from Great Southern Bank of Springfield, Mo., for a new executive office building in Bentonville.

The 21,000-SF building will be added to Commerce Centre, where there are currently nine buildings with another one planned for a total of 145,000 SF. Commerce Plaza LLC owns all but two of the buildings, which are just south of U.S. Highway 71 Business and Arkansas Highway 102.

The new Bentonville Post Office will be at Commerce Centre. Ruby Tuesday and Burger King restaurants are already on site, with a new Village Inn to open soon.

Marquess said the new office building was necessary since almost all the previous space is leased. Construction has just begun.

Combs, Goff Trade Real Estate Properties

D.C. Goff has traded 381 acres on Dead Horse Mountain Road near Stonebridge Meadows Golf Club in Fayetteville and an undisclosed amount of cash to Gary Combs for Checkerboard Square Properties in Springdale.

The financing was done through both Arvest McIlroy Bank of Fayetteville and Simmons First Bank.

Checkerboard Square, behind Signature Square, has five warehouses with 24 units altogether for a total of 57,000 SF. Twenty percent of the space is already leased. Tim Graham will continue to lease and manage the property. The warehouse space had been priced at $37.50 per SF.

Combs purchased the acreage to join 80 acres he already owns. The land was priced at $6,000 an acre, $3,000 an acre on the floodplain. Combs and his wife, Carla Tyson, have future plans to build a home on the land.

Goff still owns about 225 acres in various locations around Stonebridge Meadows.

Lowell Subdivision Continues to Grow

Red Rock Development Inc. on Jan. 19 got 19 separate loans totaling $1.14 million from J.B. Hunt LLC to build more houses in the Southfork subdivision in Lowell.

Homes in Southfork range from $75,000 to $90,000 and are about 1,800 SF.

Tim Graham, president of Red Rock, purchased the 55 acres for Southfork originally from J.B. Hunt, founder of J.B. Hunt Transport Services Inc.

Brandon Continues Vigorous Development

Gary Brandon of Gary Brandon Enterprises on Jan. 11 got eight loans totaling $808,692 from Community Bank to build new homes in northwest Springdale.

The homes, on Pinewoods Road and Tandem and Crazy Eight streets, will be about 1,700 SF each and will be priced at about $139,000 each. They are expected to be completed by May.

Brandon is also building two new homes in the Pinewoods subdivision, near Smith Elementary School and Interstate 540 in northwest Springdale.

Those homes will be about 2,800 SF each and will be priced at $265,000 each. One of the homes will be finished in June, with the other to be completed in July.

Brandon originally developed Pinewoods, a 57-acre tract bordering Washington and Benton counties. Homes at Pinewoods have a minimum requirement of 2,000 SF. The development will feature a jogging trail, swimming pool and gazebo.

Knight Building Pinewoods Homes

John Knight of John Knight Construction on Jan. 18 got two loans totaling $380,800 from First Federal Bank of Arkansas in Harrison to build two Springdale homes.

The homes are in the Pinewoods subdivision in northwest Springdale near the Elm Springs Road and 40th Street intersection. One is on Longwood Street and the other on Cherrywood Avenue. The houses will be about 2,650 SF each and will be priced at about $235,000 each. The target for completion is August.