Steele Crossing Juggles Hotels, Restaurants and Lots More Retail

At least one more hotel, a large retailer, and more restaurants are vying for space at Steele Crossing, the 309-acre mixed-use development just south of the Northwest Arkansas Mall in Fayetteville.

Sisters Marjorie Brooks and Nancy Rubeck, along with their sister-in-law Charlotte Steele, began developing CMN Business Park about 10 years ago. CMN Business Park I, which runs along Millsap Road on the south side of the Fulbright Expressway in north Fayetteville, has one lot left in it that belongs to the sisters.

CMN Business Park II, now referred to as Steele Crossing, has an estimated 70 acres sold for retail, restaurant and hotel development. Another 35 acres are devoted to roads and rights of way, and 38 acres are committed to preservation of the wetlands that run through the development. That’s 143 acres out of 309.

Lots in the development range from 4.5-30 acres. They sell for $4.50-$12 per square foot, depending on the size and location. With an estimated 166 acres remaining to sell, that equates to 7.2 million SF. So remaining land sales should bring $32.5 million-$86.77 million.

“We’ll split a lot if it makes sense for the developer and the surrounding development,” explained Michele “Micki” Harrington, attorney for the CMN landowners.

Construction has started on Bristol Park — a 272-unit apartment complex on the north end of Steele Crossing, just west of the mall. Construction Enterprises of Nashville, Tenn., purchased 15 building permits for the project on March 17. The project was valued at $6.45 million, according to the building permits.

Plans for an O’Charley’s restaurant on 1.26 acres at the intersection of Shiloh Drive and Steele Boulevard, near the Target store, were also announced recently.

A groundbreaking held June 6 for a four-story 113-room Courtyard by Marriott that is to be built on three acres just north of the Olive Garden restaurant.

Irwin & Saviers, the development company marketing Steele Crossing, has a few contracts pending for additional restaurants and retailers. Tommy L. Van Zandt, managing director of Irwin & Saviers, hinted that another “large retailer” is considering a Steele Crossing location but refused to elaborate. He said three additional restaurant chains, as well as another national hotel chain and “an entertainment component,” are considering locations.

Van Zandt said the upscale apartment complex will be gated and include all of the standard amenities. The developers of the complex are excited about the location with its surrounding retail development and proximity to Washington Regional Medical Center, he noted.

The little more than two miles of roads that run through Steele Crossing were completed in 2001, and since then, Irwin & Saviers representatives have been marketing the development. Harrington said that at least a couple of interested commercial property buyers were denied consideration based on the quality of development envisioned for Steele Crossing.

CMN sisters

The sisters who own the property inherited it from an aunt. They prefer that Irwin & Saviers and Harrington represent their interests in the public eye, but they stay constantly informed about the development plans.

Brian R. Shaw, managing director of Irwin & Saviers, said the sisters, whose first initials make up the CMN name, are involved enough that they approve architectural plans for buildings at Steele Crossing. All three sit on the architectural review committee for the development, along with Jim Irwin, partner in Irwin & Saviers.

They also helped set restrictive covenants for development within Steele Crossing. Harrington explained that those covenants include a strong requirement for brick or masonry exterior construction and minimum requirements on the quality of other construction materials.

“The three ladies stay very involved with the project on quality,” Harrington said.

Van Zandt noted with a chuckle that they “use the highest level of technology” to keep in contact.

The green-space corridor dissecting the development can be attributed to the vision of the sisters, Shaw said. Despite negative publicity early on in the development phase, Steele Crossing has taken a lot of steps to preserve that natural area, including the dedication of a 25-foot-wide easement for a walking trail to meander along Mud Creek.

The city is expected to build the walking trail, linking it with trails on the east side of U.S. Highway 71 Business. The trail will run beneath a highway overpass south of Joyce Boulevard, and the project is expected to start this year.

Plans are to start aggressively marketing Steele Crossing for office development, Shaw said. Several areas in the development have been earmarked for office development. The exact location of office versus restaurant or retail space is subject to change depending on the development needs and the fit.

“As the north side of Fayetteville continues to balance supply and demand, Steele Crossing is the next obvious office park,” Van Zandt said.

Steele Crossing’s final development phase, a 40-acre tract that borders Gregg Avenue, is designated for residential-office use.

Wetlands

Manuel Barnes, president of EGIS Consulting of Bentonville, designed the wetlands plan for the Steele Crossing development and believes it’s one of the most environmentally sensitive commercial projects he’s ever been involved in creating.

“They’ve worked hard at the balance between development and conservation,” Barnes said, noting that Steele Crossing has received a 404 permit from the U.S. Corps of Engineers for wetlands conservation.

With nearly 40 acres dedicated to conservation and more than three miles of creeks maintained with the best management controls, the development should be a source of pride for developers, Barnes said

The improvements to the wetlands include the planting of about 900 trees, installation of wood duck nesting boxes, mallard nesting structures, Canada goose nesting platforms, songbird nesting boxes and bat houses.

The wetlands plan provides for the 100-year flood passage but is also sensitive to fish and fish hatcheries by maintaining a minimum flow channel that is thriving with fish, Barnes said.

That minimum flow channel is very similar to the original channel of Mud Creek before the development began, he noted. There’s also a “nice cascade” just upstream of Steele Boulevard that walkers will be able to enjoy when the trails are complete, he said.

“It’s interesting to note that hawks that have been there from the beginning, are still hunting and utilizing that stream corridor to do their hunting,” Barnes said.

The “considerable investment” into the environmental aspects of the development doesn’t compare to the benefits gained, he said.

“It’s difficult to put a price tag on what that brings to the development,” he said. “People like to have green space. I truly believe that aspects like that absolutely bring value to a development.

“It allows there to be a greenbelt in the middle of a developed area, almost an oasis in the urban setting.”

The wetlands at Steele Crossing will continue to be monitored for a minimum of five years under the provisions of the 404 permit. Any proposed development also has to prove that it won’t negatively impact the wetlands.