$25M Dickson Street Procject In the Works

A group of developers plans to build a $25 million residential/commercial complex on West Dickson Street in Fayetteville.

After they’re done, West Dickson Development Co. would own the entire south side of the block between University and Powerhouse avenues, except for the buildings that house Underwood’s Fine Jewelers and The Blue Parrot.

Rob Merry-Ship said the deal hinges on buying the historic UARK Theater at 647 W. Dickson St. and adjacent buildings from Leroy Pearce. Merry-Ship said he hopes Pearce decides to sell the property within the next six months and construction can begin within a year. Pearce had wanted $1.2 million for the property, but the price may have increased since then. Merry-Ship said he’s having it appraised. The developers, who bought the 60,000-SF UARK Bowl building from Pearce for $460,000 three years ago, have first right of refusal on the 100,000-SF UARK Theater building.

The buildings on West Dickson would be renovated, and three new multistory buildings would be constructed. One of the new buildings would be in the lot owned by Bill Underwood just to the east of his jewelry store. Underwood and his son Craig would become partners in West Dickson Development, which includes Merry-Ship, Richard Alexander, John Nock and Ted Belden. Merry-Ship said John Chambers, president and CEO of Chambers Bancshares of Danville, will also be a partner in the project.

In addition to three new buildings, Merry-Ship said the group would construct a four-to-six level parking garage south of Dickson Street. The new buildings would be 80 percent residential with commercial property fronting Dickson Street.

West Dickson Development spent $990,000 in May to buy the 11,500-SF warehouse at 245 Powerhouse Ave. that previously housed Dave’s on Dickson, a nightclub just south of Dickson Street. The developers plan to tear it down to make way for the new construction.