Siloam Springs Offers Commercial Draw, Too
by June 7, 2004 12:00 am 139 views
The quiet border town of Siloam Springs is making noise as a growth market with the rest of Northwest Arkansas. There’s just not as much heard about it.
U.S. Census Bureau statistics showed Siloam Springs had a population of 6,009 in 1970, and 8,151 in 1990. The 2000 count, the most recent numbers available for the city, pegged the a population of 10,843, a 33 percent increase in 10 years or 80.4 percent increase in 30 years.
The Northwest Arkansas Regional Planning Commission reported 27 commercial building permits issued in Siloam Spring in 2003 with a total value of $9.5 million. That’s up 8 percent from $8.8 million in 1995 and a record for the last nine years.
Paul Joseph, president and CEO of the Siloam Springs Chamber of Commerce, said the current population is about 13,000. He said there are about 1,000 new homes being built in the city, a significant number considering the population.
With that growth comes the need for more commercial space, which is popping up in pockets around town.
Landslide Development LLC of Bentonville, is developing on the last remaining outlot at the Wal-Mart Supercenter in Siloam Springs. The 1.2 acres, which Landslide purchased from Wal-Mart for $278,000, will be home to a 9,000-SF building.
Jason Pullman, partner in Landslide with Terry Willson, said he has lease agreements with two restaurants and two retail stores to fill the space and will have 1,400 SF available to lease. Pullman said the building will cost about $1.2 million to construct.
Pullman said a Quizno’s sandwich shop will occupy 2,000-SF of space and he has agreements with a cellular phone store and a “mailbox/copy store.”
About 2,500-SF of space will be Tortillas Mexican Grill, a fast casual Mexican restaurant that Landslide will own, Pullman said. Tortillas will serve beer-battered fish tacos and grilled mahimahi tacos, he said.
Another Tortillas Mexican Grill is under construction at Crossroads retail center off of Walton Boulevard in Bentonville.
The remaining 1,400 space will lease from $12 to $16 per SF.
Construction began in March on Siloam Spring’s third Arvest Bank, directly across U.S. Highway 412 from the Wal-Mart Supercenter. The building is projected to be complete by September.
But there’s more than the east side of town blooming in Siloam Springs. Closer to the downtown area, a USA Drug store is planned on U.S. Highway 412. There is an existing 1,800-SF USA Drug Express a block away.
Ron Wann, store manager, said the new building was recently estimated to be 16,500 SF.
USA Drug is owned and operated by Stephen L. LaFrance Pharmacy Inc. of Pine Bluff.
Mark Alexander will build a 16,500-SF building west of USA Drug on about 1.8 acres. He said it will probably be divided into six different stores and he is talking with national retail and food chains, but has yet to sign a lease agreement. He paid $350,000 for the land in December, he said.