Spring Ridge Spawns Project (Real Deals)

Northwest Arkansas

by Talk Business & Politics ([email protected]) August 16, 2004 12:00 am 117 views 

David, Jean, Loyd and Elizabeth Phillips recently sold 72 acres off Arkansas Highway 112 in Benton County to Spring Ridge LLC for $1 million. Robert Dillon and Steve Hesse are principals in Spring Ridge and recently secured a $17.5 million mortgage through First Security Bank of Fayetteville for the development.

The property is located between Elm Springs and Cave Springs just north of the intersection of Miller Road and Arkansas Highway 112.

Lot sizes will range from 0.8 to 2.5 acres and will sell from $50,000. Homes will have a 2,500-SF minimum and will be required to have 90 percent minimum masonry, fully sodded yards and architectural shingles.

There will be two acres of common area in the subdivision that will feature a natural spring-fed lake. NEC Inc., owned by Kevin and Mike Necessary of Rogers, is completing the site construction.

Lindsey Expands Joyce Office Space

Jim Lindsey of Lindsey Office Properties LLC recently secured a mortgage for $10.9 million through Metropolitan National Bank of Little Rock for construction of a new 68,000-SF office building off Joyce Boulevard in Fayetteville.

Lindsey Construction Co. is completing the site work now on the six-story facility that was designed by Kim Fugitt of Fugitt & Associates in Fayetteville.

Crafton Tull & Associates Inc. of Rogers is the engineer.

Construction on the building should begin within the next two months. When complete in late 2005, the building will house some Lindsey & Associates office space, and a portion of the building will be available for lease.

Lindsey Cobbles Subdivision Together

John David Lindsey Development LLC recently bought 125 acres from 3-Putz LLC, of which Dan Dykema is a manager, for $3.7 million. The property is located at the intersection of Bean and Glen roads where Lindsey plans to build a 400-lot subdivision called Cobblestone.

Homes at the site will probably sell from $160,000 to $200,000. Northstar Engineering Services Inc. of Bentonville is still drawing the plat. Bentonville?s Arkansas National Bank, of which Dykema is chairman, financed the land purchase.

Lindsey said the land should be ready for site work by Sept. 1.

Riggins Fields Fairfield Phase

Kevin Riggins of Riggins Construction Inc. of Springdale recently bought 25 building permits valued at a combined $3.2 million to build homes in the second phase of Fayetteville?s Fairfield subdivision. Fairfield, located off of Porter Road west of the city?s Bridgeport subdivision, is a 58-acre development. There are 114 lots in phase two.

Construction on the first phase began in June 2003. Homes in phase two will average 1,600 to 1,850 SF and sell from $159,000 to $175,000. The French-country constructions will be 80 percent brick, have architectural shingles and sodded yards and will feature custom cabinets, hard wood flooring, crown moldings and granite counter tops.

Engineering Services Inc. of Springdale drew the plat for the subdivision. Bank of America in Springdale is financing the construction. Kendall Riggins of Griffin Co. Realtors in Springdale is the listing agent.

Champion Constructs Fort Smith Cottages

Champion Builders of Little Rock recently bought a building permit valued at $3.2 million to build 72 single-story units at 6100 S. 66th Street in Fort Smith. The Cottages of Fort Smith LLC, of which Danny Thomas Co. of Little Rock is the owner, is the developer of the 75,500-SF project. Danny Thomas Co. is also managing the gated community that will mirror The Cottages of Hot Springs.

The 1,500-SF, two-bedroom, two-bath units will rent for $750 per month to tenants age 62 and older.

Hieple+Wiedower Architects of Little Rock is the architect. Hawkins-Weir Engineers of Van Buren is the engineer. The project is being financed through General Motors Acceptance Corporation Financial Services. The first apartments should be ready for lease in the spring.

Riggins Rigs Digs In Pea Ridge

Kevin Riggins also recently started construction on 30 homes valued at a combined $3 million in his new Standing Oaks subdivision in Pea Ridge. Riggins is the developer of the 150-lot subdivision that will have homes selling from $119,900 to $135,000. Lots will average 0.22 acres, and homes will average 1,300 to 1,500 SF. The 80 percent brick homes will have fully sodded yards and architectural shingles and will feature granite counter tops, crown moldings and tile floors.

Kendall Riggins of Griffin Co. Realtors is the listing agent. First Security of Springdale is financing the construction.

Clinard Blessed By Church Project

Clinard Construction Co. of Bentonville recently began construction on a 15,000-SF addition to the Church of Christ at 904 N. Walton Blvd. in Bentonville. The addition, with a construction value of $1.3 million, will double the existing 46,000-SF church?s educational capacity from 500 to handle about 800 students.

Harrison French Architecture of Bentonville is the architect. Tatum Smith Engineers Inc. of Rogers is the structural engineer and Freeland-Kauffman & Fredeen Inc. of Rogers is the civil engineer. The first building on the site was constructed in 1963.

The new addition is expected be ready by June 2005.

West Allies Sells in Sunbridge

West Allies LLC, of which Dick Keating is a principal, recently sold lot 15 and part of lot 14 of the Sunbridge subdivision in Fayetteville to Pink Ribbon LLC for $766,000. Pink Ribbon ? of which doctors Kevin Pope, Dana Grear, Murry Harris and Steve Harms are principals ? also recently secured a mortgage through Arvest Bank-Fayetteville for $1.1 million for the 1.26-acre property and 13,000-SF building. The Pink Ribbon partnership owns the Breast Center of Northwest Arkansas, which recently relocated from its office on Millsap Road to the purchased property on Sunbridge Drive after renovations were complete. The center occupies 7,000 of the 13,000-SF building, and plans are to lease the remaining space. The breast center is the first in the state to have a new form of breast cancer detection technology.

Crossland Readies For Wal-Mart Store

Crossland Construction Co. of Rogers recently bought a building permit valued at $8.7 million to start construction on a 203,000-SF Wal-Mart Supercenter off Pleasant Crossing Boulevard in Rogers.

CEI Engineering Associates Inc. is the engineer.

The Wal-Mart site is 23.7 acres and includes 1,022 parking spaces and a 0.54-acre pad site for future development. It is scheduled to open in April 2005. The construction is part of a larger 329-acre planned development called Pleasant Crossing.

Charles Reaves of Rogers and BosGroup LLC, a Bethesda, Md.-based retail group, are developing the outdoor-access site, which will include a ?power center? of big-box retailers and a ?town center? with a movie theater and other local retail stores.

Crossland Sees Morning Star

Crossland Construction Co. also recently bought a building permit valued at $6.5 million to begin construction on the Central Park at Morning Star elementary school off Southeast Liberty Avenue in Bentonville.

Located near the Brightwood subdivision, the 82,058-SF school will be built for up to 600 students and will employ 35-40 teachers.

CEI Engineering Associates Inc. is the civil engineer, and the structural engineer is Tatum Smith Engineers Inc. of Rogers. Hight-Jackson Associates of Rogers is the architect.

The 15-acre site for the school was donated by Landquest Communities of Arkansas LLC in Bentonville. Landquest owns about 1,200 acres in the area of the new school that it plans to develop.

Wil-Shar Builds Storage Units

Wil-Shar Construction Co. of Rogers recently bought a building permit valued at $609,000 to build a 50,000-SF storage facility off 2880 S. 8th St. in Rogers.

Bill Schwyhart and Robert Thornton are the developers of the project. Jim Quarter of Pinnacle Motor Sports Inc. will manage the property. Sand Creek Engineering & Landscape Architecture Inc. designed the project.

Some of the storage spaces, which range from 50 to 600 SF, will be climate controlled. Rental rates have not been determined yet, but the first units should be complete by October.

Great Southern Bank of Springfield is financing the construction.

Bowman Builds Johnson Switch

Gerald and Delora Bowman of Fayetteville have begun construction on the first six duplex units in their Johnson Switch subdivision in Johnson.

There will be 38 units total in 19 buildings on the six-acre development at the intersection of Elmore and Hewitt streets.

The three-bedroom, two bath rental units will average 1,300 SF and will have central heat and air.

Schultz Construction Co. of Fayetteville is the general contractor. Fotchman Enterprises of Fayetteville did the site work. Bowman will manage and own the site, and units will rent for $900 per month, which includes landscape maintenance. First State Bank of Fayetteville is financing the construction.

June Mortgage Reports

—?Includes only institutions with more than $2 million in lending.

—?

Benton County —? —? —? —? —? —?% of

—?Lender —?Value —?Total

—?Chambers Bankshares Inc. —?$54.61 —?14.3%

—?Deutsche Bank AG New York Branch —?$38.40 —?10.1%

—?Bank of America —?$35.05 —?9.2%

—?Arvest Bank-Springdale ** —?$33.80 —?8.9%

—?Arvest Mortgage Company —?$28.96 —?7.6%

—?Regions Bank —?$23.89 —?6.3%

—?Arkansas National Bank —?$17.77 —?4.7%

—?Arvest Bank-Bentonville —?$17.50 —?4.6%

—?Bank of Arkansas —?$17.38 —?4.6%

—?Arvest Bank-Rogers —?$12.89 —?3.4%

—?First Security Bank —?$10.65 —?2.8%

—?Wells Fargo Bank —?$10.14 —?2.7%

—?Collateral Mortgage Capital LLC —?$9.77 —?2.6%

—?United Bank —?$6.69 —?1.8%

—?First Federal Bank of Arkansas —?$6.50 —?1.7%

—?Arvest Bank-Fayetteville —?$5.17 —?1.4%

—?Community Bank of North Arkansas —?$5.16 —?1.4%

—?First Western Bank —?$4.98 —?1.3%

—?Bank of Oklahoma —?$4.91 —?1.3%

—?Bank of Rogers —?$4.90 —?1.3%

—?Bank of Gravett —?$4.78 —?1.3%

—?Central Bank and Trust Co. —?$4.14 —?1.1%

—?First Bank & Trust Company —?$3.67 —?1.0%

—?Great Southern Bank —?$3.58 —?0.9%

—?Chase Manhattan Mortgage Corporation —?$2.94 —?0.8%

—?First State Bank Talequah, Okla. —?$2.78 —?0.7%

—?Transamerica Financial Life Insurance Co. —?$2.32 —?0.6%

—?Arvest Bank-Prairie Grove —?$2.20 —?0.6%

—?Delta Trust & Bank —?$2.17 —?0.6%

—?First Western Mortgage —?$2.16 —?0.6%

—?First Arkansas Valley Bank —?$2.00 —?0.5%

—?Total: —?$381.86 —?

—? —?

Washington County

—?Lender —?Value —?% of Total

—?Community Bank —?$24.20 —?13.9% —?

—?Arvest Mortgage Company —?$17.86 —?10.3% —?

—?Regions Bank —?$16.54 —?9.5% —?

—?Arvest Bank-Fayetteville —?$16.28 —?9.4% —? —?First Federal Bank of Arkansas —?$14.95 —?8.6% —?

—?First Security Bank —?$11.94 —?6.9% —?

—?Arvest Bank-Springdale —?$11.72 —?6.8% —?

—?Arkansas National Bank —?$9.81 —?5.7% —?

—?Bank of America —?$7.34 —?4.2% —?

—?United Bank —?$7.26 —?4.2% —?

—?Bank of Fayetteville —?$5.05 —?2.5% —?

—?Simmons First Bank NWA —?$4.34 —?2.3% —?

—?Benefit Bank —?$4.00 —?2.3% —?

—?Wells Fargo Bank —?$3.96 —?2.3% —?

—?Pulaski Mortgage Co. —?$3.70 —?2.1% —?

—?Community First Bank —?$3.60 —?2.1% —?

—?Countrywide Home Loans Inc. —?$2.99 —?1.7% —?

—?Arvest Bank-Prairie Grove —?$2.82 —?1.6% —?

—?Bank of Oklahoma —?$2.82 —?1.6% —?

—?First State Bank of Fayetteville —?$2.30 —?1.3% —?

—?Total: —?$173.48 —? —?

** $30 million of total was accounted for by a loan to the First Baptist Church of Springdale.

Source: Waco Title Co.