Groups Sign Staybridge, Shops (Real Deals)

Two projects worth a total of $15.5 million are under way in south Fayetteville.

BKT Hospitality LLC of Fayetteville recently bought a building permit valued at $9 million to construct a five-story, 108-room Staybridge Suites hotel on a 10-acre parcel in south Fayetteville.

In addition, ARK4 LLC of Fayetteville recently obtained a $6.54 million loan from Signature Bank of Arkansas in Fayetteville to build the University Village Shopping Centre at the same location.

Site work is underway for both projects although the building permits for the University Village have yet to be purchased.

BKT is comprised of Bill Lazenby, Ken Morton, and Tom Bhakta, all of Fayetteville. ARK4 is comprised of Lazenby, Greg Jones of Fayetteville and Ellis Business Consultants of Memphis.

BKT and ARK4 developed The Crowne at Razorback apartments south of the Staybridge project.

The Staybridge Suites is part of the InterContinental Hotel Group, which includes Holiday Inn, among others.

Simmons First Bank of Northwest Arkansas in Fayetteville is handling the financing for the hotel.

Three restaurants and several retailers have signed letters of intent to lease space at the shopping center, which is located south of the University of Arkansas’ Baum Stadium.

The only known tenant is the Pig-N-Whistle, a Memphis-based barbecue restaurant that will occupy about 4,000 SF. It is co-owned by Ellis Business Consultants’ president Richard Ellis.

The physical addresses for the two buildings that total 40,000 SF will be 1545 West 15th Street and 1641 West 15th Street. Most of the brick-exterior buildings are one story, although a section has a two-story feature.

Heckathorn Construction Co. of Fayetteville is serving as the general contractor for both projects.

William Kim Fugitt of Fugitt & Associates Architects Inc. of Fayetteville is the architect while Crafton Tull & Associates of Rogers is the engineer. Les Rogers Excavating & Materials of Fayetteville handled the dirt work.

Lease prices will be negotiated for the remainder of the retail space. Bill Pendergist of Flake & Kelley Management Inc. in Little Rock is the exclusive listing agent.

The University Village Shopping Center and the Staybridge Suites are planned to open in June.

York Construction Begins Arbor Glen

Arbor Glen LP of Fayetteville has begun work on a project valued at $15 million that will bring 54 Charleston-style homes to the Pinnacle Hills corridor of Rogers.

York Construction Inc. of Fayetteville recently bought 18 building permits ranging in value from $146,406 to $182,052 for the homes. The total for all the building permits combined is just over $2.8 million, which doesn’t account for the purchase of the land and the foundation work.

The total construction cost of $15 million includes everything from the purchase of the land for the 15 homes to the creation of three new streets: Cherokee Road, Pawnee Court, and 38th Place.

Greg Henry is the principal of Arbor Glen LP and the owner of York Construction, which is serving as the general contractor for the project. RGBB LLC of Fayetteville is the only general partner listed. Henry is the only listed principal for RGBB, which was incorporated by Michelle Hamilton.

Construction is well under way on 18 of the two-story, single-family homes that range from 1,750 SF to 2,600 SF. The price of the homes will be from $199,000 to $309,000.

Listing agents are Keri Barber and Andy Hague of Dallas Real Estate Services Inc. of Fayetteville, Pam Stanley of Lindsey & Associates Inc. of Fayetteville and Kourtney Barrett of Re/Max Real Estate Results of Bentonville.

The project is situated on 11 acres in a valley, just north of the Pinnacle Hills Promenade Mall and near the corner of Osage and New Hope roads.

York Construction is serving as the architect while Morrison-Shipley Engineers Inc. of Bentonville is handling the engineering.

Subcontractors vary from home to home. Kimbel Plumbing of Fayetteville is handling the plumbing while Grajeda Electric of Springdale is doing the electric work on a few of the homes.

Each home will feature multiple colors on the exterior with wrought-iron porches, flower boxes and high-end landscaping that will be maintained by the property owner’s association. Other features are hardwood floors, granite slabs, crown molding and 10-foot ceilings on the lower levels. There also will be rear-entry, two-car garages on each home.

Completion of the first 18 homes is scheduled for early spring. The timetable for the remainder of the construction will be based on how quickly the first 18 are sold.

Sweetser Scores Sweet Storage

Arkansas Self-Storage of Lowell LLC is in the process of obtaining a building permit for an estimated $4 million project at the corner of Robinson and Bloomington avenues in Lowell.

The site permit has been obtained and some preliminary dirt work already has begun.

Plans for the project call for a 160,000-SF state-of-the-art storage facility that includes video monitoring, a guarded gate and a fence surrounding the 10-acre site.

Sweetser Properties of Fayetteville is the general contractor.

William Kim Fugitt of Fugitt & Associates Architects Inc. in Fayetteville is the architect. Morrison-Shipley Engineers Inc. of Bentonville is the engineer for the project.

Bill Sweetser, owner of Sweetser Properties, is a principal in Arkansas Self-Storage of Lowell LLC. Sweetser Limited has owned the property for approximately 18 months.

Arkansas Self-Storage also is comprised of Carl Owens and Charles Trantham. Trantham is listed as the registered agent.

First State Bank Stakes Location

A group of investors under the title 700 Jones Road LLC recently obtained a $1.5 million loan from First Southern Bank to construct an 8,124-SF commercial building near the corner of Jones Road and Sunset Avenue in Springdale.

J. Bruce Loftin is the only registered agent and member of 700 Jones Road listed. Loftin is the president of the First State Bank of Lonoke branch in Fayetteville.

First State Bank recently bought a building permit valued at $797,023 in relation to the project.

First State Bank will occupy about 4,700 SF of the building while the remainder will be leased as retail/office space.

Sharp’s Property and Development Co. of Bentonville is the general contractor for the project. First State Bank purchased the 1-acre tract from Dixie Development of Fayetteville for just over $600,000 last month.

Actual construction cost, not including land, is estimated at $1.2 million.

The civil engineer is WR-Consulting Inc. of Rogers. Advance Mechanical Contracting Co. of Lowell is handling the HVAC while other engineers are Kimbel Plumbing Inc. of Fayetteville and RoMac Electric Inc. of Rogers. Concrete Construction Services Inc. of Springdale is handling the cement work.

Jim Mangold of Mangold Architecture & Construction Inc. of Rogers is the architect for the project.

First State Bank’s other locations are Fayetteville, Lonoke, Carlisle and Gurdon.

Future Bright For Homestead

Homestead Homes LLC of Fayetteville recently purchased 10 building permits totaling $1.3 million to construct single-family homes in west Fayetteville.

The 10 homes will be located in the 3700 through 3800 blocks of W. Brightwater Place in the Clabber Creek Subdivision.

The homes will range in price from $165,000 to $175,000 and will average about 1,400 SF.

Homestead Homes LLC is managed by Trey Trumbo and Austin McAllister. Members listed are Ben Israel, J.B. Hunt, Tom Muccio and Phil Phillips. Thomas D. Stockland is the registered agent.

Homestead Homes currently is starting construction on 77 new homes, with the majority in the Fayetteville area.

Elder Construction Eyes Commercial

Elder Construction Co. of Springdale recently purchased two building permits totaling $983,000 to construct office/warehouse space in Springdale.

C&K Properties LLC of Springdale obtained a $535,000 loan from Great Southern Bank in relation to one of the two buildings. Kerri Elder is the lone member of C&K Properties listed.

Chris Elder is the developer of the projects and the president of Elder Construction, which is serving as the general contractor.

Miller Boskus Lack Architects PA of Fayetteville is the architect while CEI Engineers of Bentonville is the engineer.

The address for the 3,500-SF (1,175 SF heated) building is 1396 Chester Ave. while the address for an 8,450-SF (4,225 SF heated) building is 1404 Chester Ave.

There’s a total of five commercial lots in both buildings that will lease between $10-12 per square foot. Elder Construction is building each of the offices to suit each tenant, although no letters of intents have been signed.