Burnett Begins 223-acre Greenstone Estates (Real Deals)

Cody Burnett, through his Burnett Enterprises entity of Rogers and its subsidiaries, is planning an $8 million subdivision on Highway 72, about five miles west of Bentonville.
Financing is through Pinnacle Bank of Bentonville.
Greenstone Estates includes 105 lots on 223 acres. The lots range from 1 acre to 5 acres each.
Burnett Custom Homes is the primary builder, though outside builders/developers are not being discouraged from purchasing lots.
Jim Mangold of Mangold Architecture & Construction of Rogers is the primary architect while other aspects in dealing with the custom homes will be handled by Burnett.
CEI Engineering Associates Inc., Freeland-Kauffman & Freeden and Sand Creek Engineering & Landscape Architecture, all of Bentonville, are serving as the engineers.
Burnett Excavating will handle all the utilities and site work.
The homes will start at 1,800 SF and will range in price from $200,000 to $350,000. Amenities include granite counter tops, pools and a decorative entry. Each of the lots will back up to nature, so they will be surrounded by trees instead of privacy fences.
Preselling for Phase I, which includes 48 lots, has already begun by Burnett Real Estate Group.
Construction is expected to start in late December.
Mathias Making Wedington Moves
Mathias Properties Inc. of Springdale, which is owned by Sam Mathias, recently unveiled plans for a $6 million project on Wedington Drive in Fayetteville.
Wedington Place will include three parcels totaling about 55,000 SF of retail/office space on 6.45 acres of land between Harps Food Stores Inc., which is based in Springdale, and Wedington Drive.
Mathias paid Westwood Holdings Inc. of Springdale $2.45 million on Oct. 20 for part of Lots 3RA and 3RB of Wedington Place Addition, Phase II.
Dustin Graham is the managing partner of Westwood.
The Bank of Fayetteville is financing the construction, which is expected to cost about $65 per SF or $3.58 million.
Josh Danish of Ken Shireman & Associates in Fayetteville is the architect while Jonathan Ely of Crafton Tull & Associates in Rogers is the engineer.
The largest parcel includes 40,196 SF of leasable retail space. There is one 8,820-SF parcel for single-user office space and a 6,000-SF parcel for retail space. There also is another outparcel on the property that has been designed for restaurant use that remains unoccupied.
Rick Oliver of Mathias Properties is the primary leasing agent for all of the space.
The project is scheduled to begin next month and will be available for leasing in June of 2007.
Paradise Point Anchors Golf
Kirk Elsass and William Kim Fugitt, through their Paradise Point LLC entity of Fayetteville, have begun work on a $3.3 million project that’s located on Highway 265 in Fayetteville.
Paradise Point will include about 26,000 SF of apartment and office space on a 2.5-acre parcel east of Paradise Valley Athletic Club.
The Bank of Fayetteville is providing the financing and the group recently obtained a $2.97 million construction loan in relation to the project.
Commerce Construction Co. Inc. of Springdale is the general contractor.
Fugitt, who owns Fugitt & Associates Architects Inc. of Fayetteville, is the architect while H2 Engineering Inc. of Fayetteville handled the majority of the engineering work.
Lindsey & Associates Inc. of Fayetteville will handle leasing of the office space and renting of the apartments.
It includes a “French Quarter” look throughout and the office space will lease for about $17 per SF. Space is available from 1,000 SF and up.
The apartments, which will be on the second level of the project, will be one- and two-bedroom units that will range in size from 650 SF to 1,000 SF and will rent from $700 to $800 per month.
Completion is scheduled for sometime in spring.
Lindsey Lands Lots at Peaks
John David Lindsey, through his John David Lindsey Development LLC entity of Fayetteville, paid The Peaks at Pinnacle Hills LLC of Fayetteville $3.2 million on Oct. 5 for 48 lots in The Peaks subdivision in south Rogers.
The purchase included Lots 15-37, 42-59, 66, 117 and 119-123 of Phase III of The Peaks. The property is located less than a mile north of Pleasant Grove Road and is visible from Interstate 540.
Lindsey said he doesn’t plan to develop the property anytime soon and only made the purchase to “inventory” the lots, which are about 0.33 acres each.
When the time comes to develop the lots that are zoned for single-family homes, Lindsey said he will build 3,000-plus SF houses that Lindsey & Associates Inc. of Rogers will sell for about $135 per SF.
Grace Point Finds Home
Grace Point Church will soon be moving into a $2.7 million home with the completion of its new facility at 1201 McCollum Road in Bentonville.
Through cash holdings, Grace Point paid Ron Parks $500,000 last spring for the 19 acres the project is located on. The construction loan is being financed through the Bank of Rogers.
The facility includes 21,000 SF and will be able to seat about 500 adults, plus 100 children in the children’s worship center and another 100 in the preschool.
Nabholz Construction Corp. of Rogers is serving as the general contractor.
Dan Townsley of Rogers is the architect while Geary Engineering of Bentonville is the engineer.
Grace Point has operated out of four different locations, with services being held the past three years in Bentonville High School’s cafeteria. Still, attendance has grown from five to more than 300 people in the past three years, according to pastor Mike McDaniel.
The first service in the new facility is scheduled to begin at 9:30 a.m. on Nov. 26.
Stafford & Westervelt Counts On Office Space
A group of five partners under the Swarthout Properties LLC entity of Bentonville is nearing completion of a $2.3 million office building at the northwest corner of 20th Street and Olive Place in Rogers.
Members of the group are Michael Stafford, Matthew Stafford, Jay Jungles, Shawn Lee and Doug Carmichael. The Staffords and Jungles own 80 percent of the partnership while Lee and Carmichael own the remaining 20 percent.
The appraised value includes $125,000 for the purchase of the 0.6 acres from Larc Partnership in June.
Parkway Bank of Rogers is financing the construction while Waco Title Co. of Lowell closed the original land deal.
The two-story building includes a brick and shingle exterior surrounding 8,190 SF.
More than half of the building will be occupied by Stafford & Westervelt Chartered CPA, an accounting firm, which currently occupies office space nearby and has four other locations in southeast Kansas.
The remaining space most likely will be leased, but prices have not been formulated.
Global Construction of Rogers is the general contractor.
Jim Mangold of Mangold Architecture & Construction of Rogers is the architect while Freeland-Kauffman & Freeden of Bentonville is the engineer.
The building is scheduled for completion in December.
Gas Station Planned For Pleasant Grove
Kum & Go LLC of Des Moines, Iowa, paid Park Central LLC $866,000 million on Oct. 3 for land to construct a new gas station on Pleasant Grove Road in Lowell.
The purchase was for Lot C-7 of Park Central PUD, Phase II. Kum & Go, which has 16 locations in Arkansas and four in Northwest Arkansas, plans to begin construction in March 2007.