Broyles Boys Begin New Sub (Real Deals)

by Talk Business & Politics (admin@talkbusiness.net) 104 views 

Hank and Lex Broyles, through their Broyles Commercial Funding LLC of Fayetteville entity, recently obtained a $2.73 million loan to begin infrastructure work on a new subdivision in west Fayetteville.
Holcomb Heights will be located on Salem Road, adjacent to Holcomb Elementary School. The project will be valued at $16.8 million upon completion.
ANB Financial N.A. of Bentonville is financing the project.
John Nock of Nock Investments in Fayetteville will eventually partner with Broyles on the project. His company, Nock Homes, will build the homes in the subdivision.
The project is situated on 20 acres that was part of five separate transactions. The land was purchased for about $50,000 per acre, or about $1 million.
Holcomb Heights will include 96 lots that are about 0.25 acres each. Phase I includes 64 lots while Phase II will have 33 lots. There will be a large (more than an acre) detention pond on the southwest corner of the subdivision that will feature a fountain and walkways around.
Each home will range in price from $175,000 to $185,000 and in size from 1,600 SF to 1,700 SF.
Plans call for the majority of the homes to be two-story, although there are some one-story floor plans. About 90 percent of the homes will have rear-entry garages with granite counter tops throughout. Hardwood floors will be among options offered.
Mary Bassett of Bassett Mix & Associates Inc. in Fayetteville will list the homes.
The entire subdivision is pending approval by the city, but homes are expected to be ready to sell in the spring of 2008.
Horse Shoes Oak Tree Spot
Bob David and Steve Davis, through their Iron Horse Development Group entity of Tulsa, recently began infrastructure work on a new subdivision that will be valued at $13 million upon completion.
Oak Tree, located five miles west of Walton Boulevard in Bentonville on Arkansas Highway 72 and Pinner Road, will include 201 lots on 205 acres.
Great Southern Bank is financing the project.
The land was purchased from the Pinner family several years ago for about $4.4 million.
There will be three different sizes of lots available in the subdivision with the separate areas named Everwood, Enclave and Estates. Everwood has 109 lots that are about 0.33 acres each. Enclave has 52 lots that are about 0.5 acres each. Estates has 39 lots that range from one to two-plus acres.
Prices range from $80,000 to more than $200,000 per lot.
Amenities of the gated community include a 6,000-SF plus clubhouse, a large pool, lighted tennis and sports courts and a golf practice area. There also will be a playground for children ages 12 and under along with ponds, fountains and nature trails.
Crossland Construction Co. of Rogers is handling the dirt and utility work.
Morrison-Shipley Engineers Inc. of Bentonville is the engineer.
Iron Horse has several “preferred” builders lined up for the subdivision and plans to add a few more before starting to build in June.
So far, the group has commitments or contracts on 65 of the 201 lots.
Pinnacle to Get Gas Station, More
Stephen Laier and Steve Turner of Harrison have recently started work on a mixed-use project on the corner of Promenade Boulevard and 45th Street in Rogers that will be valued at $9 million upon completion.
Laier and Turner paid about $3 million for the 3.3 acres the project is situated on. The land was owned by Creekside Development LLC, which is comprised of Trio Investment LLC, CHJS LLC and Nabholz Properties Inc.
Lenders Title Co. of Rogers closed the sale.
First Federal Bank of Arkansas, which is based in Harrison, is financing the building project.
Plans call for a three-story, 42,000-SF building that will include retail, office and residential space.
The first level will include an 8,000-SF First Federal Bank branch and an 8,000-SF White Oak Convenience Store, leaving about 3,500-SF of retail space available for lease.
The second story includes office space that will be left in shell form until tenants are signed and build-outs are determined. The third level will have 1,500-SF condominiums.
Lease prices for the office space and sale prices for the condos have not been formulated and no agent has been selected.
Crossland Construction Co. of Rogers is the general contractor.
Terry Cooper of Brackett Krennerich Cooper Architects LLC in Fayetteville is the architect.
CEI Engineering Associates Inc. of Bentonville is the engineer.
The project is scheduled for completion in April 2008.
Hospitality Group Topping Off Hill
A group of investors under the Fayetteville Hospitality LLC entity recently paid $4.2 million for 23 acres in south Fayetteville for a future project.
FH is comprised of Richard Alexander, John Nock, Rob Merry-Ship, and Hank and Lex Broyles, all of Fayetteville.
Heritage Title & Closing Co. of Northwest Arkansas in Rogers closed the deal.
ANB Financial N.A. of Bentonville financed the land purchase.
The land is located near the end of S. Paris Road, on top of a mountain that is known as Rochier Heights. It features open views in all four directions, including the University of Arkansas to the north.
Preliminary plans are for townhouses or condominium that will be geared toward students, but it could be at least eight months before any site work begins pending approval by the city.
Rogers Erects Auxiliary Gym
Milestone Construction Co. of Springdale recently bought a building permit valued at $1.55 million to construct an auxiliary gymnasium at Rogers High School.
The 11,000-SF gym will be on less than an acre and will be attached to the existing high school building at 2300 S. Dixieland Road.
It will feature a hardwood floor on the interior with the capability to have two courts or one full-length court.
Milestone Construction is the general contractor.
Crafton Tull Sparks and Associates Inc. of Rogers is the architect.
Green Anderson Engineers Inc. of Fayetteville is the engineer.
The project is scheduled for completion in June.
Homestead Adding To Clabber Creek
Homestead Homes LLC of Fayetteville recently bought eight building permits valued at a combined $1.07 million to continue building houses in Phase III of the Clabber Creek Subdivision in Fayetteville.
Chambers Bank of Danville is financing the projects.
All eight of the single-family homes will be on W. Song Bird Place. The addresses will be 3986, 4040, 4094, 4108, 4160, 4024, 4172 and 4142.
The building permits range in value from $130,827 to $135,121. Sales prices have not been formulated.
Each three-bedroom, two-bath home sits on about half an acre and range in size from 1,473 SF to 1,683 SF.
Standard amenities include 100 percent brick exteriors with central vacuum systems and granite/marble countertops.
Homestead Homes is managed by Trey Trumbo and Austin McAllister. Listed members are Ben Israel, J.B. Hunt, Tom Muccio and Phil Phillips.
Hines Couple Join Forces
Teri and Steven Hines, through their Hines Health LLC of Rogers entity, are nearing completion of a new office that will be valued at about $500,000 upon completion.
The Bank of Rogers, which is owned by First Bank Corp. of Fort Smith, is handling the financing.
Dr. Teri Hines currently operates Ozark Chiropractic in Lowell while Dr. Steven Hines has Hines Chiropractic Clinic in Rogers.
After leasing space for 24 years, the husband and wife team will share the new office that will be called Hines Health and will be located on 0.6 acres at 305 N. 24th St. in Rogers.
While Hines Health will take up about two-thirds of the 3,300-SF project, about 1,100 SF will be available for lease.
The couple will handle the leasing, but lease prices were not available.
R.J. Daniels Construction of Bella Vista is the general contractor.
Robert D. Berry Architects PA of Eureka Springs is the architect and handled all of the engineering work for the building which features a brick and stucco exterior.
Hines Health is expected to open for business in April.

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