Tracy Hoskins, president of Paradigm Development Enterprises Inc. of Fayetteville, has started preliminary work on a residential/commercial project that he says will be valued at about $500 million upon completion.
Hoskins is currently evaluating three different bank proposals for financing the project.
Park West, located on Arkansas Highway 112 in west Fayetteville, is a new urbanism project on 140 acres. The property is zoned for 1,750 dwellings and just under 1 million SF of commercial space.
The project will be done in multiple phases. Hoskins plans to break ground on Phase I and Phase IB this summer. The first two phases include more than 100 homes and about 28 acres of commercial development.
The residential space will range from 450-SF flats to 6,500-SF luxury homes with “a little bit of everything” mixed in between.
Paradigm will serve as the agent to lease and sale both the commercial and residential properties. Hoskins also said he has visited with several out-of-state real estate firms as well to aid in listing the properties.
The first two phases are scheduled for completion early next year.
Steiger Shoots at Deer Crossing
Fritz Steiger, through his The Arbors at Deer Crossing LLC entity of Rogers, has started preliminary work on a residential project that will be valued at $22.5 million upon completion.
Dave McCabe of Northwest Escrow Services Inc. in Bentonville is in the process of closing the land purchase that will include about 23 acres. An existing home on the property owned by Linda L. Parnell has the address of 2302 SW I Street.
Pinnacle Bank of Bentonville is financing the project.
The Arbors at Deer Crossing will include 114 condominiums in two phases. Phase I calls for 88 homes on 17 acres and construction of 26 homes in Phase II will be determined by the rate Phase I is sold.
Four different floor plans are available ranging in size from 1,350 SF to 1,850 SF and in price from $180,000 to $240,000, or about $130 per SF. The architecture is an Epcon Communities design and resembles The Arbors at Pinnacle Ridge in Rogers, which Steiger developed with partners Jim von Gremp and Bob Sowder. Steiger is the franchisee for Epcon Communities of Northwest Arkansas.
Amenities for the subdivision include a clubhouse with a fitness center, pool and putting green. There also will be a walking trail that connects to Lake Bentonville.
Pam Sellman of NWA Development Corp. Real Estate in Rogers is the exclusive listing agent.
Site work is expected to begin in June and construction on the first model home should start in July. Homes should be for sale before the end of the year.
Goldman Sachs buys Stribling Packaging
Goldman Sachs Group Inc. of New York, through their Stribling AR LLC and Stribling AR II LLC, both of Rogers, recently paid Bill and Cathy Stribling, though their WFTW Properties LLC entity of Rogers, $9.2 million for an industrial facility in Rogers.
Stribling Packaging Inc., dba Stribling Packaging and Display, is located at 1603 N. 35th St. The deal included 12.24 acres and 275,000-SF building that was built in 2002.
Bill Stribling Jr. is the president of Stribling Packaging, which was founded by the late Bill Stribling Sr. in 1984. The Striblings will now lease the property from Sachs and continue operations as before.
The company’s core business is the design and manufacturing of corrugated boxes for industrial and retail packaging and for point of purchase displays.
The private company has 95 employees and was No. 42 on the Northwest Arkansas Business Journal’s list of largest private companies in 2005. It reported $18.5 million in revenue in both 2004 and 2005.
Hoskins Hones In On High-Rise MUD
Tracy Hoskins, through his Flithy Lucre LLC and other entities, has been snatching up land totaling about $6 million in north Fayetteville.
The multiple purchases combine for about 26 acres between Hendrix Heights and Joyce Boulevard. The purchases were made using cash holdings.
Plans for the property are in the preliminary stages, but Hoskins is expecting to build a 10-story to 12-story mixed-use building while developing other parts of the land as outparcels.
The first two floors of the building are planned to be commercial space while the middle six floors to eight floors will be for hotel and condominium space. The top two levels will be a combination restaurant/night club.
Three different banks are being evaluated for financing the project. Hoskins declined to disclose a value on what he described as a “very posh, upscale” building, because plans are in the preliminary stages.
Hoskins is the president of Paradigm Development Enterprises Inc. of Fayetteville. Paradigm staff architect Jim Ramsey is designing the building.
ARMac Consulting Engineering PLLC of Fayetteville is the engineer.
Harps Makes Rogers Moves
Two recent transactions totaling $2.25 million can be tied to Harps Foods Stores Inc. of Springdale making moves in Rogers.
The first involved selling the Harps Supermercado building at 1303 W. Walnut St. for $1 million to Barajak LLC of Rogers. Then, Mathias Shopping Centers Inc. took over ownership of property located on the northeast corner of the 2nd Street and Locust Street intersection after a $1.25 million sale.
The new location, which was previously owned by Concord Food Stores Inc., will be the site of a 31,500-SF Harps Food Store and gas station. Harps has signed a long-term lease with Mathias for the property. Mathias also acquired an outparcel in the deal that’s on the corner near the intersection for developing in the future.
Commerce Construction Co. is serving as the general contractor.
Included in Barajak’s purchase was a 121,097-SF building and 2.78 acres of land.
Rapier Purchases KFC Restaurant
Steve Rapier, through his Mid-City Center LLC entity of New Orleans, La., recently paid CPCG KM AR 1 LLC of Little Rock $1.44 million for an existing restaurant in Fayetteville.
The purchase was for Kentucky Fried Chicken located at 1800 W. 6th St. It includes a 2,918-SF building that was constructed in 2002.
CPCG comprises Ken Miller, Kenton D. Wright, Scott Tracy and Howard Sands.
SML Buys Barber’s Timber Trails
Robert N. Schmitt and unnamed Little Rock investors, through their SML Landholdings LLC entity of Fayetteville, recently paid Brandon Barber, through his SCB Investments LLC entity of Fayetteville, $1.4 million for an undeveloped subdivision in east Fayetteville.
Timber Trails includes 40 lots that are zoned for 20 duplexes. Schmitt, through his Hometown Developments Ltd. entity of Fayetteville, recently bought 20 building permits ranging in price from $100,496 to $125,000 to begin construction on the duplexes. The combined value of the building permits is $2.4 million.
The duplexes are located on S. Ray Avenue, S. Woodsprings Drive, S. Pinyon Point and E. Peppervine Drive.
No bank for financing or timeline for completion of the project was provided.
Sharp Cuts Out Another Building
Chuck and Laneya Sharp of Sharp Development LLC in Bentonville recently obtained a building permit valued at $1.39 million to construct an office building in Bentonville.
Arvest Bank-Bentonville is financing the project.
The building is located at 309 S.W. 18th St. in the Greystone subdivision. Sharp also plans to construct another building at 311 SW 18th St., which will bring the number of buildings in Greystone to six.
Plans call for a 12,750-SF building that will be similar in design to the existing structures in the development. It will be divided into 8 units and lease for $15.60 per SF.
The complex also includes a 1,500-SF fitness center for tenant use and is primarily leased by Wal-Mart Stores Inc. suppliers.
Sharp Properties Investments LLC of Bentonville will lease the space.
Sharp Development is serving as the general contractor.
Mangold Architecture & Construction Inc. is the architect
W.R. Consulting Inc. of Bentonville is the engineer.