Legacy Gets Lift from Flake & Kelley

Court-appointed foreclosure receiver Wayne Swofford of Fort Smith hired Flake & Kelley Commercial to manage and market the Legacy Building in downtown Fayetteville and progress is already being made.

First and foremost, Swofford can grant clear title to anyone who purchases a unit despite the liens on the building. The purchase amount will be held and funds distributed to creditors based on the outcome of a foreclosure trial set for July 23 that will determine who gets paid first.

The building’s security system is now being installed, a new cleaning company has been hired and contractors have been lined up to repair or improve various areas.

Flake & Kelley plans to expand marketing of the units to the Little Rock and Hot Springs areas, is pursuing a tenant for the restaurant space and the unfinished retail space on the second floor may be subdivided into Class A offices.

The main goal, we’re told, is to accentuate the building’s positives and not sell units in bulk or at fire sale prices. With The Lofts at Underwood Plaza coming online this summer, we hope for the market’s sake Flake & Kelley can make that happen.