Fort Smith reviewing new development districts

Fort Smith City Administrator Dennis Kelly said Thursday he is considering creating development districts that could promote revitalization of areas along Midland Boulevard and the area around the Phoenix Village Mall.

Kelly announced his intent during the February meeting of the Central Business Improvement District, a governing authority with unique finance and eminent domain powers that supports development in the downtown Fort Smith area.

“I am thinking about creating an additional CBID” for other areas of town that need development attention, Kelly told the CBID Commissioners. He said a legal review of the possibilities and other structural questions are underway. If the city “determines it is the right thing to do,” Kelly said, districts along Midland Boulevard and the area around the Phoenix Village Mall could be the first new districts created.

The 35-acre dilapidated mall property was recently purchased by Dr. Stephen Nelson and Lance Beaty. They hope to turn the near-vacant property into a busy commercial area. Beaty, unwilling to release the cost of purchasing the property, did say the cost of development could range between $6 million and $50 million, with much of the costs borne by the individuals and companies who buy portions of the property.

Kelly also said at the CBID meeting he has instructed city staff to engage an effort that would bring “special events” and other activities that would “do more to bring people downtown.”

NEW GARRISON APARTMENTS
Eric Arthur, owner of property at 1117 Garrison Ave., said he is renovating the two-story building by adding four upstairs apartments with the downstairs configured for retail/commercial space. He estimated the cost at about $300,000, with plans to complete the job by June.

Arthur’s plans are the second made public this year to renovate a Garrison Avenue building.  Joseph Meadows and his father, Jim, purchased the three-story, 24,000-square-foot former Davis Furniture building Aug. 31, and have plans to develop loft apartments on the top two floors and placing a restaurant-bar on the first floor.

NEW CBID OFFICERS
The CBID elected Richard Griffin as chairman, Phil White as vice-chairman, and Sam T. Sicard as secretary.