Mitsubishi plant boosts area permit values up 246%

A $28.45 million commercial construction permit for the beginning work on Mitsubishi’s Chaffee Crossing plant boosted January regional permit values more than 246% over the 2010 period.

In fact, the Mitsubishi permit is almost 25% of the total value of all permits Fort Smith issued in 2010.

Building permit values in Fort Smith, Greenwood and Van Buren during January 2011 totaled $40.174 million, up 246.26%% compared to $11.602 million in January 2010.

FORT SMITH
Mitsubishi officials announced in October 2009 plans to build a $100 million wind turbine  manufacturing plant on 90 acres at Fort Chaffee that will employ up to 400 once fully operational. A formal groundbreaking ceremony was held Oct. 7, 2010, and the $28.45 million permit was issued Jan. 7 to Gray Construction.

A $700,000 permit for work at Sparks Regional Hospital and a $500,000 permit to build space for a Sykes call center at the former Phoenix Village Mall also boosted Fort Smith commercial permit values in January.

Tampa, Fla.-based Sykes announced Jan. 19 it will add 600 jobs with an inbound call service center it plans to locate at the former Phoenix Village Mall. FSM Redevelopment Partners, which was issued the $500,000 permit, plans to invest up to $2 million to the 40,000-square-foot space Sykes will use.

Fort Smith issued 155 permits valued at $38.353 million in January, up 326.3% compared to the January 2010 value of $8.995 million. The January permits included 15 new residential permits with a combined value of $3.246 million, up 90.3% compared to the value of residential permits in January 2010.

GREENWOOD
Greenwood also got off to a good start with January permit values totaling $1.096 million, up 175% compared to January 2010.

However, the numbers include a $580,000 permit for the Cornerstone Veterinary Clinic at 2719 W. Center St. The clinic was built in late 2010, but the property was not annexed into the city until Jan. 3. Thus, the permit value was logged in January.

The city also issued three new residential permits with a combined value of $444,080, up 11.6% over the residential permit value in January 2010.

VAN BUREN
Van Buren activity began slow compared to 2010. The city issued permits with a combined value of $725,100 in January, down from the $2.209 million in permit values during January 2010. New residential permit values totaled $672,100 in January, down from the $1.489 million in January 2010.

2010 RECAP
Building permit values in the three cities during 2010 totaled $154.358 million, down 5.77% compared to $163.824 million in 2009. In 2010, Fort Smith officials issued permits valued at $114.77 million, compared to $138.946 million in 2009.

For the year, Greenwood officials issued permits valued at $18.258 million, up 21.6% over the $15.008 million in all of 2009. However, the city changed its permit assessment process during 2010 in a way that increased the estimated value of construction.

Van Buren officials issued building permits valued at $21.33 million in 2010, up 116% compared to all of 2009. The bulk of the 2010 permit value came from the $13.587 million permit for construction of the new King Elementary.

For the year, Greenwood officials issued permits valued at $18.258 million, up 21.6% over the $15.008 million in all of 2009. However, the city changed its permit assessment process during 2010 in a way that increased the estimated value of construction.

Van Buren officials issued building permits valued at $21.33 million in 2010, up 116% compared to all of 2009. The bulk of the 2010 permit value came from the $13.587 million permit for construction of the new King Elementary.