Lofts at Underwood Plaza now ‘The Dickson’
by February 21, 2012 3:59 pm 1,000 views
A troubled nine-story condo and retail building on Fayetteville’s Dickson Street and adjacent to the University of Arkansas campus has a new marketing and management plan that could help Arvest Bank and the new owners see a financial return.
Originally built in 2009 as The Lofts at Underwood Plaza,t he nine-story, 97,240-square-foot building was foreclosed on by Arvest in late 2010. Arvest had loaned building owners more than $22 million on the deal.
Original owners in the “Underwood Plaza” condo project were Ted and Leslie Belden, Richard and Jennifer Alexander, Rob and Kathy Merry-Ship, Bill and LeAnn Underwood and Craig and Laura Underwood.
Ted Belden was part of a “restructured ownership group” financed by Arvest in November 2011 to repackage the property and sell and manage the condo units.
Belden said Tuesday (Feb. 21) that the Underwood Plaza would be rebranded as “The Dickson,” with Downtown Properties Real Estate Group (DPREG) named the new property management and real estate listing agency. Sheree Alt and Rob Merry-Ship are the co-owners of Downtown Properties, and Merry-Ship was one of the original owners of the building.
According to the statement from Belden and DPREG, Alt and Merry-Ship have more than 45 years combined experience in the downtown Fayetteville real estate market and manage more than 250 properties for various owners – including homes, apartments, high-end condos and commercial space. The company specializes in property management and real estate sales within a specific geographical area limited to the downtown, Dickson Street and UA areas of Fayetteville.
“I am very pleased to announce our selection of Downtown Properties, especially given their vast experience in and dedication to the downtown Fayetteville real estate market,” Belden said in the statement.
The rebranding also comes with “new special financing packages available through Arvest Bank,” noted the Belden press release.
Features of The Dickson include:
• Condominiums that range in size from a 522-square-foot studio to a 2,026-square-foot two-bedroom residence;
• Prices begin at $189,000 and homebuyers can choose from three interior options — Metropolitan, Urban and Traditional;
• Most condos have outdoor balconies;
• Onsite covered parking is offered; and,
• Condo ownership entitles homeowners to a free membership at ClubHaus Fitness across the street.
Belden said plans are being considered for a rooftop terrace for residents and guests, and ninth-floor restaurant and/or lounge.
Original owners in the “Underwood Plaza” condo project were Ted and Leslie Belden, Richard and Jennifer Alexander, Rob and Kathy Merry-Ship, Bill and LeAnn Underwood and Craig and Laura Underwood.