Alt: Second Chance at Dickson Condos Because of Heart

Sitting in a feathery soft oversized chair on the ninth floor of The Dickson, the towers on the University of Arkansas’ Old Main seemingly close enough to touch, it’s hard to argue with Sheree Alt.

“There’s not any more desirable location than this building,” she says, smiling.

A tour of three studio-style condominiums, two of which offer a stunning view of Dickson Street snaking to the east, only cements the notion Alt very well might be right. The Dickson, formerly known as The Lofts at Underwood Plaza, appears to offer everything someone wanting the walkability and livability of a downtown area could possibly need.

Alas, just as Old Main can’t be touched by sticking one’s hand out the window, The Dickson has not proved to be irresistible. In fact, construction delays and the still-fresh real estate market crash have made The Dickson a tough sell.

Alt knows this better than most.

“I was part of the development team, I was part of the conception of this building, the idea of this building,” she said, recalling the day she shoveled dirt during the 2006 ceremonial groundbreaking.

The ensuing construction delays pushed back the completion about 18 months, Alt added, “which killed it as far as the sales.”

The result was that Alt sold just eight of the 54 condos before being replaced as the listing agent by a team with Lindsey & Associates in May 2009. The Lindsey team sold two condos before Arvest Bank took the property into receivership in 2010.

Fayetteville developer Ted Belden struck a deal with Arvest to assume sole ownership of the building last November, however, assuming all debt on the troubled mixed-use project after his previous partners reached settlements. Among those partners were Richard Alexander and Rob Merry-Ship.

Both were part of AMA Real Estate Group, which also included Alt. Still, after Alt and Merry-Ship executed an amicable split with Alexander, thus forming Downtown Properties Real Estate Group Inc., Belden chose them to handle property management and leasing operations for his newly acquired property.

“I think it’s because we know the building,” Alt said. “We know every feature of this building, we know what it’s made of. We know the quality of the building.

“And, you know what? It’s also because of heart.”

Heart?

“I have a very strong emotional tie to this building,” Alt said. “I have a deep concern and care about seeing it succeed. … I felt like it was my baby from the beginning.”

If Alt, who is working with Randy Werner as a co-listing agent, is to see The Dickson grow into what its original partners envisioned, it likely will be because of Belden’s hefty commitment. Part of that includes a reduction in asking price of “about 10 to 15 percent across the board” for the condos, Alt said.

While the units range in size from 522 SF to 2,026 SF, the asking prices start at $172,640 and peak at $709,100. Additionally, Arvest Bank is offering special financing packages for interested buyers.

Of the remaining 43 units for sale, only five do not have tenants under lease. That includes one unfurnished unit and four executive-style, extended-stay units.

Alt said interest in the condos has picked up lately. Her target audience includes “professional people, empty-nesters, second-home buyers” or anybody else interested in what she believes is the best downtown Fayetteville has to offer.

And now, just as in the beginning, Alt believes success is inevitable.

“I think it’s a matter of timing. Everything has its season, and I think The Dickson’s is coming.”