Tom Terminella Seeks Blockbuster Rezoning on Van Asche Drive

Developer and real estate broker Tom Terminella today is presenting a blockbuster commercial zoning proposal for 185 acres straddling West Van Asche Drive, the new stretch in uptown Fayetteville that Terminella expects will anchor nearly $1 billion in development and land values over the next decade.

Terminella’s proposal to turn farmland into development property is being submitted to the Fayetteville Planning Commission, and it’s for five parcels — three for 125 acres south of Van Asche, and two for 60 acres north of the road.

For a view of the zoning proposal, click here.

Collectively, the C2, C3, and Urban Thoroughfare zoning categories sought by Terminella can accommodate just about anything — high-end auto dealership, retail, hospitality, hotel-motel, office and multifamily housing.

The property, currently vacant and zoned residential-agricultural, is owned by the WG Land Company LTD Partnership, a Whitfield and Green family trust that has owned the property for years. Terminella said the rezoning process could take a few months to conclude.

All told, Terminella expects Van Asche land values to rise to about $100 million with an additional $800 million in “vertical assets” on top of that. In describing the Van Asche property — finally made available due to the east-west extension between Garland and Gregg avenues — and remarking on its ability to support such value, Terminella called the land “special.”  

Terminella, who years ago had a hand in transforming vast swaths of Washington and Benton counties, and who now stands as the grizzled dean of Northwest Arkansas development, said Van Asche represents a huge, boom-era opportunity.

“This is the equivalent of Pinnacle for Washington County,” he said, referencing the bustling Pinnacle Hills area of Rogers in Benton County.

What the area will become is perhaps best described by the verbiage in the Urban Thoroughfare zoning description.

“The Urban Thoroughfare District is designed to provide goods and services for persons living in the surrounding communities,” it reads. “This district encourages a concentration of commercial and mixed use development that enhances function and appearance along major thoroughfares.”

Terminella did not offer any specifics in terms of potential tenants for the emerging acreage, but he could barely contain his excitement when describing its potential.

“It’s the last property that’s privately owned in Fayetteville along Interstate 49, between Johnson and Greenland,” he said.

Terminella is using engineering firms Crafton Tull of Rogers and Jorgensen & Associates of Fayetteville.

Terminella’s zoning proposal comes as uptown Fayetteville explodes with activity. Real estate firm Irwin Partners said the UARK Federal Credit Union recently purchased 1.27 acres for $775,000 at the northwest corner of Van Asche and Steele Boulevard. Irwin also announced that four other parcels are under contract: An 18-acre piece at the northeast corner of Van Asche and Steele, a 1.9-acre tract on the southwest corner where JJ’s Grill owner Jody Thornton looks to build a brewery, a 1.7 acre parcel just west of Taziki’s Mediterranean Café, and a 4.3-acre tract at the Van Asche cul-de-sac.

Specialized Real Estate Group is also building a 300-unit, trailside apartment and mixed used community on Steele between Joyce Boulevard and Mud Creek, just north of Van Asche.

The $5 million Van Asche extension includes four lanes, lighting, a median, trees, and an adjacent trail. The road was built by APAC-Central Inc. of Fayetteville. The project is part of the 2006 bond program approved by voters.