Springdale developer Rich Richardson, president of Can-Ark Diamond Realty Holdings LLC, said he will break ground in November on a new 340-unit, multifamily community on Arkansas Highway 102 in Centerton.
The development will be called Watercolor and be located just to the west of Greenhouse Road.
Richardson recently acquired the 21-acre property for $2.27 million ($2.49 per SF) from a group of investors that included Bob Laman, Roger Boskus and Jim von Gremp.
Jordan Jeter with Flake & Kelley Commercial in Springdale brokered the deal.
Centerton planners have approved Richardson’s planned unit development (PUD) proposal, subdividing 15.5 acres for the multifamily development and 5.5 acres for a commercial office/restaurant/retail use, anchored by a 25,000-SF retail/office building. Richardson said roughly half the building is already spoken for by an undisclosed tenant.
Richardson said he is bullish on Centerton’s growth. He is currently leading development of two master-planned subdivisions in the city, adjacent to the new Bentonville West High School campus. Together, the two neighborhoods — which sit north and west of the BWHS campus — will have a combined 467 single-family lots.
“I have wanted to develop a multifamily [community] for a couple of years now,” he said. “I feel like Centerton is the right play.”
The first phase of construction on Watercolor will include about 100 units and should be completed in one year. Exteriors will be a mixture of multicolored brick, rock and James Hardie siding.
The development will include a combination of two- and three-story buildings, a clubhouse, workout center, basketball and tennis courts and possibly even a bowling alley among the development’s amenities.
Richardson said one- and two-bedroom floor plans will range from 750 SF to 1,050 SF and lease for roughly $1 per SF.