Specialized Real Estate Group completes land acquisition for Bentonville mixed-use project
by June 27, 2017 8:18 am 1,194 views
Fayetteville developer Specialized Real Estate Group has completed the land acquisition for a multimillion-dollar mixed-use development near downtown Bentonville.
According to property records, SREG paid $6.18 million for 11.22 acres east of the downtown square. The property is south of Casey’s General Store at 100 S.E. J St. and bordered to the north by East Central Avenue, to the east by Southeast J Street and to the south by Southeast Third Street.
SREG made deals with 10 separate property owners to assemble the 14 parcels of land, according to the filings. Arvest Bank in Bentonville provided financing with a one-year loan of $5.44 million.
The land was rezoned in February by the Bentonville City Council to a planned unit development (PUD). The vote was 8-0.
About 60% of the PUD will consist of mostly three-story apartment buildings, according to SREG, with 263 one- and two-bedroom units. The remainder will consist of four-story buildings used by a mixture of office, retail or commercial tenants. A phasing plan will be developed as part of the large-scale development submission.
Modus Studio of Fayetteville and Morrison-Shipley Engineers of Bentonville are partnering with SREG on the project. A lender and general contractor have yet to be selected.