Rogers developer Hunter Haynes is seeking approval from the Rogers Planning Commission to build an 85,530-square-foot office building off of South Promenade Boulevard.
The project is called the Magnolia Farms office building, a five-story project that will include a parking garage on the first two floors, and office space on the remaining three floors.
The office building will be built on Magnolia Street, a new east-west artery that will eventually connect South Promenade Boulevard with South 52nd Street, across Interstate 49.
Haynes said the Magnolia Street extension from South Promenade to the interstate will be finished in the second quarter next year. The office building will take 12 months to be build.
“The topography of the land makes this one of the most exciting projects I’ve ever worked on,” he said. “It’s going to be a beautiful setting.”
Baldwin & Shell Construction in Rogers will be the general contractor.
Haynes said there are no signed leases for the building yet, but he is “exploring” two possible build-to-suit tenants that could each potentially take one entire floor.
The 8.14-acre site is south of the Cedar Brook neighborhood. It’s part of a 45-acre tract directly north of Home Depot. EF Capital Management, an alternative asset manager based in The Woodlands, Texas, acquired the land, and an adjoining 39-acre tract to the east across South Promenade Boulevard, nearly three years ago. It was an all-cash deal worth $8.3 million.
EF Capital acquired the land for Arkansas native Margaret Molleston, a lawyer by trade and executive with GeoSouthern Energy Corp., one of the largest independent oil and gas producing companies in the country. It also is headquartered in The Woodlands, Texas.
The planning commission is expected to consider the project in January.