Fayetteville developer gains approval for project in downtown Bentonville
by June 6, 2018 9:02 am 5,002 views
Fayetteville developer Specialized Real Estate Group has received approval from the Bentonville Planning Commission for a large-scale mixed-use project in downtown Bentonville.
In a 7-0 vote, planners approved the proposal on May 15 for the development on Southeast Second Street, called Park Central. The project will also have frontage to Central Avenue, just east of the downtown square.
SREG’s plans for the site include construction of 25, two-story townhomes, each with one or two bedrooms set above garages. Sizes will range from 950 to 1,450 square feet, with prices starting in the $200,000 range up to $400,000.
The homes, primarily for sale although some may be leased, are next door to Town Branch Park and will have quick access to the Razorback Regional Greenway.
Along Central, development plans indicate a four-story, 30,000-square-foot mixed-use building with 19 underground parking spaces, street level retail space and residences in the top three floors.
According to real estate records, Spurgeon LLC acquired the property in three separate purchases in January 2017 for $1.79 million, assembling four parcels totaling 1.34 acres. Spurgeon is led by Springdale businessman Tom Lundstrum, one of SREG’s capital partners on the project.
The project site is zoned downtown core. Construction could begin before the end of the year.
PATH Engineering, Design & Urbanism PLLC, based in Edmond, Okla., is the consulting engineer on the project. Flintlock Architecture & Landscape of Fayetteville handled the initial designs.
SREG is also developing a multimillion-dollar mixed-use development further east near the intersection of Central Avenue and Southeast J Street. The Planned Unit Development will consist of mostly three-story apartment buildings, with 263 units. The remainder will consist of four-story buildings used by a mixture of office, retail or commercial tenants.