Jonesboro-based real estate developer Haag Brown announced Wednesday (Nov. 7) details to build a Starbucks coffee shop in Siloam Springs. The development is planned for the corner of U.S. Highway 412 and Simon Sager Road.
This will be the fifth Starbucks the company has brought to Northwest Arkansas in less than three years.
The 0.94-acre lot for the development sold earlier this month for $619,400, a purchase price of $15.13 per square foot. Cale Properties LLP was the seller, represented by Scott Hill with Hilltown Commercial Realty in Fayetteville. P&H Investments LLC of Jonesboro, whose members include John Perry and Rob Hester, was the buyer.
Construction is set to begin soon, with an estimated opening in the third quarter of 2019. First Community Bank of Batesville is backing the development with a three-year construction mortgage of $1.99 million
“I don’t know that I’ve ever been so ready to get a project to the finish line,” Haag Brown principal Josh Brown said in a statement. “This one took as long as the last three Starbucks projects all together. I’m very thankful for a patient seller and seller’s broker who did more than he was expected to for longer than he was expected to.”
The new 6,000-square-foot retail center will be part of the Walmart and Lowe’s anchored development. The project will sit just south of the Siloam Springs Regional Hospital and has exposure to over 24,000 cars per day, according to Haag Brown.
Brown and Greg Haag worked alongside Daryl Peeples and Starbucks’ representative Hank Kelley, both of Flake and Kelley Commercial in Little Rock, to bring the project to fruition.
“We are thrilled to be developing another store for Starbucks in Northwest Arkansas and are thankful to Hank Kelley and Daryl Peeples for helping us along the way,” Haag said. “We knew exactly where Starbucks would thrive in Siloam Springs so we are more than excited that this deal is complete.”