Specialized Real Estate Group (SREG) of Fayetteville announced Thursday (May 2) plans to redevelop property currently occupied by Farmers Cooperative at the southwest corner of the intersection of Martin Luther King Jr. Boulevard and South School Avenue in south Fayetteville.
SREG filed its large-scale development with the city Wednesday. Construction is planned to begin in early 2020. An SREG spokesperson said the development company is under contract to buy the eight-acre property. It’s been owned by the Co-Op for nearly 20 years.
The Fayetteville Co-Op is one of 18 retail locations operated in eastern Oklahoma and western Arkansas by Van Buren-based Farmers Co-Op Association. President Matt Crabtree, the owner of Crabtree Farms in Van Buren, did not say where the Fayetteville Co-Op might relocate.
“We’re looking at multiple locations in or around Fayetteville as a possibility,” he said.
SREG plans to reuse four existing main buildings on the eight-acre property as part of a development that will contain food and beverage establishments, entertainment, small office and retail space. The existing buildings are situated along an arc running from north to southwest — the trace of a long-gone rail line that once served the local timber and produce industries. A new boardwalk will follow the route of the old rail line.
Around 220 new apartments will be added along South School Avenue.
“This property has been a meeting place for a long time, and we know that it is significant to the neighborhood and to folks around the region.” said Specialized Real Estate Group CEO Jeremy Hudson said in a statement. “We are thankful for this opportunity to bring new life to such an important place. We intend to honor the agricultural and industrial heritage of the site as we add new housing and small businesses.”
SREG is partnering with Fayetteville design firm Modus Studio on the project. The two companies have partnered on other successful adaptive reuse projects including Eco Modern Flats, 15 North Church Avenue, and 200 West Center Street, the home of Arsaga’s Church and Center.