KMK Equity LLC recently broke ground for infrastructure work on a 30-acre development that will solicit office, retail and hotel tenants to the southwest intersection of I-49 and West Monroe Avenue (Arkansas Highway 264) in Lowell.
Independence Plaza is the name of the development. Scott Dillard, president and CEO of Lowell-based Central Research Inc. (CRI), manages KMK. The limited liability company paid $4.2 million for the land this past fall.
Development plans include six commercial lots. KMK will initially build two Class A speculative office buildings and a retail building. The office buildings are approximately 60,000 and 50,000 square feet. The retail building is 14,000 square feet. They are scheduled for completion in the fall of 2021.
CRI plans to combine its Lowell and Springdale operations by moving into one of the office buildings. CRI’s headquarters are at 106 N. Bloomington St. in Lowell. The company provides management and financial services to federal, state and commercial sectors, including records and document management, call center and debt collection, and improper payments.
McClelland Consulting Engineers of Fayetteville completed the initial design work and NAPA Construction of Fayetteville will complete the infrastructure work for the development. BiLD Architects of Fayetteville is in the design stage for the initial construction.
In June, KMK received a two-year loan from Arvest Bank worth $1.9 million.
David Erstine with commercial real estate firm CBRE in Fayetteville is marketing the development. He said Independence Plaza not only has easy access to the interstate, but the site is adjacent to the Razorback Regional Greenway.