Construction imminent for $51M mixed-use development on Walton Boulevard in Bentonville
by January 31, 2022 9:04 am 26,922 views
A California real estate development firm is planning a massive multifamily development on Walton Boulevard in Bentonville.
City planners have approved plans for a $51 million complex called Lumen. It’s a project by Burrwood Living, based in Orange Beach. The company focuses on multifamily, lifestyle and office developments in secondary markets throughout the Midwest.
The 6.5-acre site is east of Walton Boulevard, bordered by Chick-fil-A to the north and Panda Express to the south. The footprint extends east from Walton to the northwest corner of Bentonville Cemetery. Burrwood assembled the land during the past 18 months in separate deals worth a combined $2.75 million.
The footprint includes two structures that will be razed, including a former Acambaro restaurant and a building most recently leased to Enterprise Rent-A-Car.
Paul Esterer, principal and Northwest Arkansas Division president of Moses Tucker Partners in Bentonville, represented Burrwood in the land assemblage.
“Lumen is the largest development on the west side of downtown and is the most impactful project on Walton Boulevard in a long time,” he said. “This is the first large multifamily project to hold a Walton street address. It signals what I believe to be a renaissance for Walton Boulevard.”
Burrwood representatives told the Northwest Arkansas Business Journal that the 281,684-square-foot Lumen would include retail shops and restaurant space. That’s in addition to 252 residential units with amenities such as a resort pool, plunge spa, dog park, coffee bar, fitness studio, rooftop terraces, fire pits, dining enclaves, secured parking decks and bike wash and storage.
Art Kennedy, Burrwood’s development director, said Lumen is a “lifestyle complex” that will have multiple unit designs including micro studios, standard studios and various one- and two-bedroom options.
“Lumen will offer the Bentonville community a true downtown living experience,” Kennedy said in a statement. “We believe coastal transplants will find Lumen’s premium amenities and build quality familiar and make it the perfect landing spot for their next chapters. When it comes to ‘class-A’ multifamily projects, this one is special.”
Kennedy said construction would start in the coming weeks, and preleasing would begin in the spring of 2023. Conco Construction of Wichita, Kan., is the general contractor. Chasen Garrett Architects in Fort Smith is also working on the project.
“This project was tailor-made for Bentonville,” Garrett said. “Burrwood Living placed the community of Bentonville at the center of their vision during our first meeting together. Their goal was to be a good steward and community member with the project. We have been blessed to be a part of implementing that vision for our client and the community.”
Equity Bank in Wichita, Kan., is providing financing.
Burrwood Living spokeswoman Rose Williams said the firm also controls the former 7-acre Heartland Motel site at 1002 S. Walton Blvd., but no imminent development plans exist. That property changed hands last summer for $2.2 million.