The Fort Chaffee Redevelopment Authority board of directors approved nearly $3 million in property sales at its regular meeting Thursday (Aug. 18) including the sale of a parking lot, 28 acres for single-family homes and 61 acres for an 840,000-square-feet warehouse/distribution center.
The board approved a sale of 60.89 acres on Mahogany Avenue and Fort Chaffee Boulevard in Chaffee Crossing to VanTrust Real Estate (VTRE Development) for $40,000 per acre or roughly $2.4 million. The proposed project would be an 840,000-square-feet warehouse distribution for one or multiple end users, said Daniel Mann, FCRA executive director and CEO.
“VanTrust offers its clients and capital partners a full spectrum of real estate services, including acquisition, development, asset management, design and construction oversight, and consultation,” the company noted on its website.
The board also approved changing the land use designation of the property from commercial/office to mixed use industrial/office.
Mann said VTRE has not provided FCRA with any type of final capital investment into the property or a number of jobs the project would create for the area.
“We will be receiving that as part of ongoing discussion and negotiations for incentives,” Mann said.
He did say VTRE hopes to close on the property during their due diligence period. They have up to 90 days from execution of contract for due diligence, he said.
“They hope to begin construction later this year,” Mann said.
Messages left for representatives for VTRE were not returned Thursday.
The board also approved the sale of a parking lot at Ward Avenue and Fort Chaffee Boulevard to Quentin Willard with QB Ventures for $60,000 for a parking lot. In June, the board also accepted an offer to sell that parking lot at Ward Avenue and Fort Chaffee Boulevard Loyd Sumpter with Rival Commercial RE. In July, Mann said Sumpter had rescinded that offer.
At the time, Sumpter told the board that following the June meeting, he had met with Willard, owner of Fort Smith Brewing Co. who said he was interested in purchasing the lot. Willard had expressed his concern over the sale of the parking lot at the June meeting. There also had been a post on the Fort Smith Brewing Co.’s Facebook page stating that its customers have used the parking lot for more than five years.
Stipulations on the sale of the parking lot to Willard included that it be brought up to city of Fort Smith code and remain a public lot.
The FCRA board also approved the sale of approximately 28 acres on A Street in Barling in Chaffee Crossing to ERC Create for $15,000 per acre or approximately $420,000. The property will be for a single-family residential subdivision.