Fayetteville developer starts multifamily project in Rogers

Fayetteville developer Specialized Real Estate Group has kicked off a $28 million redevelopment project that will add more than 100 apartment units in downtown Rogers.

First Street Flats will have 121 units made up of studio, one-bedroom, and two-bedroom options at 401 N. First St, most recently the site of the former Traders Market retail store. According to property records, SREG paid $1.72 million for the 2.6-acre site this past April.

The location is included in the Water Tower District, a designated area of the city’s downtown master plan where “public art, great streets, entrepreneurial energy and diversity provide a platform for downtown Rogers to be integral to the momentum of Northwest Arkansas.”

The property includes a 25,000-square-foot building. SREG will redevelop part of the original structure as a central gathering space and amenity building for residents and neighbors. Over a century ago, it was the original home of the Ozark Cider and Vinegar Co. The First Street Flats redevelopment will include an on-site plunge pool, co-working space, coffee bar and additional storage for outdoor recreation rentals.

Fayetteville architectural firm Modus Studio is designing the 135,000-square-foot property, and Arco Construction Co. of St. Louis is the general contractor. Encore Bank in Rogers is financing construction.

“First Street Flats will exemplify our commitment to building healthy spaces with walkability top of mind,” Jeremy Hudson, SREG’s co-founder and chief executive, said in a statement. “We have been looking for the right opportunity to join the downtown Rogers community ever since the Downtown Rogers Initiative Plan was adopted in 2015, as that plan created a guide to aid in the creation of a more walkable, vibrant, and mixed-use downtown neighborhood.”

Construction is expected to be completed in the spring of 2024.