Costco land deal in Lowell is off, developer says
by July 14, 2023 7:44 am 38,085 views
A Little Rock developer representing retail giant Costco said the company’s deal to buy land for its first Northwest Arkansas store in Lowell is off.
Hank Kelley, the chief executive and executive broker of Kelley Commercial Partners, told the Northwest Arkansas Business Journal on Thursday (July 13) that Costco’s plans have changed.
“I can confirm the contract has been terminated but can’t comment any further based upon our agreement with our client,” Kelley said in a statement.
In May this year, Lowell Mayor Chris Moore said that the Washington-based retail chain planned to open a store at the southwest corner of Concord Street and Pleasant Grove Road east of Interstate 49 near the Rogers city limits.
Moore confirmed with the Northwest Arkansas Business Journal that Costco filed a large-scale development plan (LSDP) with the city on May 11 for that site, indicating its intent to build a 161,000-square-foot store.
The Northwest Arkansas Democrat-Gazette first reported the news.
Costco officials were not immediately available to comment on the failed land contract or if the company planned to open a store elsewhere in Northwest Arkansas. In the past, the company only commented on new clubs three months before opening. It took roughly 15 months to go from announcement to opening a Costco in Little Rock in mid-2021 — the retailer’s first Arkansas location — but that was during the pandemic. Costco operates 848 clubs worldwide, with annual sales of $222.73 billion.
According to the Costco website, the closest stores to Northwest Arkansas are in Springfield, Mo., and Tulsa, Okla.
According to Benton County property records, a limited liability company controlled by Fayetteville businessman Lyndy Lindsey owns the land where Costco proposed building a Lowell store. Lindsey told the Northwest Arkansas Business Journal that Costco isn’t completely giving up on Northwest Arkansas.
“They terminated the land contract but said they’ll be back in the picture in Lowell in a year for a store,” Lindsey said. “Who knows; they may end up at the same location.”