Despite perceived economic headwinds nationally, real estate investors still have their eyes fixed on Northwest Arkansas.
On Thursday (Sept. 7), Indiana real estate development and private equity firm Great Lakes Capital shared details of a $110 million mixed-use project in Rogers’ dynamic Pinnacle Hills area west of Interstate 49. The 8.2-acre development is called The Plaza at Pinnacle Hills.
Construction has started at the northwest corner of West Northgate Road and South Champions Drive to build a 304-unit luxury apartment complex with immediately adjacent retail space anchored by a two-story, 20,000-square-foot Ruth’s Chris Steak House at the intersection’s hard corner.
Great Lakes Capital is a Ruth’s Chris developer. The upscale restaurant opened a Rogers location in 2007 at 3529 Pinnacle Hills Parkway. After construction, the restaurant will close that location and relocate to The Plaza at Pinnacle Hills. That’s expected in late 2024. Developers should complete the entire project in 2025.
The developers said the restaurant’s new space will be three times the size of the current location and include several bars, a rooftop, private event space and seating for up to 500 guests.
The four-story apartment building will consist of studio, 1-, 2- and 3-bedroom units. It will offer many amenities, including indoor parking, a resort-style swimming pool, a fitness center, a dog park, EV charging and a billiard room.
The Plaza at Pinnacle Hills is a partnership between Great Lakes Capital and the landowners, Hatfield Whalen Land LLC, led by Chad Hatfield and Paula Whalen. In a news release, they describe the project as “a class of its own and unlike anything in the region. The apartment finishes and amenities will be unparalleled in the Rogers market today.”
CR Crawford Construction of Fayetteville is managing the construction. BSB Designs of Chicago is the architect.
“We are excited for our partnership with GLC as it will bring new amenities and high-quality living to the heart of Pinnacle Hills and will be an anchor to our continued development,” Hatfield said. His group developed a 41,000-square-foot Class A office building — The Fields at Pinnacle — on the same 25-acre parent parcel in 2017. Global manufacturer Mars Candy, a Walmart Inc. vendor, is the primary tenant.
“Our approach is to develop irreplaceable buildings in irreplaceable locations,” said Kristen Sawdon, director for Great Lakes Capital. “We are creating a memorable, walkable and welcoming space where people can live, relax, gather and celebrate. We have a hospitality-driven design and management approach with a focus on delivering a first-class experience.”
Great Lakes Capital is also developing an 8.4-acre site west of the mixed-use site along West Northgate Road into a 125-room hotel. Hatfield did not disclose the name of the operating brand, but it will be new to the market.
“We’re working to curate the right mix that features the best-in-class chef talent and experiential retail along with thoughtful multifamily and hotel offerings in a dynamic, mixed-use environment,” Sawdon said.
Steve Lane and Mary Claire Ryan with Colliers Arkansas in Rogers will manage the retail and restaurant leasing.