$28 million multifamily project opens in downtown Rogers
by February 11, 2025 9:39 am 3,959 views
The 121-unit First Street Flats recently opened at 401 First St. in Rogers. The $28 million development is one of the first multifamily properties in Arkansas to achieve Net Zero Readiness through on-property solar panels and energy-efficient design.
Fayetteville-based Specialized Real Estate Group is the developer of the 91,618-square-foot project. Fayetteville architectural firm Modus Studio designed it. St. Louis-based ARCO Construction Co. was the general contractor. Encore Bank in Rogers provided construction financing.
The multifamily development includes three, three-story apartment buildings. The units range from studios to two-bedroom apartments.
The development also has an amenity building with the office, flex office space and library, swimming pool, and screened-in patio lounge with grills and games. Over a century ago, it was the original home of the Ozark Cider and Vinegar Co.
“First Street Flats is a lifestyle choice for those seeking connectivity and convenience while also promoting sustainability,” said Mark Mansell, property manager at First Street Flats. “This development will pilot an energy monitoring system that allows the management team to track energy consumption per unit and educate residents on ways to reduce their usage, creating a collaborative effort among residents to achieve energy savings and contribute to the net-zero target.”
Specialized Real Estate Group purchased the 2.6-acre development site, formerly Traders Market retail store, for $1.72 million in April 2022.