Pizza restaurant, event center part of modified Phoenix Mall redevelopment

A bright spot for development activity in Fort Smith is the ongoing renovation of the former Phoenix Village Mall, with a new Chicago-style pizza restaurant to be part of the multi-million redevelopment.

FSM Redevelopment Partners, LLC purchased the 35-acre site — bounded by Phoenix Avenue on the south, Towson Avenue on the east and Wheeler Avenue on the west —  in January 2009. The site contains more than 10 acres of structures and was the first enclosed mall constructed in Arkansas.

Nickle Hill, Rodman & Trumbo Inc., a Fayetteville-based commercial real estate brokerage firm, is managing leasing and sales activities for the property.

The new tenants include Bentonville-based Gusano’s Chicago Style Pizzeria, Aflac Insurance and Veterans of America. Gusano’s will lease more than 6,000 square feet and is expected to open by mid-January 2010. Along with Big Al’s Famous BBQ (located on the property in the former Shoney’s site), the redevelopment will offer more dining options for those who live and work in the area.

“We are now demolishing the old strip retail center to make room for a new retail building we believe will do much to improve the look of the property and make that portion of Towson Avenue more attractive,” said Lance Beaty, manager of FSM Redevelopment Partners. “A lot of people my age and older remember the glory days of this property and are eager and happy to see life return to the property again.”

Aflac is expected to open regional and district offices at the site in October, and Veterans of America leased 7,000 square feet for a bingo operation.

Existing tenants such as Dollar General, Fashion World, Bridal Elegance, Theodora’s Elegante Wigs, Glamour Nails and Speedwash have agreed to continue as tenants in the remodeled retail center.

Beaty said FSM has leased 70,000 square feet since January and hopes to release additional announcements in the next few weeks.

“We had planned that our relatively low costs of redevelopment combined with a location surrounded by high-traffic commercial avenues would help us create a location with competitive leases and positive demographics,” Beaty explained. “The progress on the project supports our initial plans, and we are delighted with the level of interest from potential tenants and the general public.”
 
Since the purchase in January, 2009 FSM Redevelopment Partners has completely remodeled the 115,000-square-foot building formerly occupied by Woolco Stores/Venture and Atwoods. FSM demolished approximately 75,000 square feet of buildings that were “beyond salvage” and is beginning to remodel the strip center in the former Phoenix Square. The remodel work should be finished by December 2009.

A modified part of the redevelopment plan includes creating an “Event Center” in a more than 50,000-square-feet of the former main mall building, Beaty said.

“We are receiving great interest for the exhibit areas and are in the process of designing a full line Event Center where the former Malco theaters, skate park and Furr’s cafeteria were located,” Beaty said.

The Event Center space will offer a full-line professional kitchen, up to 50,000 square feet of exhibit space and the theaters are being revamped to offer full audio/video capabilities for group meetings, continuing education, stage events and to meet auditorium needs seating of up to 500 people. FSM is signing contracts with exhibitors for car shows, antique shows, gun shows and receptions.

Beaty also said the site plan was modified to include significant green space, landscaping and sight lighting. The parking lot is scheduled for a full makeover once the landscape islands, irrigation and planting are complete.

“With mixed use of property proving successful, we are confident our mix of commercial, office, restaurant, retail and entertainment spaces will allow this former retail destination to become a broader destination,” Beaty said.