New Flicks for Fayetteville
by June 1, 1998 12:00 am 88 views
There’s a new multi-screen theater coming to Fayetteville. Details are sketchy but we were able to get a few.
“It’s unbelievable,” says Kirk Elsass, the broker with Lindsey & Associates Inc. of Fayetteville who arranged the sale. “It’s something like we’ve never seen in Northwest Arkansas. People won’t believe they are still in Fayetteville.”
A Jonesboro commercial development company called Belz.Burrow Inc. has signed a contract to purchase 14 acres of vacant land along Joyce Boulevard, just east of Lindsey’s corporate offices. The sale should close within the next four months.
Belz.Burrow is paying $6 per SF for the land. That equals about $3.66 million.
The company will be working with Edward Theatre Group in California to develop the multiplex theater. Some reports put the size of the multiplex at 20 screens.
The land is owned jointly by Jim Lindsey, president of Lindsey & Associates, and Arkansas Western Gas Co. under the corporate name Vantage Square LLC. The land has been for sale for the past eight or ten years.
Lindsey had refused to lower the price because he wanted to help determine what kind of development occurred on the land.