Target Gets Permit for Fayetteville Store

Target Corp. of Minneapolis on Oct. 25 purchased a building permit valued at $3.5 million to build a new store in north Fayetteville.

The 125,000-SF facility will be located in CMN Business Park phase II at 3545 N. Shiloh Dr., just west of Kohl’s Department Store.

Target Corp., a self-proclaimed upscale discount retail chain, has 1,349 stores in 46 states, including 1,019 Target stores, 265 Mervyn’s stores and 64 Marshall Field’s stores.

The Fayetteville store will be one of Target’s smaller stores.

The new store will be on 9.4 acres. Nanchar Inc., comprised of Charlotte Steele, Marjorie Brooks and Michele Harrington, sold the land to Target.

MCDR Inc. of Tennessee is the general contractor and CEI Engineering Associates of Bentonville is the engineering firm on the project.

Target has an additional 3.4 acres at CMN, which will include two 5,600-SF facilities attached to the Target store.

Target plans to open the store late next summer.

Tontitown to Get Large Electric Power Plant

Genova Arkansas I LLC, a division of Dallas-based Genova Power Co. LP, announced plans Nov. 8 to use a 50-acre tract for construction of a 550-megawatt electric power plant a half-mile north of U.S. Highway 412 near Tontitown.

General manager Jeffrey W. Schroeter said construction is expected to begin in fall 2002 with commercial operation projected to begin in summer 2004.

The new facility, which will produce enough electricity to meet the needs of 300,000 homes, will use two gas turbines and one steam turbine in a combined cycle. Its power will be distributed to the regional grid by American Electric Power.

Schroeter said an average of 250 people would be employed during the 22-month construction phase, and the company plans to spend more than $12 million locally on goods and services during that period.

Once in operation, the plant will have an annual payroll of $1.6 million and 25 employees.

The plant is also expected to create 75 off-site support positions.

Schroeter also estimated the facility will pay about $4 million per year in sales and use taxes and an additional $500,000 per year in property taxes. Another $1.5 million in local purchases will be made each year it is in operation, he said.

Genova Power Co. is a power plant development company. Its financial partner is Hunt Power LP of Dallas.

Construction Begins on Big Rogers Projects

Excavation was scheduled to begin Nov. 12 on the Marriott Renaissance Resort hotel at Pinnacle Hills in Rogers.

And early construction has begun on the six-story, 105,000-SF, $11 million Pinnacle Hills Centre office building.

Hotel developer John Q. Hammons of Springfield, Mo. is involved with both projects. Gary Combs of Basic Construction Co. of Springdale is handling the site work, while Baldwin & Shell Construction Co. is actually building Pinnacle Hills Centre.

The hotel will be 10 stories tall with about 250 rooms and suites, as well as more than 30,000 SF of meeting space. It is to be completed anywhere from 18-24 months.

Mansfield Takes Over Duplexes Near UA

Campus Park LLC recently got a $410,000 loan from Community Bank of North Arkansas in Rogers to purchase four duplexes near the University of Arkansas campus in Fayetteville.

The apartments will be managed by Mansfield Property Management LLC, which is managed by Rexanne Mansfield.

The duplexes, which range from three and four bedrooms and 1,007-1,327 SF each, were bought from Mary Ann Westphal, Lynn Murry and Ernest Murl Meredith.

They are located on Brenda Drive, just west of Razorback Road.

Mansfield plans to renovate and upgrade the duplexes with new appliances, kitchens, flooring and landscaping.