Investors Get Financing for Younkin Development

A trio of investors on Oct. 9 got three loans totaling $7.81 million from Community Bank of North Arkansas in Fayetteville to finance commercial construction on the site of a former airstrip in north Fayetteville.

Ben Israel of Israel Residential Properties LLC, and Phil Phillips and Tom Muccio, both of Investors Realty LLC, are partners in the project. There are plans to eventually build 14 office buildings totaling 150,000 SF on the former Bob Younkin private landing strip between Appleby Road and Drake Street. The construction will be on 17 acres on the future Bob Younkin Drive. It will be just south across Appleby Road from the new Washington Regional Medical Center entrance.

The development will include another 2.5-acre patch on Appleby Road.

Trio Building Hotel at Scottsdale Center

RRI LLC recently purchased a building permit valued at $3.5 million to build a hotel at one of Northwest Arkansas’ largest business parks.

RRI consists of Gary Brandon of Springdale, Craig Smith of Rogers and Dewey Weaver Jr. of Monroe, La. The trio is building a four-story, 88-room Residence Inn hotel at Scottsdale Center near the intersection of Interstate 540 and Walton Boulevard.

The hotel will be the tallest building at Scottsdale Center. It will total about 56,000 SF.

Gary Brandon Enterprises Inc. is the general contractor on the hotel. Brandon hopes the hotel will be open by August.

The Residence Inn will have both one- and two-bedroom studio rooms complete with kitchenettes — refrigerator, dishwasher, stove, etc. It also will have an indoor pool.

Brandon and Weaver were also partners in the 78-room, three-story Residence Inn at 1735 S. 48th St. in Springdale. Brandon has been the general contractor on the Fairfield Inn & Suites by Marriott in Rogers and the Residence Inn in Fort Smith as well.

In addition, Brandon is building an 11,000-SF office building on the last lot available at Bentonville’s Commerce Center. Brandon’s brother, optometrist Phil Brandon, will have an office in the new facility. Brandon will lease the remaining space. That building is expected to be completed in March.

Gary Brandon also is building a 7,700-SF Bedding Mart at 1720 W. Walnut Ave. next to the Walgreen Drug Store in Rogers. Brett Hash is the owner of that building.

United Bank Gets Permit for Expansion

United Bank and United Holding Co. on Nov. 8 purchased a building permit valued at $2.05 million for its new expansion at its Springdale headquarters.

The United Building will be a two-story, 30,000-SF office building adjacent to United Bank’s main offices at 2600 S. Thompson St.

United General Builders Contractors Inc. of Springdale will be the general contractor on the project. The new building is scheduled for completion in late 2003. It also will be home to the firm’s retail and wholesale mortgage servicing operations, investment planning services and United-Bilt Homes Inc.’s corporate offices.

Professional lease space will be available in the building.

Pinkley Building Homes at Bentonville Addition

Cecil Paul Pinkley of Bentonville on Sept. 10 got a loan of $1.8 million from First Western Bank to build several homes at a west Bentonville subdivision.

Carriage Square, located off Arkansas Highway 102 near Kristyl Heights and Eagle Crest subdivisions, has 189 lots.

Jim Lemons of Bentonville is the developer of the Carriage Square.

Homes at Carriage Square will range from 1,350-1,575 SF.

Pinkley also is building three new homes at phase I of Stonebriar subdivision in Bentonville. On Oct. 7 he got three loans totaling $619,200 from Arkansas National Bank in Bentonville for the Stonebriar additions.

Landers Adding to Outdoor Lot

Kinco Constructors LLC of Springdale on Oct. 10 purchased a building permit valued at $779,000 to build a large new outdoor display lot for a Fayetteville auto dealership.

Landers Auto Park is adding 10,300 SF to its lot at 1352 W. Showroom Drive, located on the 34-acre former Nelms Auto Stores site at the corner of Interstate 540 and Arkansas Highway 112.

Kinco Constructors is the general contractor, while Crafton Tull & Associates Inc. of Rogers is the architect.

Landers sells Chevrolet, Honda, Acura, Toyota and used vehicles. It did $213.3 million in sales in 2001 in Northwest Arkansas.

One Springdale Building More Luxury Townhouses

Philip Taldo and Gary Griffin of One Springdale Inc. on Oct. 11 got two loans totaling $435,600 from Arvest Bank to finance two of the five luxury townhouses they’re building in east Springdale.

The townhouses are in five-plexes. Each unit will be 1,088 SF. They will be located on Orchard Street south of U.S. Highway 412 and about a half-mile from Arkansas Highway 265.

The two-level townhouses will have landscaping and rear parking and will rent for about $650 per month.

Powerbilt, Carpenter Building at Breckenridge

Powerbilt Custom Homes Inc. of Springdale on Oct. 11 got five loans totaling $430,000 from First Security Bank in Springdale to build homes at an east Rogers subdivision.

Breckenridge subdivision is near Monte Ne. It will have 60-plus lots, and the homes will be about 1,900 SF each.

Tad Carpenter of Springdale recently purchased four building permits totaling $504,628 to add homes at Breckenridge subdivision. Carpenter’s homes will all be on Breckenridge Loop.

David Ray and Donna Ruth Chapman of Springdale are the developers of Breckenridge.

Summer Meadows Phase II Under Way

Danny and Terri Parsley of DP Development in Lowell recently purchased four building permits valued at a combined $415,178 to build more homes at a northeast Lowell subdivision.

The latest homes at Summer Meadows are in the addition’s phase II. They are on Hankins Avenue and North Oak Street. Phase II will have 33 lots in all. Phase I had 37 lots.

DP Development is also the general contractor. Houses at Summer Meadows are about 1,600 SF each.