ERC Plans for River Valley Project
by February 2, 2004 12:00 am 110 views
ERC Development Group LLC recently broke ground for a mixed-use development valued at more than $4 million including construction and other costs. The site is on the block between North Second and North Third and North “A” and North “B” streets in downtown Fort Smith.
ERC Construction Group LLC will be the general contractor. ERC Development is serving as the developer, and West End Lofts LLC is the owner. First National Bank of Fort Smith is financing the development. Site work is under way, and residential units will be available for lease by midsummer.
The Hill Firm Inc. of Fort Smith is the architect for the project. The development will feature more than 10,000 SF of commercial space and 46 loft-style apartments. Three different types of multifamily units will include 27 one-bedroom apartments that are 800 SF and 900 SF and 19 two-bedroom units that will each be 1,200 SF.
Rental rates for the lofts will be $575-$815 for the one-bedroom variety to $830-$1,100 for the two-bedroom units. The flats will rent for $525 for a one-bedroom and $675 for a two-bedroom.
The buildings will be three-story row houses with garages, two-story town homes with garages and two-bedroom flats. The development occupies a city block, and the land is owned by the Westphal Group of Fort Smith.
ERC Development negotiated a 50-year lease agreement with the Westphal Group on behalf of West End Lofts.
Rod Coleman, president of ERC Properties Inc.; Bennie Westphal of Robert Westphal &Co.; the Samuel Sicard Family; the Kelley Family; and Charles Still, all of Fort Smith, are principals in West End. ERC Development has more than 2,000 units under construction right now in Arkansas, Mississippi, Tennessee, Alabama, Missouri, Iowa, Kansas, Oklahoma, Texas and New Mexico.
Crone Crafts Nursing Home
Bob Crone of NWA Healthcare Inc. recently received final large-scale approval for a 120-bed nursing and rehabilitation facility on seven acres off Rainbow Curve in Bentonville. NWA Healthcare will do business as Arbor Meadow Nursing and Rehabilitation Center. Smithers Construction of San Antonio will be the general contractor and developer of the 43,000-SF facility that’s valued at more than $3 million. Crone, the owner/operator, formerly operated a 194-bed nursing and rehabilitation facility in McAllen, Texas. He said construction should begin by mid-February. He declined to disclose financing information.
Steve Jordan & Associates of Fayetteville is the architect, and Sand Creek Engineering and Landscape Architecture Inc. of Rogers is the civil engineer. The facility is designed with the ability to expand to 140 beds. The rooms will be equipped with individual temperature control and can be private or semiprivate.
The home is designed in a courtyard style with two nurses’ stations, a 3,000-SF rehabilitation area, five living areas ranging from 400-600 SF, three dining areas ranging from 400-3,000 SF, a 250-SF beauty shop, a 500-SF activity room and a 300-SF private dining room. Arbor Meadow is slated to open in October.
Dixie Builds More in Center
Dixie Construction LLC of Fayetteville has bought a building permit valued at $360,500 to build a 9,997-SF office building at 2474 E. Joyce Blvd. in Fayetteville’s Joyce Business Center. The building will house the new offices of TrestleTree Inc., a Fayetteville health care firm.
Wittenburg Deloney & Davidson Architects of Fayetteville is the architect, and the engineer is Steve Clark Consulting of Fayetteville.
The facility is one of four buildings in the complex. The other four include an 11,000-SF office building that has been leased, one 11,000-SF office building that is under construction and another 9,000-SF building for which a permit has not yet been issued.
Dixie continues construction on a retail complex located at 2402 S.W. 14th St. in Bentonville. The combined permit value of the 4,000-SF convenience store, 4,000 SF of retail space and the car wash is $854,820.
Jim Key of Key Architecture Inc. in Fayetteville is the architect, and Tim Geary of Geary & Associates is the engineer. Dixie Development LLC is the developer.
The complex should be complete in April.
Pennington Plats Plenty for Spring
Mike Pennington, owner of Pennington Developments Inc. of Rogers, is completing site work for two subdivisions in Springdale and one in Rogers.
Camden Way subdivision off of Arkansas Highway 104 in Rogers will have homes averaging 1,700 SF and lots selling from $38,500-$39,500. Landtech Engineering of Springdale prepared the plat for the 168-lot subdivision. Northwest Excavation of Rogers is doing the site work. Pennington will sell exclusively to builders.
Oaklawn Place subdivision off of Oaklawn and 40th streets in Springdale recently received final plat approval and will begin home construction in two weeks. The five-acre development will have 16 lots averaging 1,700 SF. Civil Designs of Siloam Springs prepared the plat. Northwest Excavation did the site work for the subdivision.
Brandon’s Way subdivision in Springdale will be ready for final plat approval in March. The 20-acre development will have about 50 lots and will be similar in design to Oaklawn Place.
Keystone Consultants Inc. of Springdale engineered the plat.
Bridlewood Readies for Fayetteville
A new $3 million subdivision awaits final plat approval in Fayetteville. Sweetser Construction of Fayetteville has nearly completed the site work for Bridlewood Estates, a 95-acre, 36-lot subdivision located off of Guy Terry Road east of Fayetteville in Washington County.
The developer of the subdivision is Sassafras Farms Inc., of which Gene Long, Bill Kennedy and Dave Jorgenson are principals.
Lots in Bridlewood will range from two to three acres and will sell from $95,000-$135,000. Homes will have a minimum 3,200-SF requirement and feature all Fayetteville city utilities. Sassafras has presold six lots and expects to begin home construction within two months. Arvest Bank-Fayetteville is financing the development.
TAB CHART
Benton County Mortgage Report
Numbers are for December 2003.
| Lender | Value | % Share |
| Bank of America | $24,092,423 | 11.31% |
| Arvest Mortgage | $21,105,575 | 9.91% |
| Community Bank North Arkansas | $18,457,348 | 8.67% |
| Arkansas National Bank | $17,434,454 | 8.19% |
| Arvest Bank Bentonville | $15,304,244 | 7.19% |
| Regions Bank | $13,897,698 | 6.53% |
| Great Southern Bank | $10,472,325 | 4.92% |
| Simmons First National Bank | $7,854,835 | 3.69% |
| Midland Mortgage Investment Corp. | $7,259,600 | 3.41% |
| Bank of Fayetteville | $6,947,500 | 3.26% |
| Arvest Bank Rogers | $6,817,480 | 3.20% |
| Ohio National Life Insurance Co. | $6,600,000 | 3.10% |
| First Security Bank | $6,437,473 | 3.02% |
| Bank of Gravett | $6,072,253 | 2.85% |
| First Western Bank | $5,717,320 | 2.68% |
| First Western Bank | $5,717,320 | 2.68% |
| Wells Fargo Home Mortgage | $5,715,501 | 2.68% |
| First Federal Bank of Arkansas | $4,924,156 | 2.31% |
| JPMorgan Chase Bank | $4,025,000 | 1.89% |
| United Bank | $3,107,895 | 1.46% |
| Decatur State Bank | $3,055,781 | 1.43% |
| Simmons First Bank NWA | $2,870,989 | 1.35% |
| Chase Manhattan | $2,478,404 | 1.16% |
| First Financial Bank | $2,409,633 | 1.13% |
| Countrywide Home Loans Inc. | $2,181,002 | 1.02% |
| Pulaski Mortgage Company | $2,018,070 | 0.95% |
| Total: | $212,974,279 |
Source: WACO Title Co.