Shearin Lists 244-acre Brownstone Development (Real Deals)

Shearin Lists Brownstone

Jim Shearin of Shearin Hathaway & Associates in Bentonville is the listing agent for the 224-acre Brownstone development in Bentonvillle. The acreage is listed for $9 million.

The mixed-use development, originally a 3 million-SF futuristic design on Arkansas Highway 12, was expected to cost $450 million to build and have a $1.5 billion economic impact on the area. Perry Butcher of Perry Butcher & Associates of Rogers championed Brownstone before suffering a stroke last year that put the development on hold.

The price includes about 200 undeveloped acres and about 24 acres that include Straube Business Park. Three of the 25 lots at Straube have been sold. Shearin said about 150 acres of the 224 have been accepted under contract.

The Enclave Inches Toward Closing

Work is expected to begin in a few weeks on a new subdivision off Ivy Lane in Springdale — The Enclave. Readying for projects there are Lee Scarlett of Celtic Construction in Fayetteville and Springdale builders Virgil Knight of Knight Construction, Roger Griffin and Kent Burnett of Legend Builders and Chris Elder of Elder Construction Co.

The group of builders is the collective developer and general contractor.

The subdivision was originally owned by developers Gary Griffin and Phillip Taldo of One Springdale Inc. The five builders bought the 68-lot subdivision from Griffin and Taldo in August for more than $5.3 million. Each owns 15 to 17 lots.

The walled-in subdivision awaits final plat approval, and Scarlett said lots are expected to close on March 12. Construction could begin as soon as March 15.

The custom homes in The Enclave will have a 3,000-SF minimum with 100 percent brick/stone exteriors and architectural shingles.

Garages carry specific covenants including that they must have at least a three-car capacity. Other requirements include sprinkler and security systems and fully sodded yards.

Homes will price from $390,000.

Keri Barber of Dallas Real Estate Services Inc. in Fayetteville will be a listing agent along with The Griffin Co. of Springdale and Lana Patrick of Basset Mix & Associates Inc. of Fayetteville.

Patel Parks Hotel in Springdale

Construction continues on a 50,952-SF hotel valued at $3.3 million on 1056 Rieff St. in Springdale.

Pete Patel of Lowell is the developer and the general contractor for the 71-room Sleep Inn & Suites. Slone Architects of Springfield is the architect for the four-story building, and Edelman Engineering of Springfield is the engineer.

Patel did not respond to repeated requests for additional information.

Montgomery Builds Beds in Bentonville

John Montgomery of Bradford House Manor LLC in Gore, Okla., recently began construction on a 33,000-SF nursing home at 1202 S.E. 30th St. in Bentonville. The 84-bed facility, called Bradford House, will replace the existing facility that Montgomery owns, Brighton House in Bentonville. Alora Construction Co., also owned by Montgomery, is the general contractor.

Construction costs are estimated at $3 million. Steve Jordan & Associates in Fayetteville is the architect, and EB Landworks Inc. of Fayetteville is the engineer. The care center will have 10 private and 37 semiprivate rooms, four community rooms, a beauty shop, a dining room and an assisted dining room. Great Southern Bank of Springfield, Mo., is helping finance the project.

Montgomery bought the 4.63 acres, lots 8 and 9 of the Mid-Cities Crossing subdivision, from Ann Farmer in November.

Carpenter Carries Carrington Forward

Tad Carpenter, president of Carpenter Construction Inc. of Springdale, recently bought 12 building permits valued at $1.6 million to build homes in the Carrington Place subdivision off Turner Street in Springdale. Mike Pennington of Pennington Developments Inc. is the developer of the subdivision. Pennington has sold all 63 lots to two builders: Carpenter Construction and Riggins Construction Co. of Springdale. Riggins owns 31 lots, and Carpenter owns 32 lots.

The listing broker for the Carpenter homes is Matlock Real Estate Services LLC of Springdale, and the listing agent is Danelle Carpenter. Lots in Carrington range from 0.13-0.27 acres, and houses will range from 1,400-1,630 SF. The homes will sell for $110,900-$139,900. Civil Engineering Inc. of Siloam Springs prepared the plat for the subdivision. All Carpenter homes will feature architectural shingles and covered patios and will have three to four bedrooms and two baths. Many are of the country-French style with integrated stone work.

Bank of America of Springdale is financing the construction. Carpenter expects to complete construction on all homes by late summer. About 14 homes are under contract or closed. Carpenter will be building in Salem Meadows subdivision in Fayetteville and Meadowbrook subdivision in Elkins later this spring.

Wohlford Eyes Eagle Creek

Dennis Wohlford of Wohlford & Co. in Springdale recently bought eight building permits valued at $1.5 million to build homes in the new Eagle Creek subdivision in Bentonville. Homes in Eagle Creek will range from 1,800-2,100 SF and have lots averaging 0.19 per acre. Eagle Creek Construction and Development Co., of which Jim Brassert is president, is the developer. Sand Creek Engineering & Landscape Architecture Inc. of Bentonville is the engineer.

Homes will sell from $170,000-$180,000. Wohlford bought the lots from Eagle Creek in January for $264,000. Wohlford & Co. is also building in the Stonebridge and Stonehenge subdivisions of Fayetteville.

Haynes Buys Lake Keith

Collins Haynes of Haynes Holdings LLC recently purchased Lake Keith and 46 acres of property adjacent to it in Cave Springs.

Haynes bought the property from Patricia Collier for $1.5 million. Haynes told the Benton County Daily Record on Feb. 5 that he has “no definite plans” for the property.

Bank of Rogers Pinpoints Pinnacle

Bank of Rogers recently bought a building permit valued at $1.2 million to build a 8,300- SF branch at 3706 Pinnacle Hills Parkway in Rogers.

Hydco Inc. of North Little Rock is the general contractor. The building will have a stucco surface, a cultured-stone base with a cantilevered aluminum entrance canopy. It will also feature a standing-seam metal roof and aluminim storefront windows.

The architect is Williams & Dean Associated Architects of Little Rock. The engineer is Crafton Tull & Associates. The two-story building is expected to be complete by early summer.

Dream Structures Builds Wildwood

Steve Fisher, owner of Dream Structures LLC of Lowell, recently bought five building permits valued at a combined $989,984 to build homes in phase two of the Wildwood subdivision in Bentonville.

First Security Bank of Rogers is financing the construction. Dream Structures will build 10 homes total. Mike Charlton of Charlton Development Co. in Bentonville is the developer of the 400-lot subdvision. There are 55 lots in phase two.

Dream Structure homes will average 2,200 SF and sell from $200,000. Homes will feature granite countertops, stainless steel appliances and brick and stone exteriors. Some will have copper roofing features. Construction should be complete in June.

Dream Structures is also building in Bentonville’s Thornberry subdivision

Charlton Development bought 80 additional acres on Sept. 15 for additional phases in the subdivision from the Haberman Family Trust for $1.6 million. Mike Charlton is the developer of Wildwood, where lots average 0.3 acres each.

Nabholz Turns Page at BudgeText

Nabholz Construction Co. recently bought a building permit valued at $800,000 to convert 4,000 SF of existing warehouse space into office space at the BudgeText Corp. headquarters on Shiloh Drive in Fayetteville. Nabholz will serve as general contractor.

BudgeText is one of the top five wholesalers of text books in America.

Some parking is also being added. Susan Anders, daughter-in-law of BudgeText founder Sterling Anders, is the architect.

Additional details about the project’s timetable and financing were not available.

Jackson Places In Fayetteville

Lee Scarlett of Celtic Construction and Hometown Development, both of Fayetteville, will soon begin work on a 14-lot subdivision off Old Wire Road in east Fayetteville.

Celtic and Hometown are the developers of the subdivision. Homes at Jackson Place will range from 3,100-3,900-SF and sell from $130 per SF. They will feature gas lights, fully sodded yards, security systems, granite countertops and wood-framed windows.

First Federal Bank of Fayetteville is financing the construction. Keri Barber of Dallas Real Estate Services Inc. in Fayetteville is the listing agent.

Washington County Mortgage Report
Numbers are for December 2003.

Lender — Value — % Share

Arvest Mortgage — $17,350,369 — 11.32%
Community Bank — $16,731,735 — 10.92%
First Federal Bank of Arkansas — $14,785,081 — 9.65%
Arkansas National Bank — $12,488,637 — 8.15%
First Security Bank — $10,874,337 — 8.15%
Arvest Bank Fayetteville — $10,642,070 — 6.94%
Great Southern Bank — $9,020,000 — 5.88%
Arvest Bank Springdale — $8,245,008 — 5.38%
Bank of Fayetteville — $7,046,193 — 4.60%
Bank of America — $6,792,353 — 4.43%
United Bank — $6,524,670 — 4.26%
Bank of Gravett — $6,072,253 — 3.96%
Bank of Arkansas — $5,300,625 — 3.46%
Artesia Mortgage Capital Corp. — $4,075,000 — 2.66%
Countrywide Home Loans Inc. — $3,637,270 — 2.37%
General Electric Capital Business Asset Funding — $3,450,000 — 2.25%
Wells Fargo Home Mortgage — $3,016,888 — 1.97%
Arvest Bank Prairie Grove — $2,640,885 — 1.72%
Simmons First Bank NWA — $2,413,922 — 1.57%
Pulaski Mortgage Company — $2,171,922 — 1.57%
Total — $153,279,218

Source: WACO Title Co.