Cobblestone Debuts Stone Meadows Subdivision (Real Deals)

Cobblestone Homes has announced plans for a 42-acre subdivision called Stone Meadows between state highways 12 and 102 in Bentonville.

There have been 40 building permits ranging between $142,682 and $147,030 purchased by Cobblestone Homes in the past month for the development off of Glenn Road. Total construction cost for the project is estimated at $38.9 million, which includes $500,000 for a clubhouse and 250 units that are described as maintenance-free, patio-style homes.

Palmco Properties LLC of Fort Smith is the developer/owner of the project. John Alford is the manager and registered agent of Palmco.

BancorpSouth Bank is handling the financing.

Cobblestone Homes is serving as the general contractor.

Morrison-Shipley Engineering Inc. of Springdale is the engineer. Kissinger’s Custom Plans of Fort Smith is the architect.

The homes will range between 1,200 and 1,700 SF and cost from $130,000 to $185,000. That’s an average of $105 to $110 per SF.

Features of the single-story homes include a French country exterior, two-car garages, granite countertops, whirlpool tubs, sprinkler system and security system. Approximately 60 percent of the homes will have rear entry garages.

Features of the subdivision include a clubhouse with pool and workout facility. The entire complex will be fenced with an entrance.

Cobblestone Homes is the listing agent and pre-selling began in September.

Nickell Drops Dime On New Office

Aaron Nickell Homes is building itself a new home across the street from its current office on business Highway 71 in Lowell.

A total of three buildings are being built across the street for an estimated construction cost of $9 million.

Phase I of the project is two buildings totaling 15,076 SF that will be leased as retail space while Phase II will be Aaron Nickell Homes’ 22,445-SF office and will be behind the retail space.

The retail buildings will be called Bloomington Crossing. There are 10 total units (only nine are available) that will lease from $15 to $22 per SF. Seven of the available units are 1,200 SF while the remaining two are 1,800 SF.

First Federal Bank of Arkansas is handling the financing and also will have a branch on the north end of one building, near the corner of McClure and Bloomington streets.

ANH has partnered with Fairchild Construction of Bentonville as the general contractors for the project. Fairchild is handling the site work, foundation and steel while ANH project manager Chris Nall will handle finishing out the rest of the project.

Northstar Engineering of Bentonville is the civil engineer. Snow Electric of Springdale is handling the electric while Kimbel Plumbing of Fayetteville is handling the plumbing.

Resource Design of Rogers is the architect.

ANH purchased the 4.35 acres that formerly was the site of Scruggs Service Station in three separate transactions for an average of $5 per SF, which figures out at a total of $947,430. One former owner was the City of Lowell.

Texans Try To Corner Market

Developers from Texas have formed the Bentonville 12 Ltd. partnership and purchased 60 acres for a mixed-use development called The Corners on state Highway 12 in Bentonville.

Cost of the land was approximately $1.40 per SF, which figures out to about $3.66 million. Total cost of the construction is estimated at $6 million.

The project mostly will include upscale townhouses, with six acres reserved for office/retail space. The townhouses will range in price from $175,000 to $225,000 and in size from 1,400 to 2,100 SF.

Lindsey Construction of Bentonville is the general contractor and is completing work on the streets, water and sewer lines.

CEI Engineers of Bentonville is the engineer.

The general partner of Bentonville 12 is listed as Texas Land Management. Jim Williams is a principal in Texas Land Management and is the president of LandPlan Development Corp. of Frisco, Texas, a company that’s developing several properties in the Dallas area.

Williams is a former Arkansas Razorbacks football player who played on the 1964 National Championship team.

Bentonville 12 also purchased 100 acres on the west side of the project.

No plans have been made for that land at this time.

Whorton Buys From Drummonds

Drummonds Family LP of Springdale sold Lot 7, Final Plat of Market Square, commercial subdivision, in Springdale to Whorton Construction of N.W. Arkansas Inc. of Springdale on May 9.

Whorton took out two mortgages from United Bank in Springdale at a combined $2 million related to the land.

CLD Inc. is a registered agent of Drummonds Family. Joy Drummonds is president of CLD and general partner of Drummonds Family.

Marshawn Whorton is president of Whorton.

Cleaning Up College Avenue

Hometown Center LLC of Fayetteville is constructing a two-story office/retail building across from Pizza Hut on North College Avenue in Fayetteville.

Cost of the 8,000-SF building that is called The Hometown Center is projected at $1.1 million, which also includes a new parking lot. Chambers Bank of North Arkansas is handling the financing.

The building already has two tenants with a foundation company and a retired engineer professor occupying space upstairs. The rest of the building could be split up into three offices or used by one tenant. It will lease for $12 to $13 per square foot.

Rob Sharp is the architect and engineer.

Hometown Development Ltd. of Fayetteville is the contractor.

Principals in Hometown Center LLC are Seth Gardner, Lee Scarlett and Robert Schmidt. Schmidt also is the president of Hometown Development limited and recently remodeled his offices in the building behind The Hometown Center.

The project is expected to be completed within the next 60 days.

V and B Rolls With Roller City

Viglione and Bassett LLC of Fayetteville recently bought part of Lot 10 and all of Lots 11-12, Block 1 of the Commerce Subdivision, Phase II in Springdale from Springdale’s Roller City of NWA LLC.

The land is located at 1007 Century St. in Springdale and sold for $979,000.

Chad Munroe is the incorporator/organizer of Roller City. David Bassett is president of Viglione and Raymond Smith is the registered agent.

Roller City got the land from Times Square Ltd. Partnership of Rogers in 2005. Luther Black is president of Time Square.

JFN Deals To Williams

JFN LLC of Fayetteville sold land in the University Acres Subdivision to Williams Holdings LLC of Farmington. Williams purchased the land at 2331 Dean St. in Fayetteville for $940,000 on May 15.

Williams took out an $800,000 mortgage from Arvest Bank—Prairie Grove for financing. Donald Williams and Paul Williams are members of Williams Holdings.

Members of JFN include Jerry V. Sparks, Laddy Diebold, Sarah Diebold, Elizabeth H. Sparks and William S. Sparks.

Tuggle Contractors Sell Copper Creek

In early May, Tuggle Contractors LLC of Fayetteville sold two properties in Springdale’s Copper Creek, Phase II.

Fernando Carbajal bought a house at 3768 Monte Vallo Manor and William L. Whitworth and Marilyn B. Whitworth bought a house at 3744 Monte Vallo Manor.

Carbajal had a $272,800 mortgage from EquiFirst Corp. in Charlotte, N.C., for his $341,000 purchase.

The Whitworths paid $387,000 for their purchase. No bank was involved in the Whitworths’ purchase.

Jon A. Tuggle is the managing member of Tuggle Contractors.

Covington Park Homes Find New Owners

Jon A. Kathol and Marcia K. Kathol bought a house at 2866 E. Chatsworth Road in the Covington Park, Phase IV subdivision from Stephen Cassar and Shelley Cassar. The warranty deed was for $585,000.

The Kathols took out a $468,000 mortgage from Pulaski Mortgage Co. in Little Rock.

On May 3, Lee Scarlett and A. Scheri Scarlett sold Lot 166 of Covington Park Phase IV to Mark E. Moss and Wendy A. Moss for $539,000.

The Scarletts received two mortgages totaling $538,800 from Bank of America N.A. of Charlotte, N.C.

Covington Park, Phase IV is the latest developed phase of the Covington Park Subdivision. Covington Park is located in the eastern part of Fayetteville, east of Highway 265 and north of Highway 45.

The subdivision has more than 90 lots with lot prices starting at $55,000 and house prices starting at $271,000. Houses are a minimum 2,400 SF. Phase IV has 24 lots with lot prices ranging from $55,000 to $85,000.

House prices start at $300,000 and have a minimum of 2,400 SF. In Phase IV, houses sell from $99 to $112 per SF and lot sizes are 0.3 to 0.4 acres.

Covington Park Development Inc. of Fayetteville is the developer. Don Cozart is the president of Covington Park.

(Tony Woodside contributed to this report.)