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Westward movement.

Little Rock's Development Keeps Roaming Where The Herds Of Jaguars And Beamers Play

The eyes of many a real estate player are watching the development countdown on 42.43 acres under contract in west Little Rock.

Will Aronov Realty of Montgomery, Ala., launch another round of westward migration with its proposed $20 million project?

Or will the 300,000-SF shopping center at Bowman Road and Chenal Parkway be scrubbed?

"Our plan is to have something on or off by November," says Jim Moses of Little Rock's Moses-Nosari Real Estate. "Interest is growing out there, but there's definitely a wait-and-see attitude with people watching for our shopping center to get off the ground."

Meanwhile, Moses-Nosari is working to secure enough anchor tenants to pursue financing for the development. Several large anchor-type national retailers also have shown interest in other sites along Chenal Parkway.

Talk persists that Wal-Mart Stores Inc. is interested in relocating from its large store at nearby Rock Creek Square to an even larger store.

The herds of Jaguars and BMWs are overflowing at the existing Wal-Mart retailing oasis.

But for really wild talk, how about reports of some unidentified parties taking a look at developing the ill-fated Summit site at Shackleford and Interstate 430?

In any case, several sizable companies new to the Little Rock market have representatives scouting the terrain out west for possibilities.

"There's a lot to be said for that," Moses says. "This is one of the top 100 retailing markets in America, but there's still a lot of national retailers who aren't here."

Moses-Nosari is also handling 10 acres on the southeast corner of Bowman Road and Chenal Parkway. Like the proposed shopping center site, this land will have to go through a rezoning process to make the bureaucratic transformation from residential to commercial use.

Rett Tucker of Flake Tabor Tucker Wells & Kelley is seeing interest spill over from the proposed shopping center location to property he's handling on the northwest corner of Chenal Parkway and Bowman Road.

"There seems to be some serious users circling out there," says Tucker. "Some of them are large."

As in 100,000-SF national retailers.

Tucker has had contacts from unnamed companies looking at acquiring a string of his one- to three-acre lots on the northwest corner of Bowman Road and Chenal Parkway.

Retailers in the 50,000-SF category have explored a 5.5-acre parcel located on the east side of the Bale Chevrolet dealership that Tucker is handling as well.

Farther west, The Danny Thomas Co. in Little Rock has 12 acres zoned for commercial use at the southwest corner of Parkway Place and Chenal Parkway and another 17 acres zoned for office use.

"We've seen interest out there," says Darren Newsum, vice president of the commercial division of The Danny Thomas Co. "But the right situation hasn't come together yet, and financing is very difficult these days."

Newsum is among those who see the proposed shopping center as a bell cow project that other retailers will line up and follow if it gets off the ground.

"It would have a very favorable impact on property out there," he says. "This would help make other developers and retailers more interested out there."

Warehouses & More

Two mini-warehouse projects are moving forward on either end of Chenal Parkway. Gene Lewis of Lewis Realty & Associates is working on a four-acre project near the east end of the parkway.

Gene Pfeifer is working on a 300-unit development on six acres on the northeast corner of Chenal Parkway and Highway 10. The Robert East Co. already has nailed down the contract on this project.

Baldwin & Shell Construction Co. has already started clearing a four-acre site for a new OneSource facility at Chenal Parkway and Kanis Road. This $2 million project should open in the spring of 1993.

Springdale-based National Home Centers Inc. reportedly is trying to develop a new location on 17 acres at the southwest corner of West Taylor Loop Road and Cantrell Road.

The would-be site, listed by David Jones and Robert Vogel, is zoned for residential use and would require a change through the Planning Commission.

One resident is almost assuredly against the project. Pfeifer, who owns OneSource, lives across the street from the land in question. Having to look at a competitor's facility every time he leaves home is definitely not Pfeifer's idea of a pleasant vista.

The rooftops continue springing up in west Little Rock as commercial activity follows behind the residents -- and their purses and wallets.
COPYRIGHT 1992 Journal Publishing, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Little Rock, Arkansas real estate development
Author:Waldon, George
Publication:Arkansas Business
Date:Oct 26, 1992
Words:750
Previous Article:Alphabet soup.
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