A 44,000-square-foot development planned for downtown Bentonville will add residential options in an area of town already known for its arts and dining.
ERC Cos. of Fort Smith will break ground on the mixed-use project April 4. It will take an estimated 10 months to complete what developers have named Thrive, which will go in at Southwest A and Southwest Fourth streets in Bentonville’s Arts District.
Troy Galloway, the director of the city’s Community and Economic Development Department, said the project lends “instant credibility to what we’re trying to accomplish” downtown.
“This gives us the resident population to begin to take advantage of goods, services and amenities in downtown Bentonville,” Galloway said.“We want to do everything we can to concentrate development in and around downtown.”
The greater part of the Thrive space will consist of 62 residential units sized between 520 and 1,000 square feet. The three-story red brick building will include ground-floor parking for residents and is designed to blend in with existing architecture in Bentonville.
Distinguishing Thrive from other downtown developments will be its mix of residential and commercial space. Ideally, the 1,760 square feet of bottom floor space will be occupied by a startup business, he said.
ERC owner and Chief Executive Officer Rob Coleman said in an email that planning sessions with friends and colleagues led to the decision to include commercial space as part of the development. Options for the nonresidential component of Thrive include restaurant and retail use.
“I’m not interested in just taking our clients’ money any longer in exchange for shelter, I want to provide the best experience in the industry for them to live their best life,” Coleman wrote. “And having these spaces are vitally important to achieving that.”
No building permit has been filed with the city for the Thrive project, which is being designed by Fayetteville architect Rob Sharp. A cost of the project wasn’t immediately available, but Coleman said the total combined investment will be “over $5 million.”
ERC began looking at downtown Bentonville in 2012. Among the reasons Coleman cited for ERC picking the location include energy of the area, the quality of life in the surrounding neighborhoods and local leadership’s willingness to make the project a reality.
Thrive is being touted for its proximity to arts and dining options in downtown Bentonville.
Attractions like the Crystal Bridges Museum of American Art, the 21c Museum Hotel and local trails are within walking distance.
“When you look at what has been accomplished in the downtown area and around the square, there were critical early developments that helped catalyze what’s gone on there,” Galloway said. “Those type of projects tend to lend the environment of confidence that investors need.”
Business, Pages 25 on 03/28/2014