A foundation supporting the development of an osteopathic college in Sebastian County has requested an option to buy 77 acres for the project.
The Degen Foundation has offered the Fort Chaffee Redevelopment Authority $400,000 for the property on which it hopes to establish neighborhood housing, restaurants, day care centers, banks and trails for students attending the Arkansas College of Osteopathic Medicine that's under construction at Chaffee Crossing.
College President and CEO Kyle Parker estimated Tuesday that the $42.5 million campus will be ready for its first class of 150 students in 2017.
Parker told members of the authority's Real Estate Review Committee on Tuesday that much of the 77 acres is wetlands and unsuitable for development. But the wetlands could be used for parks, trails and walkways that would promote healthy living for the college students and that would free up other land for other uses.
The land, which abuts the southern end of the college's current property, also would shield the college campus from three factories to the south and newly opened Arkansas 549 to the east.
The redevelopment authority donated the 200 acres on which the college campus is being developed. Authority Executive Director Ivy Owen said 113 of the acres are in Barling and 87 acres are in Fort Smith. The 77 acres requested for the option to buy are in Fort Smith.
Committee members didn't make a decision on the college's offer Tuesday because of unknowns about the condition of the property.
Parker told the committee that he believed there were about 20 usable acres, but authority listing broker Bob Cooper said he thought the usable land totaled about 38 acres.
The value of the land depends on how much of it is suitable for development.
The committee ordered a survey to determine the amount of unusable wetlands in the 77 acres and for Cooper to develop a per-acre cost of the land. The research work was expected to be completed in about a month.
State Desk on 07/22/2015