North Little Rock's plan to create a gathering place downtown where folks can live, work, shop, eat out and maybe just hang out is moving closer to reality, Mayor Joe Smith said.
Smith plans to present legislation to the City Council tonight to authorize a company owned by Little Rock businessman John Chandler to conduct a feasibility study of the purchase and development of property now owned by the city on Main Street between Sixth and Seventh streets.
The properties are adjacent to a vacant, city-owned lot where Smith has said he envisions a downtown plaza or town square on Main Street between Fifth and Sixth streets that would enhance planned nearby developments of offices, retail stores, restaurants, apartments and townhouses.
J. Chandler & Company Inc. owns properties in both downtown Little Rock and North Little Rock, including the building that houses Skinny J's restaurant on North Little Rock's Main Street and four commercial buildings under renovation in the 700-800 blocks of the street.
The real estate development agreement outlined in the legislation would allow Chandler's company a four-month due diligence period for a feasibility study, with an option to buy the property. The properties are a 55,182-square-foot lot next to the Rock Region Metro Trolley Barn and a 5,674-square-foot parcel on the north side of the planned plaza location.
The larger lot would be for an office building with possibly condominiums or loft apartments on an upper level and possibly retail on the ground level, Smith said. The other lot would be for a restaurant with an outdoor dining area next to the planned plaza area, he said.
During the next four months, Smith said, Chandler will seek out an anchor tenant and "then be ready to go." Finding tenants for the project shouldn't be difficult, the mayor added.
"We've gotten so much interest in our downtown, and now it's a great time to be a developer," Smith said. "And he [Chandler] knows exactly what I had in mind [for the area]."
Smith's vision for downtown is to create a gathering place for residents and visitors that copies the much larger Sundance Square Plaza in Fort Worth. The 55,000-square-foot Sundance Square Plaza is part of the 35-block Sundance Square in Fort Worth's downtown where high-rise office buildings, shops, restaurants, art galleries, a music hall and museums are within access. The plaza has jetted fountains, a cascading fountain waterfall, and the capacity to accommodate thousands of people for events.
Smith led a contingent of about 50 people Aug. 1 to see Sundance Square Plaza first-hand. Chandler was among those on the trip.
"He was able to feel and see my vision for that particular area of our downtown," Smith said. "He could see the potential that this was the right place to do this and that the timing to do it is perfect."
Smith said the city has been waiting on Sprint Corp. to relocate fiber optic cable lines beneath property between Fourth and Seventh Streets and Poplar and Magnolia where the former Prime Quality Feeds mill was located behind and south of the plaza site. The property is jointly owned by the city and a private corporation, but the City Council approved in August paying the entire $80,000 to relocate the lines.
The city is also to pay $425,000 to remove a Union Pacific railroad spur from the same two properties where the Sprint fiber optics cable is located. The spur crosses both the city and private properties. The sale of these and other properties will provide funds to build the "plaza/square," Smith said.
"We've not decided what we'll call it," he said.
"We've been kind of waiting right now on the dominoes to start to fall," Smith said of starting any project. "The first domino is Sprint moving that easement off that property. The second is us buying the spur track property from the railroad."
Smith said he has a potential buyer in multifamily and commercial real estate company ERC of Fort Smith for the property where the fiber optics and spur are located. Plans are for development of a three- or four-story office building and residences, Smith said.
No contract agreement for the purchase has been reached, Smith said, but the concept is agreeable with both the city and the buyer.
"We very well could close in 60 days if the first domino falls," he said.
Metro on 11/14/2016