BENTONVILLE -- The Greater Bentonville Area Chamber of Commerce plans to make way for a hotel on the downtown square by moving to the market district.
The chamber will move to 702 S.E. Fifth St. from 300 E. Central Ave. on the southeast corner of the square. The move is set for May.
"The square is unbelievable, and this downtown core is unbelievable, but we understand that the highest and best use of this property is not for a member-funded and member-serving nonprofit," said Graham Cobb, chamber president and CEO.
"We want this real estate to bring the value it should bring. I don't think it's a great use of my members' investment in our organization to pay that level," Cobb said.
A development group led by Tom Walton announced in June plans to build a full-service, 100-to-200-room hotel at the chamber's location. The name of the development group wasn't in the news release.
The hotel will meet the needs of business and leisure travelers, Walton said.
"This project will be ideally positioned at the heart of Bentonville's culinary and hospitality center as well as the outstanding bike trails of the region," he said.
A hotel will bring more people to the downtown square, which will help support the businesses on the square who pay premium rents, said Michelle Dearing, owner and broker at Midtown Associates.
The real estate company is at 211 S. Main St. and is a chamber member.
The thought of moving the chamber offices to a more tech-forward and modern space has been percolating, Cobb said. The news of the hotel made it a priority.
The chamber office is about 3,200 square feet. The new space will be about 2,900 square feet, but it's laid out more efficiently, he said. It will also have more open areas where members can come and work, but still offer privacy for staff. Shared amenities with other offices, such as conference and breakout rooms, will be available.
The move shows the chamber's support of the expanding market district and new development in Bentonville, Cobb said.
The city identified the market district as one of two districts in the SE Downtown Area Plan in 2014. The arts district is the other. Southeast Sixth Street connects the two. The plan helps guide development growth from the square into other areas of downtown.
The new office will be behind 8th Street Market. The Momentary, Crystal Bridges Museum of American Art's contemporary venue, is set to open in early 2020 across the field to the west of the chamber office, and City U, a multibuilding, high-density, mixed-use development is planned to the northwest across Southeast Fifth Street.
It's an up-and-coming area that will eventually become as active as the square, Dearing said.
"It's a forward-thinking move," she said of the chamber's relocation.
NW News on 12/24/2018