Layman Lane, a limited liability company, bought about 90 acres near Pride Valley Road in Little Rock for $2.2 million last month for a housing development with about 140 upscale homes.
The development, called Copper Run, will be built by Graham Smith Construction.
Layman Lane is led by Graham Smith, a homebuilder and developer. Scott Hurley, broker with Arkansas Land and Realty, is a partner with Smith on the project, along with several other investors.
Homes in the subdivision likely will be priced from about $250,000 to $400,000, Hurley said.
Work on sewer easements has begun, and it should take nine months before development begins, Hurley said. Nothing has been finalized about what amenities will be included in the development, Hurley said.
It could take nine years before the development is full, based on building about 15 homes a year, Hurley said.
The investors chose the location for the subdivision "because it is west Little Rock, because the numbers worked and because most of the utilities were already there," Hurley said.
The development is near the Promenade at Chenal shopping center, and a Kroger grocery store on Chenal Valley is about a mile away as the crow flies, Hurley said.
The seller was the Glenda C. Pehrson Family Limited Partnership.
A one-story, single-family home of 1,250 square feet sits on the property. The home was built in 1985.
The property was left to Pehrson's three daughters after she died, and none of them live in Little Rock, Hurley said.
"I think they realized [none of them] were going to move back home, and the property is in the path of growth," Hurley said.
Johnny Mitchum of Keller Williams Realty was the listing agent for the Pehrson family.
Smith's construction company is also building a smaller housing development known as Piper Lane in the Pride Valley area. Ground has been broken on that development, which will have about 100 fewer homes than Copper Run.
GAS STATION GROWTH
Kum & Go LLC closed on the purchase of a 1.5-acre parcel in west Little Rock for $1.8 million this month.
The seller was Chenal & Wellington Development LLC.
The property is at the southeast corner of Chenal Parkway and Wellington Hills Drive.
Kum & Go plans to build a 6,210-square-foot store with six double gasoline pumps. Construction should begin in March with a planned opening this fall.
About 27,000 vehicles pass by the property each day on Chenal Parkway.
Isaac Smith and Brandon Rogers of Colliers International in Arkansas represented the seller. Aaron Nicholson of Sage Partners represented Kum & Go.
"With its high traffic counts and close proximity to the city's densest retail and residential areas, this corner is a perfect place for Kum & Go to locate in west Little Rock," Rogers said.
A Texarkana, Texas, limited liability company bought a building in the Northshore Business Park for $1.6 million last month.
The building is at 4851 Northshore Lane in North Little Rock.
The buyer was Green Bunn Herrington LLC of Texarkana, Texas, led by Curt Green.
The seller, Eckerd & Shea Commercial LLC, leased the building to Advanced Pathology Solutions for several years until Advanced Pathology built its own building across the street, said Gene Pfeifer, the developer of Northshore Business Park.
Rich Eckerd with Eckerd & Shea did not return a phone call seeking more information about the transaction.
A spokesman for Advanced Pathology also did not return a call seeking comment.
Silver Development LLC, which is affiliated with Crain Family Holdings, bought seven lots from Deltic Timber Corp. in the Chenal Valley Varennes Court subdivision recently.
Silver Development paid $1.4 million for the lots, which total about 8 acres.
The property last appraised for about $1.3 million.
Newview Investment Properties of Little Rock bought more than 3 acres in Roland for $530,000 last month.
The seller was Waterview Estates LLC, led by its manager, Rick Ferguson.
The property was last appraised at $469,000.
SundayMonday Business on 01/28/2018
Print Headline: Company buys 90 acres in west LR for 140-house development