ROGERS -- A planned 121-unit apartment complex is a step toward further growth and revitalization in downtown Rogers, according to city and Chamber of Commerce staff.
A groundbreaking Thursday will mark the beginning of the First Street Flats project, which may be the downtown area's first large-scale, multifamily development, according to Specialized Real Estate Group.
The $28 million development planned for 401 N. First St., just north of the Fire Department, will include four three-story buildings with a total square footage of about 135,000.
Having more people living downtown is the best way to see growth and development, according to Karen Wagaman, vice president of downtown development with the Rogers-Lowell Area Chamber of Commerce. Seeing investment in residential properties is one of the chamber's highest priorities for the downtown area this year, she said.
Peter Masonis, public relations manager for the city, said First Street Flats is one of two downtown multifamily residential developments in the works. Together they will ultimately increase the number of downtown apartment units by 150%, he said.
The project likely will bring more downtown foot traffic in the area farther north as well, he said.
Units will be about 60% single-bedroom apartments, 20% studio apartments and 20% two-bedroom apartments. A common area with features such as a co-working space, a coffee bar, an on-site plunge pool and storage for outdoor recreation equipment will be in a portion of the existing structure of the Ozark Cider and Vinegar Co. building.
Specialized Real Estate Group tries to adapt buildings into new developments and keep some of the neighborhood's history intact, even when it isn't the most cost-effective way of building, said Rob Apple, director of strategy and communications. Walkability, environmental mindfulness and proximity to outdoor amenities like Lake Atalanta are all priorities for the developers, he said.
The company, which has developed properties such as Brick Avenue Lofts in Bentonville and Eco Modern Flats in Fayetteville, had been looking for opportunities in the downtown area since the adoption of the city's Downtown Rogers Plan in 2015, according to Apple.
"That plan created a guide to aid in the creation of a more walkable, vibrant, and mixed-use downtown neighborhood," Jeremy Hudson, co-founder and CEO of Specialized Real Estate Group, stated in a news release. "Our developments strive to connect people with neighbors and nature, and First Street Flats will aim to do just that."
The Planning Commission will consider Tuesday a rezoning for a proposed 12-unit multifamily rental development at 1639 N. Arkansas St., about a mile north of the First Street Flats site.
A rendering of the future common area at First Street Flats, which is planned for 401 N. First St. near the Rogers Fire Department. The residential development designed by architecture firm Modus Studio will include four three-story buildings with a total square footage of about 135,000. (Courtesy Photo/Specialized Real Estate Group)
A rendering of First Street Flats planned for 401 N. First St., just north of the Rogers Fire Department. The residential development designed by architecture firm Modus Studio will include four three-story buildings with a total square footage of about 135,000. (Courtesy Photo/Specialized Real Estate Group)
A rendering of First Street Flats planned for 401 N. First St., just north of the Rogers Fire Department. The residential development designed by architecture firm Modus Studio will include four three-story buildings with a total square footage of about 135,000. (Courtesy Photo/Specialized Real Estate Group)