Property Rezoning and Sales
Consider this a public service announcement and reminder—the Pulaski County Board of Equalization will begin meeting on August 1, 2016 to hear value appeals. To schedule an appointment with the board, call the Assessor’s Office at 501.340.6170 between July 18 and August 15, 2016. Appeals must be initiated by the third Monday in August of each year.
Out on the west side of Little Rock, in Chenal Valley at Rahling Circle, tenants of The Village at Rahling Road have received letters asking them to sign estoppels for the sale of the property. The Village at Rahling Road was developed, and is owned by, Deltic Timber. Brannon’s Market was an original tenant in the suite that is now home to Arthur’s Prime Steakhouse. This sale hasn’t happened yet. However, the fact that this property might be sold at all is of interest to many. Many buyers of high-profile properties in central Arkansas recently have been from out of state. Word is though, that the buyer of this property is local. Since it isn’t officially a done deal, no names will be named here.
Recent condo sale-leasebacks by CHI St. Vincent at the Parkview and Blanford buildings numbered nearly two dozen. If anyone has opinions on how the values of those sales may impact other medical office building (MOB) values, feel free to drop me a line. This market wouldn’t ordinarily see two-dozen MOB sales in a year, I think.
Not yet appearing as a recent sale is the land at the northwest corner of Bowman Road and Kanis Road. Previous reports noted the zoning application for development of a Lowe’s home improvement store at that location. On May 3, the Little Rock Board of Directors approved the ordinance authorizing the zoning for Lowe’s. Here it is July and no word yet of Lowe’s closing on the land.
By the time you read this the Planning Commission meeting on Thursday, June 30, will be over. This column is written prior to the meeting, so the outcome of some of the items that aren’t known now will be known then. A zoning application along Markham Street within the Midtown Design Overlay District is on the agenda Thursday. This one is for the redevelopment of the Iberia Bank branch at the corner of Monroe Street into a restaurant. The Midtown Redevelopment Advisory Board has met and recommended approval. City Planning and Development Department staff has recommended denial due to concerns about proximity to residences, changing office-zoned property to commercial, intensity of use at a key entrance to Hillcrest, and that commercial uses have been primarily at the more arterial intersections. The Planning Commission will be making yet another recommendation. The Little Rock Board of Directors will have the deciding vote on the matter. That the Planning Commission will be making a recommendation to the Board of Directors also holds true for a five-story, 70-foot tall hotel proposed on the hill along Rahling Circle across from the Promenade at Chenal.
This column previously mentioned McCain Plaza in North Little Rock was for sale. That sale closed last month at $23,150,000 for the 296,000 square foot shopping center, approximately $78 per square foot, at the time of the sale. Since last month I’ve had the opportunity to see some of the plans and talk with a representative of the new owners. When all the proposed changes and additions are completed, the center will have a different look and feel. The proposed new tenants will be exciting additions to the center and to North Little Rock.
A May sale that occurred after this column’s submittal deadline was the Corporate One building at 10025 W. Markham Street. This office building was built in 1984 and is approximately 21,700 square feet. Multiple deeds were executed by the different ownership entities. The total consideration of the deeds was $2,045,000. My math puts the per square foot value of that transaction at just under $95 per square foot.
Last month’s trivia questions generated many responses, several correct answers and some interesting ideas on where the best location for Costco might be. Some of the unexpected location ideas included:
Maumelle Boulevard, maybe near Vestal Boulevard which will be connected to the Counts Massie extension and the new Interstate 40 interchange.
University & Asher where The Village shopping center is located.
River Market / East Village (Yes Lauren, I know they are not the same place.)
Interstate 30, in Saline County (It was suggested Costco might find a warmer welcome there than in other towns in the area.)
The questions last month were:
What two metropolitan areas are home to the Costco stores nearest to Little Rock?
How many Costco stores are located in the Dallas/Fort Worth metropolitan area?
The answers are (with distances measured from my house):
Memphis is closest with two Costco stores. One on Germantown Parkway (163 miles) and one on Hacks Cross Road (164 miles). Tulsa is second closest with one store on Memorial Dr. (267 miles).
Dallas/Fort Worth Metro has 10 stores. The nearest one of those to Little Rock is in Rockwall (295 miles).
The winner of a $50 gift card redeemable at Little Rock’s own Fuller & Sons Hardware is Kent Vestal. In case you were wondering, no one volunteered any updates on the Central Landing project.
Tips and suggestions, well most of them anyway, are appreciated. Hope you found something interesting in the column this month. Check back again next month for the things that didn’t get included here this time and that pop up between now and then.