Consultant Recommends Site for Little Rock Technology Park
July 9, 2014
ARK Commercial and Investment Real Estate presents findings to Little Rock Technology Park Authority Board; Recommends purchase of properties in downtown “Creative Corridor”
LITTLE ROCK, AR – ARK Commercial and Investment Real Estate, the firm selected to assist the Little Rock Technology Park Authority Board in investigating and acquiring a site for the Little Rock Technology Park, today presented its findings to the board. The board requested that the property search focus on downtown Little Rock’s “Creative Corridor.” After an extensive study of the area, ARK Commercial recommends that the Technology Park Authority acquire the following properties:
West half-block of the 400 Block of Main Street
East half-block of the 400 Block of Main Street
West half-block of the 400 Block of Scott Street
Parking lot at the northeast corner of Main Street and 4th Street
As part of the purchase of other parcels, a one-lot parking lot along Scott Street, adjacent to the Women’s City Club (Junior League) building
(See attached report for illustration depicting above properties, along with a description and illustration of downtown’s “Creative Corridor.”)
“After months of searching the area, we are confident this site offers the largest feasible group of available properties on Main Street that is nearest to Markham Street, President Clinton Avenue, and the downtown resurgence that springs from the River Market,” said Jeff Yates, managing partner ARK Commercial and Investment Real Estate. “This is a prime location to harness the growing energy from an area that is emerging as a downtown center for both entertainment and commerce.”
ARK Commercial’s property search included investigation of 98 parcels (buildings and parking lots) throughout the Creative Corridor (the Corridor). It consists of properties that have already been developed, with many being re-developed, and some that have been re-developed again and again. ARK Commercial examined the physical characteristics of each parcel, while also reviewing county records, Metrocentre Improvement District records, records provided by property owners, and other information from both public and independent sources.
“This is just the first step in the process,” said Yates. “Once approved, we will complete work on cost estimates and negotiations for acquisition of the properties.”
ARK Commercial and Investment Real Estate was selected by Little Rock Technology Park Authority Board in February 2014 to assist in investigating, negotiating, and budgeting a proposed site for developing a Technology Park on Little Rock’s Main Street.