Construction Tops $254 Million in LR-NLR
20 ARKANSAS BUSINESS
photographs: Michael Pirnique
January 28, 2008
The River Market Place development in downtown Little Rock accounted for two of the largest commercial building permits in 2007: the $46 million River Market Tower and the adjoining $8 million Hampton Inn & Suites project.
New Commercial Construction Tops $254 Million in LR-NLR By George Waldon [email protected]
T
he year 2007 was big for new commercial construction in Little Rock, with 60 projects bearing a combined value of more than $192 million. The dollar total represented the largest for the city during the past five years, far surpassing the $112.3 million total for 2005. Topping the charts was the $46 million River Market Tower in downtown Little Rock. Construction of the 20-story project began in July en route to an anticipated completion in May 2009. Rett Tucker, partner in Moses Tucker Real Estate, reports that about 22 percent of the 135 condominium units in the 450,000-SF project are pre-sold. An adjoining eight-story Hampton Inn & Suites project also made the list of big commercial building permits during 2007. The $8 million structure, scheduled for completion in September, will have 71,000 SF under roof and 119 rooms. The hotel project, together with the neighboring condo tower, make up the River Market Place development. CDI Contractors LLC of Little Rock is overseeing construction of both projects and also pulled the new construction permits for the site work and interior finish-out work at Fellowship Bible Church in west Little Rock. Rounding out the company’s five permits in the 2007 summary is the new corporate headquarters for
Bank of the Ozarks in west Little Rock. Construction of the four-story, 90,000-SF building should be finished before year’s end. With this office project, CDI held the three largest commercial building permits issued in Little Rock during 2007. “We had a record year on the Dillard’s side and the non-Dillard’s side,” said William Clark, chairman and CEO of CDI. The company, halfowned by Dillard’s Inc., does all the construction work for the Little Rock retailer. Of the 20 largest commercial building permits in Little Rock-North Little Rock issued during 2007, 13 were in the capital city. North Little Rock’s dollar total was slightly down in a year-to-year comparison ($62.1 million in 2007 versus $68.8 million in 2006). However, the combined value of new commercial building permits issued during 2007 in Little Rock and North Little Rock was the biggest in five years: more than $254 million. The Wal-Mart Super Center at 12001 Maumelle Blvd. weighed in at $16.3 million, the largest new commercial building permit in North Little Rock during 2007. The 184,248-SF store, scheduled to open this spring, anchors the 71-acre Cypress Landing development. The breakdown of sectors represented in the top 20 list reads this way: retail, six; church and industrial, three each; retirement, two; mixeduse, hotel, school, apartment, condominium and office, one each. Absent from the roster of new com-
Building Permits for New Commercial Projects Little Rock Total Valuation Permits North Little Rock Total Valuation Permits
2003
2004
2005
2006
2007
$109.9 million $106 million $112.3 million $96.2 million $192.3 million 70 68 65 58 60 $41 million $27.4 million 44 55
$36.5 million $68.8 million 64 73
$62.1 million 48
Source: Little Rock and North Little Rock.
20 Largest New Commercial Building Permits Issued in Little Rock/North Little Rock in 2007 1 River Market Tower, 401 E. Third St., Little Rock 2 Fellowship Bible Church, 1601 Champlin Drive, Little Rock* 3 Bank of the Ozarks, 17901 Chenal Parkway, Little Rock 4 Wal-Mart Super Center, 12001 Maumelle Blvd., North Little Rock 5 Chenal Elementary School, 21201 Denny Road, Little Rock 6 Foxridge Living Center, 23101 Chenal Valley Drive, Little Rock 7 North Point Toyota, 4336 Landers Road, North Little Rock 8 Hamilton Inn & Suites, 320 Commerce St., Little Rock 9 Convacare, 43 Chenal Heights Drive, Little Rock 10 New Life Church, 8000 Crystal Hill Road, Nort Little Rock 11 Maverick Transportation, 13301 Valentine Road, North Little Rock 12 Midwest Cinema, 17825 Chenal Parkway, Little Rock 13 J.C. Penney, 2600 S. Shackleford Road, Little Rock 13 Playtime Pizza, 5601 Bowman Plaza, Little Rock 15 Camping World, 9801 Diamond Drive, North Little Rock 16 Arrington Apartments Phase 2, 6301 Camp Robinson Road, North Little Rock 17 Fellowship Bible Church, 1601 Champlin Drive, Little Rock* 18 Argenta Place, 301 Main St., North Little Rock 18 Rogers Warehouse, 11205 Otter Creek S., Little Rock 18 CDI Advanced Tissue, 7003 Valley Ranch Drive, Little Rock
$46.0 million $21.4 million $18.7 million $16.3 million $12.7 million $11.0 million $8.6 million $8.0 million $5.7 million $5.5 million $5.3 million $4.5 million $4.0 million $4.0 million $3.9 million $3.7 million $3.4 million $3.0 million $3.0 million $3.0 million
Source: Cities of Little Rock and North Little Rock *The larger permit pulled by Fellowship Bible Church is for building interior work, and the smaller is for site work.
mercial construction permits are government projects, buildings owned by
federal, state, county or city entities. Those are exempt. n
photographs: Michael Pirnique
January 28, 2008
The River Market Place development in downtown Little Rock accounted for two of the largest commercial building permits in 2007: the $46 million River Market Tower and the adjoining $8 million Hampton Inn & Suites project.
New Commercial Construction Tops $254 Million in LR-NLR By George Waldon [email protected]
T
he year 2007 was big for new commercial construction in Little Rock, with 60 projects bearing a combined value of more than $192 million. The dollar total represented the largest for the city during the past five years, far surpassing the $112.3 million total for 2005. Topping the charts was the $46 million River Market Tower in downtown Little Rock. Construction of the 20-story project began in July en route to an anticipated completion in May 2009. Rett Tucker, partner in Moses Tucker Real Estate, reports that about 22 percent of the 135 condominium units in the 450,000-SF project are pre-sold. An adjoining eight-story Hampton Inn & Suites project also made the list of big commercial building permits during 2007. The $8 million structure, scheduled for completion in September, will have 71,000 SF under roof and 119 rooms. The hotel project, together with the neighboring condo tower, make up the River Market Place development. CDI Contractors LLC of Little Rock is overseeing construction of both projects and also pulled the new construction permits for the site work and interior finish-out work at Fellowship Bible Church in west Little Rock. Rounding out the company’s five permits in the 2007 summary is the new corporate headquarters for
Bank of the Ozarks in west Little Rock. Construction of the four-story, 90,000-SF building should be finished before year’s end. With this office project, CDI held the three largest commercial building permits issued in Little Rock during 2007. “We had a record year on the Dillard’s side and the non-Dillard’s side,” said William Clark, chairman and CEO of CDI. The company, halfowned by Dillard’s Inc., does all the construction work for the Little Rock retailer. Of the 20 largest commercial building permits in Little Rock-North Little Rock issued during 2007, 13 were in the capital city. North Little Rock’s dollar total was slightly down in a year-to-year comparison ($62.1 million in 2007 versus $68.8 million in 2006). However, the combined value of new commercial building permits issued during 2007 in Little Rock and North Little Rock was the biggest in five years: more than $254 million. The Wal-Mart Super Center at 12001 Maumelle Blvd. weighed in at $16.3 million, the largest new commercial building permit in North Little Rock during 2007. The 184,248-SF store, scheduled to open this spring, anchors the 71-acre Cypress Landing development. The breakdown of sectors represented in the top 20 list reads this way: retail, six; church and industrial, three each; retirement, two; mixeduse, hotel, school, apartment, condominium and office, one each. Absent from the roster of new com-
Building Permits for New Commercial Projects Little Rock Total Valuation Permits North Little Rock Total Valuation Permits
2003
2004
2005
2006
2007
$109.9 million $106 million $112.3 million $96.2 million $192.3 million 70 68 65 58 60 $41 million $27.4 million 44 55
$36.5 million $68.8 million 64 73
$62.1 million 48
Source: Little Rock and North Little Rock.
20 Largest New Commercial Building Permits Issued in Little Rock/North Little Rock in 2007 1 River Market Tower, 401 E. Third St., Little Rock 2 Fellowship Bible Church, 1601 Champlin Drive, Little Rock* 3 Bank of the Ozarks, 17901 Chenal Parkway, Little Rock 4 Wal-Mart Super Center, 12001 Maumelle Blvd., North Little Rock 5 Chenal Elementary School, 21201 Denny Road, Little Rock 6 Foxridge Living Center, 23101 Chenal Valley Drive, Little Rock 7 North Point Toyota, 4336 Landers Road, North Little Rock 8 Hamilton Inn & Suites, 320 Commerce St., Little Rock 9 Convacare, 43 Chenal Heights Drive, Little Rock 10 New Life Church, 8000 Crystal Hill Road, Nort Little Rock 11 Maverick Transportation, 13301 Valentine Road, North Little Rock 12 Midwest Cinema, 17825 Chenal Parkway, Little Rock 13 J.C. Penney, 2600 S. Shackleford Road, Little Rock 13 Playtime Pizza, 5601 Bowman Plaza, Little Rock 15 Camping World, 9801 Diamond Drive, North Little Rock 16 Arrington Apartments Phase 2, 6301 Camp Robinson Road, North Little Rock 17 Fellowship Bible Church, 1601 Champlin Drive, Little Rock* 18 Argenta Place, 301 Main St., North Little Rock 18 Rogers Warehouse, 11205 Otter Creek S., Little Rock 18 CDI Advanced Tissue, 7003 Valley Ranch Drive, Little Rock
$46.0 million $21.4 million $18.7 million $16.3 million $12.7 million $11.0 million $8.6 million $8.0 million $5.7 million $5.5 million $5.3 million $4.5 million $4.0 million $4.0 million $3.9 million $3.7 million $3.4 million $3.0 million $3.0 million $3.0 million
Source: Cities of Little Rock and North Little Rock *The larger permit pulled by Fellowship Bible Church is for building interior work, and the smaller is for site work.
mercial construction permits are government projects, buildings owned by
federal, state, county or city entities. Those are exempt. n
