Find out more →

Get unlimited access. Become a digital member!

Thursday, September 6, 2012

Brownfield loan goes to downtown block

Posted By on Thu, Sep 6, 2012 at 10:55 AM

main_street_talk.jpg

Developer Scott Reed, who purchased four buildings on the west side of the 500 block of Main Street, is getting a boost from the EPA in the form of a $916,000 loan from the Pulaski County Brownfield Revolving Loan Fund to get rid of asbestos, lead paint and other environmental dangers in the buildings so they can be turned into lofts and arts-related businesses.

Pulaski County Judge Buddy Villines, Mayor Mark Stodola and North Little Rock mayoral candidate and director of commerce Joe Smith talked this morning about the Brownfield Fund's help in marketing properties that are otherwise too expensive to develop in both Little Rock and North Little Rock's old downtowns. Stodola said the EPA was helping to create a "renaissance" in downtown, making it possible for buildings that have been empty since the 1980s to put back into use.

Wooten Epes, speaking for Reed, said the developer paid $1.5 million for the buildings, which will be restored in consultation with the Arkansas Historic Preservation Program and the National Parks Service for use as lower-income residences, giving investors tax credits. The lofts will be developed for all income levels, including some low income. Epes said the entire project will represent an investment of $8 million, not counting the federal remediation dollars.

The four buildings to be rehabbed include the 12-story building at the corner of 5th and Main (1909, originally named the State Bank Building), the MM Cohn Building (1941), the Arkansas Building at the corner of 6th and Main (1899, built as the headquarters of the Pfeifer Brothers Department Store) and the Arkansas Annex, also known as the Kahn building (1954).

Reed also got a Brownfield Loan to restore a building in the 400 block of Main Street as the K-Lofts, where Porter's Jazz Club was located for a while. The lofts have not yet been constructed. He is also building four houses with a loan 267,334 in Neighborhood Stabilization Act I funds from the Arkansas Development and Finance Authority, but has yet to sign a draft contract with ADFA renegotiated after he had to pull out of a larger contract for 30 houses. He has until March 20, 2013, to complete the homes.

18

Tags: ,

Comments

Showing 1-1 of 1

Add a comment

 
Subscribe to this thread:
Showing 1-1 of 1

Add a comment

More by Leslie Newell Peacock

  • James Bonner watercolor giclee sale benefits HAM

    The Historic Arkansas Museum is selling giclees of a watercolor by James M. Bonner, "December Snow," to raise money for its unique living history program.
    • Nov 20, 2014
  • Why one curator left Crystal Bridges: Kevin Murphy explains

    Lee Rosenbaum, who blogs as CultureGrrl, reveals an interview she had with former Crystal Bridges Museum of Art curator Kevin Murphy, in which he said he regretted what he saw as a desire to put on popular, contemporary shows rather than delve deeper into the early American collection, his area of expertise.
    • Nov 19, 2014
  • More »

Most Shared

  • The Quapaw return to Arkansas

    Casino try a good bet.
  • Jean Gordon to receive Truth Teller award

    Jean Gordon, who's worked a half-century in just about every social justice and peace movement you can name, will receive the Arkansas Community Institute's 2014 Community Truth Teller Award at a program at 5:30 p.m. Thursday at the library's Darragh Center
  • The French Hill 'tis better to receive-than-give open line

    An open line that features new Congressman French HIll's antipathy in the Catholic newspaper to Obamacare as a "giveaway" to drug companies and hospitals. A Catholic nurse points out that children and other people in need are the real beneficiaries of this giveaway, along with Catholic hospitals.
  • Fan happiness over Hogs' win over LSU costs UA $25,000 UPDATED

    The University of Arkansas will be fined $25,000 by the SEC because Hog fans stormed the football field after Saturday's victory over LSU snapped a long SEC losing streak. It was a second offense by the UA of the conference's "access to competition area" policy.
  • GOP's new Obamacare attack

    It was inevitable. The long crusade against the Patient Protection and Affordable Care Act has pivoted from a battle against socialism to a populist war against big business: The program known as Obamacare is now supposed to be merely a feed trough for the captains of industry, not a government program to force health care on the undeserving poor.

Most Viewed

Most Recent Comments

Blogroll

 

© 2014 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation