Monday, July 11, 2016

Legal battle rolls on for Main Street lofts project

Posted By on Mon, Jul 11, 2016 at 11:51 AM

click to enlarge FORECLOSURE SUIT: More legal action involving this incomplete lofts project on Main Street.
  • FORECLOSURE SUIT: More legal action involving this incomplete lofts project on Main Street.
Arkansas Business reports on a foreclosure suit filed by AMR Construction against Oregon developer Scott Reed's K Lofts projects, six years in the making and still not completed at 315 Main Street.

The lofts are all but completed but unoccupied, one of many of Reed's dreams of downtown development that have dissipated.

The AB link gives you the legal nitty gritty. The bottom line seems to be that until the property can be taken over by someone with the wherewithal to complete the work, it will remain a mostly empty onlooker (there is a groundfloor club) to a stretch of Main that is perking right along, with what will soon be a string of four restaurants across the street in  a redone office building full of state offices, a spiffy new home for the CJRW ad/PR firm at Thrid and Main and, before long, the long-awaited development of commercial space for tech entrepreneurs in the city-financed Tech Park.

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