Clinton Library spurs development
The Wall Street Journal today turns its attention to the Clinton Presidential Library's role in sparking a downtown renaissance in Little Rock.
The $165 million Clinton Presidential Center opened in 2004, well after Little Rock officials had scrapped the tax in favor of a bond to fund the purchase of the property. Despite the initial opposition of some residents to the idea that the city would pay for the land, many real-estate experts credit the architectural showpiece designed by James Polshek and Richard Olcott -- part of a complex which includes a park, Oval Office replica and a treasure trove of documents -- with jumpstarting a downtown revitalization in Little Rock.
The presidential library center, which drew about 500,000 visitors last year, has helped transform an area filled with older warehouses "where you wouldn't want to walk around at night" into a tourist destination and a corridor of nonprofit headquarters, says Little Rock Mayor Jim Dailey. It also helped expand the boundaries of the redevelopment already under way in the adjacent River Market district to the west, which was already buzzing with a farmer's market and restaurants in the late 1990s.
"We were grinding out the first few downs and the Presidential Center was the 50-yard pass," says Rett Tucker, a partner with Moses Tucker Real Estate, a Little Rock-based real-estate services company which helped amass the property for the center. Moses Tucker is now building an 18-story condo tower, billed as the city's tallest new building since the 1980s. The 300 Third Tower, to be completed next year, is one of many projects completed or launched since the late 1990s in downtown Little Rock and across the river in North Little Rock, with a total estimated investment value of more than $1 billion, according to Joey Dean, vice president of economic development with the Little Rock Regional Chamber of Commerce.
More excerpts after the jump.
The area's nonfarm employment rose by about 2.1% in July from the year-earlier month, above the U.S. rate, according to the Bureau of Labor Statistics. Mark Thompson, an economic forecaster with the University of Arkansas at Little Rock's Institute for Economic Advancement, says housing and tourism have helped drive the region's historically stable economy, though rising interest rates could pose a risk going forward.
The pace of development has been particularly significant for a city the size of Little Rock, Arkansas's capital with some 184,000 residents and the center of a metropolitan area with about 643,000 people. Major projects have included a new $27.5 million headquarters for world hunger nonprofit Heifer International, next door to the library; some 300 new residential units under way or awarded permits in the downtown core since 2000; and several renovated hotels.
Not all sectors of the commercial real-estate market have felt a direct boost from the region's surge in investments. While estimates vary widely on the office vacancy rate in the central business district, most agree that the downtown office submarket is stabilizing, though still weaker than its suburban counterpart.
Stuart S. Mackey, vice president of brokerage for the Hathaway Group in Little Rock, says downtown had a vacancy rate of 21% in the first quarter, roughly double that in the suburbs.
Consolidation in the national banking industry in recent years, the departure of some companies for suburban locations and even vacancies left by groups like Heifer International moving into new headquarters -- though still in the city -- have left more space empty downtown, says Mr. Mackey.
Some see opportunity in the vacancies. Over the past two years, California-based real-estate company Tower Investments has purchased five older office buildings on a city block in the financial district. Tower plans to convert most of the space into condominiums, with asking prices in its first phase starting at $160,000. "Little Rock is on the map due to one and possibly two presidents coming out of there," says Tower Senior Vice President Alex Marks.



Comments
Hmmm...I wonder how the silly Clinton Liebrary's doing?
I want the state to put back all those Clinton signs they tore down the minute the state Clinton haters got a chance. I especially liked the one that greeted people as they crossed the Arkansas River on 430 headed into LR.
Posted by: zelda
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September 6, 2006 08:49 AM
Yep...just as I suspected, they put that ridiculous double-wide there on the river, and it turned the whole downtown into a trailer park.
I agree zelda, bring back the "welcome" signs.
Posted by: hugh mann
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September 6, 2006 09:33 AM
Oh that downtown Fort Smith couldst have a 165 million dollar project to help us out as Whirlpool says Olay to Arkansas. Maybe we can retro a Presidential do-dad by starting construction of the Zachary Taylor Library.
Old Rough and Ready spent a lot of time in and around Fort Smith in his soldiering days and couldn't say enough bad things about the place. But this was Fort Smith in the days before women folk and religion arrived to sooth the savage breast and from everything I've read, Fort Smith WAS an armpit in Taylor's time.
Since Taylor has been dead for 156 years there's probably not much to put in a Library, so to spend 165 million we'd have to use Halliburton to build it. Would be wonderful to have the President Zachary Taylor Library standing next to the U.S. Marshal's Museum, but we're going to have to fight off Staunton, VA for that honor. And suddenly it looks like they've woke up and are mounting a fight. Dadgum it.
Fort Smith has the history, we had the Indians, we had the Marshals who did the actual work of winning the West. Sounds like Staunton has all the retired Asa types who probably still know a few unlisted numbers in DC. So like Zack Taylor in the Seminole War, Fort Smith is going to have to fight to get the Marshal's Museum.
My advise is to shoot low sheriff, she's riding a Shetland.......Hooray for Bill Clinton, hooray for Zachary Taylor, hooray for U.S. Marshals!
Posted by: Deathbyinches
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September 6, 2006 09:47 AM
Wouldst that I could fan the flames of discontent so as a mighty flame might roll...
I wouldst wish lost elections on the enabling Democrats like Lieberman, Pryor and Lincoln.
Oh that downtown Fort Smith couldst have a 165 million dollar project...
Posted by: Deathbyinches
DBI has certainly been writing beautiful Old English of late. Been reading Shakespeare again, I suspect.
Posted by: Spirit
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September 6, 2006 10:20 AM
Yeah....I'm took a tip from the Decider and picked me up a 6-pack of Shakespeare out of the bargain bin at Wal-Mart. They didn't have any Camus, but I picked up Hillary Duff's autobiography to read in the bathroom. I also found a bottle of Old English on eBay and man I am one sweet smelling dude today!
Speaking of eBay, we could sure cut out a whole lot of crap if we chunked all this campaigning and sold political offices on eBay. Asa could buy the Governor's chair, but remember Asa....on eBay positive feedback numbers are important, so it's doubtful if any seller would take your bid.
And speaking of bidding, I bid to Asa this fate, O, that this too too solid flesh would melt
Thaw and resolve itself into a dew!
Posted by: Deathbyinches
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September 6, 2006 10:30 AM
Thankfully a review that does not claim the RiverMarket rehab began and ended with the Presidential Center.
The Clinton Library is just gas on an existing fire and glad to have it.
I hope the marshalls do justice and put their museum in Fort Smith.
Posted by: Well
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September 6, 2006 10:41 AM
"Little Rock is on the map due to one and possibly two presidents coming out of there," says Tower Senior Vice President Alex Marks.
Two Presidents from Arkansas?
That would be orgasmic.
Clark '08.
Posted by: JD
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September 6, 2006 10:55 AM
What ever happened to the Counter-Clinton Museum? As the Bush years have rolled on I think people realize maybe the 1990s weren't so bad after all.
The silliest anti-Clinton sentiment was the failure to rename all of the stretch of Markham from the Clinton Library to the train station "Clinton Avenue". The way Markham switches from what would be 1st street to 3rd is confusing for travelers and locals alike. Why not extend Clinton Ave to the train station and either rename 3rd Markham so it will carry the same name along its length or leave the 3rd/Markham transition west of downtown the same. At least you won't have two different stretches of different streets named Markham.
Posted by: Aporkalypse
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September 6, 2006 11:05 AM
Great idea, Aporkalypse. Or even rename I-630, Chenal Parkway and Broadway, too. If Atlanta can have multiple Peachtree streets, we can have multiple Clinton streets.
Based on the last 6 years we cannot do enough to thank Bill.
Posted by: Roland
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September 6, 2006 12:52 PM
Are you forgetting, Roland, that Clinton got a blowjob and lied about it? A whole brigade of Republican do-righters came right here to Arkansas to ferret out that truth. If you don't acknowledge that promptly, a whole host of Anonymous posters will show up to remind you that Bush hasn't been caught lying about blowjobs... the acid test for any president's legacy.
Posted by: Sparky
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September 6, 2006 01:17 PM
Among many of the reasons I moved here almost 30 years ago was the promise I saw in this state, it's people and it's (then) boy governor.
I have never regretted that move. The state nor that young governor has ever given me sufficient reason for any regrets.
I chose this place, this people. This is where I have raised my children.
Posted by: Arkhobbit
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September 6, 2006 01:25 PM
Sparky -- that's just only because Bush is a better liar than Clinton. I bet he's done much worse in the Oval Office than Clinton ever had an inkling to do.
Posted by: Arkhobbit
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September 6, 2006 01:27 PM
Well, there's nothing wrong with some good oral sex. But you shouldn't do it with a woman not your wife, and you shouldn't lie about it UNDER OATH. Especially if you are president.
But BJ notwithstanding, I think Clinton's presidency will compare rather favorably to Bush's come history book time.
Posted by: Phoebe
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September 6, 2006 01:56 PM
Now Phoebe we have to get something straight here. Unless one is remarkably limber It takes 2 to make a blowjob. In deference to the still un-passed ERA amendment, supposing a married man or married woman couldn't keep their mind on business, or remember to buy milk at the store or kept burning the pot roast because of a deep deep hankering for a blowjob.
And what if this married man or woman had a most delightful and attractive spouse who worked too many hours or got all caught up in supporting the good works of missionaries thru his or her local church or temple and found that sufficient satisfaction in life.
And what if the desirous one had been trying to work blowjobs into every conversation with their spouse since...oh, I don't know 1986, with no luck at all? What if things were so bad that he had to sit on a little doughnut cushion because his prostate had become the size of Rhode Island?
What if he or she kept dirty magazines and tapes behind the seat of his truck? What if it was so bad the priest slammed the little door during confession? Or he or she was so hard up he or she started looking forward to his or her annual prostate exam? What if when he or she spotted spy cams in public lately he unz.......uh.
Please can we quit beating around the bush and come up with a solution to the problem of those with desires who are otherwise happily mated to those without? There may be a tall, gray haired guy living in luxury in upstate New York who needs an answer.......fast!
Posted by: Deathbyinches
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September 6, 2006 03:30 PM
I'm response-less.
Posted by: Phoebe
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September 6, 2006 04:11 PM
Come on Phoebe help a fella out.....or a woman....help a woman out too....either....both....
Posted by: Deathbyinches
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September 6, 2006 05:11 PM