Liens filed on Main Street projects | Arkansas Blog

Monday, August 3, 2015

Liens filed on Main Street projects

Posted By on Mon, Aug 3, 2015 at 7:25 AM

click to enlarge SCOTT REED: Unfinished business.
  • SCOTT REED: Unfinished business.
Arkansas Business reports that $1.5 million in claims have been filed against developer Scott Reed related to unfinished loft projects in the 300 and 500 blocks of Main Street.

The meat of the matter:

The liens and lawsuit underscore Reed’s financial troubles in completing both redevelopments and add to his track record of overreaching, underfinanced, subsidy-supported development in Little Rock. (See timeline here.)

Reed, of Portland, Oregon, hit the development spotlight in Little Rock in 2010. Nearly five years after he unveiled his plans and two years after a relaunch, the 30 apartments in the K Lofts project remain unfinished.

Reed's problems are his own. And much good is happening downtown. But things aren't happening at the rate that you might think from the fact that, for example, the Little Rock Tech Park recently decided to spend several million more than the taxpayer-appraised value for some pieces  of property for the taxpayer-financed project.

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