Donaghey Building redevelopment takes shape | Arkansas Blog

Saturday, May 14, 2016

Donaghey Building redevelopment takes shape

Posted By on Sat, May 14, 2016 at 7:38 AM

screen_shot_2016-05-14_at_7.21.44_am.png
WIKIPEDIA
  • Wikipedia
The agenda for the city Board of Directors meeting includes an item to approve zoning for a proposed redevelopment of the Donaghey Building at 7th and Main into an apartment and mixed-use project.

This isn't the first redevelopment proposal for the building and things can happen between proposal and completion. But it would be a monumental infusion of life into long vacant space in downtown's first skyscraper, built in 1925-26. The zoning proposal itself is routine and on the board's consent agenda. It won unanimous endorsement at the Planning Commission.

The proposal calls for 154 market-rate apartments in the 14-story building. The plan includes storage lockers, bike racks and a dog wash in the basement — all amenities that sound perfectly geared to all the young techies who'll soon be flocking to the Little Rock Tech Park a few blocks north. (Right?) There'll be a fitness center, laundry, 15-seat movie theater, meetings rooms and outdoor patio with lawn.

The Herndon, Va., developers plan 38 studio apartments, 63 one-bedroom units and 53 two-bedroom units (as large as 1,121 square feet). The developers hope for offices and retail on the ground floor.

Parking will be provided in the Metrocentre Improvement District-owned deck across Seventh Street, connected by a skywalk. There's a potential complication because the easement for walking to the deck passes through a corridor of a building leased to the Arkansas Department of Human Services, which has expressed some concerns.

The developer is LRMU LP. It's financed by five investors and is a project of All Funds, an EB-5 investment group. This is a federal program that leads to green card, or permanent U.S. residency, for foreign investors if they make an investment of $500,000 or more in a U.S. commercial enterprise and create or preserve jobs for qualified U.S. workers. This project will produce 90 jobs, the investment group estimates.

The project is expected to cost $21 million and will use historic tax credits, among other government incentives.

Robert Lubin, a lawyer who leads All Funds, is described as having spurred developments in several states, including a Mississippi casino. He has a law firm that specializes in "providing immigration services to high net worth and high-skilled clients. "

ALSO ON THE TUESDAY AGENDA: A public hearing on a  294-unit, high-rise apartment project at 15401 Chenal Parkway. It has won unanimous Planning Commission approval, but nearby owners of single-family residences have objected to the project.

Tags: , ,

From the ArkTimes store

Favorite

Comments (4)

Showing 1-4 of 4

Add a comment

 
Subscribe to this thread:
Showing 1-4 of 4

Add a comment

More by Max Brantley

  • Faulkner County investigating sexual harassment complaint

    At the urging of the Faulkner County Quorum Court, Prosecuting Attorney Cody HIland will undertake what he calls a civil investigation of complaints of sexual harassment against Shelia Bellott, who oversees four employees as director of the county's emergency management office.
    • Jul 20, 2017
  • Frank Broyles at home following stroke

    Former Razorback football coach and athletic director Frank Broyles, 92, is reported recovering at his Fayetteville home following a stroke.
    • Jul 20, 2017
  • Scientist blows whistle on Trump war on science

    To borrow an apt cliche, a Washington Post op-ed by an Interior Department scientist with a whistleblower complaint is a just a tip of the iceberg of Trump administration destruction of important parts of government.
    • Jul 20, 2017
  • More »

Readers also liked…

Most Shared

  • So much for a school settlement in Pulaski County

    The Arkansas Democrat-Gazette's Cynthia Howell got the scoop on what appears to be coming upheaval in the Pulaski County School District along with the likely end of any chance of a speedy resolution of school desegregation issues in Pulaski County.
  • Riverfest calls it quits

    The board of directors of Riverfest, Arkansas's largest and longest running music festival, announced today that the festival will no longer be held. Riverfest celebrated its 40th anniversary in June. A press release blamed competition from other festivals and the rising cost of performers fees for the decision.
  • Football for UA Little Rock

    Andrew Rogerson, the new chancellor at UA Little Rock, has decided to study the cost of starting a major college football team on campus (plus a marching band). Technically, it would be a revival of football, dropped more than 60 years ago when the school was a junior college.
  • Turn to baseball

    When the world threatens to get you down, there is always baseball — an absorbing refuge, an alternate reality entirely unto itself.

Most Viewed

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation