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New Kids Own the Block
Young developers form alliance: take down nearly an entire city block
Rock Capital Real Estate today revealed that its plans to develop the historic Hall and Davidson buildings (201 - 215 W. Capitol Ave.) into a new boutique hotel. The adjacent buildings are situated at the crossroads of Little Rock’s Creative and Financial Corridors, just a block from the new Little Rock Technology Park. The development will include bars, a restaurant, and flexible meeting spaces, which the group plans to make available to the downtown nonprofit and startup communities. The intended result is a hub of collaboration, and a much-needed amenity for this part of downtown.
The development is the first for the new company, which was founded by principals of Rock Capital Group and Capital Real Estate & Trust. The executive team consists of (from left to right) Danny Brickey, Jordan Haas, Blake Smith, and Dan Roda. Along with other partners, they have an interest in the Moore/Mathis Building (521 Center St.) and the Sterling Building (229 W. Capitol Ave.), and, with the Hall and Davidson Buildings under contract, they expect to soon control nearly the entire block bound by Capitol, Louisiana, Center, and 6th Streets.
The development and management team for the project also includes ReImagine Hospitality, Schulte Hospitality Group, and the Alley family. Preliminary architectural work has been performed by both AMR Architects and Wittenbeg Delony & Davidson. The group expects to close on their acquisition in April or May, and for construction to take 12 to 18 months.
The Hall and Davidson buildings are a Pulaski County brownfield site, and are listed on the national register of historic places. The development intends to delicately preserve the historic integrity of the buildings and will utilize historic tax credits. Further, the group has retained Entegrity Energy Partners and Brown Engineers, seeking to maximize energy and utility efficiency. The development also plans to utilize Property Assessed Clean Energy (PACE) funds through the new Pulaski County PACE program.
The group is thankful for their predecessors in downtown redevelopment, like Moses-Tucker Real Estate, and Flake & Kelley Commercial, where Haas and Smith both previously worked. But, says Smith, “A changing of the guard is inevitable. The next generation is coming, and we are claiming our position.”
Says Haas, “This is a perfect project for us, one that allows us to preserve a piece of Little Rock’s history, while modernizing it for future generations to enjoy.”
Where those two factors are combined, look for Rock Capital Real Estate.
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