Capital on Capitol: Hall-Davidson sold | Arkansas Blog

Monday, June 5, 2017

Capital on Capitol: Hall-Davidson sold

Posted By on Mon, Jun 5, 2017 at 4:46 PM

click to enlarge BOUTIQUE HOTEL COMING: To 215 W. Capitol. - BRIAN CHILSON
  • Brian Chilson
  • BOUTIQUE HOTEL COMING: To 215 W. Capitol.

More news on the so-called "Financial Quarter" front that envisions a bustling Capitol Avenue: Rock Capital Group has closed on the deal to buy the Hall-Davidson building at 215 W. Capitol, the intersection of Louisiana Street and Capitol Avenue.

The Times reported in February that Rock Capital was in talks with a national hotel group to turn Hall-Davidson into a boutique hotel. Dan Roda, general counsel for Rock Capitol, said the commercial real estate firm would be able to announce in a week or so the name of the company that will operate the hotel. He did not disclose the purchase price. Rock Capital will continue to own the building.

Roda said construction won't start until after July 1, when the state's new historic tax credit law takes effect. He called the timing "fortunate." Arkansas now allows a net credit cap of $400,000 per structure.

The Hall-Davidson building, which is 41,672 square feet, was built in 1932 in the Beaux Arts style. A 19,752-square-foot annex built in the 1950s joins the building on three floors. Roda said the main structure retains its tile floors and marble wainscoting.

The building was owned by troubled Main Street developer Scott Reed, who at one time said he planned to develop it as loft apartments.

J. Blake Smith is CEO of Rock Capital, Tyler J. Pierce is COO and James Hearnsberger is CFO. Smith and Jordan Haas are managing partners.

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