Warren Stephens: All business 

Says Main Street needs private dollars to boom.

There are 18 people tied for the 151st richest American, according to Forbes, and Warren Stephens of Little Rock, the CEO of the nation's largest off-Wall Street investment house Stephens Inc. and worth $2.7 billion, is one of them. The company also owns much of the 100, 200 and 400 block of Main Street, along with the Stephens Building and the Capital Hotel.

Should Stephens decide that the time was right to build on Main, the streetscape could change almost overnight. As it happens, Stephens changed the streetscape in a matter of weeks in 2009 when he decided to demolish all the buildings on the west side of the 400 block of Main. He caught a lot of flak for tearing down the buildings, which included the 1916 Kempner building, once a lovely Neoclassical structure that was covered up by an ugly veneer of concrete panels after the 1950s.

But Stephens got much praise for the $6.1 million restoration of the Exchange Building at 423 Main, across the street from what is now being paved for a parking lot. Ghastly gold aluminum paneling that covered the National Historic Register building was removed, bronze double doors were added and damage to limestone architectural features was repaired. The building now houses the offices of the state Department of Higher Education. The west side of the street, now being paved for a parking lot, will serve the employees at the Exchange Building and an annex next door, should Stephens decide to restore it. (Stephens Inc.'s original building was just around the corner from the Exchange Building on Capitol, a 1920s structure that Warren Stephens has "vivid memories" of.)

So rather than preservationist, Stephens is a pragmatist. One of the Capital Hotel's attractions is its historic beauty; Stephens preserved it. He didn't think redoing the Haverty's building (next door to the Kempner Building) would pay off, obviously.

Stephens is no fan either of architectural studies of what could be (such as the Creative Corridor vision of Marlon Blackwell and Steve Luoni of the University of Arkansas), calling them a "complete waste of time and money." He comes "unglued," he said, at the city's idea of "spending money on catching rainwater," referring to a grant the city has gotten for a demonstration project to green up downtown.

Still, given how much property Stephens owns, it's tempting to dream about what his money could build on Main. Though he's leasing to the public sector, real revitalization depends on private commerce. "We need more people working downtown, preferably private sector employees." He said tax dollars would be better spent on improvements like lighting rather than looks; he noted that Chattanooga has installed a citywide wireless network to appeal to business investment.

Downtown will never be a "retail hub" again, Stephens said, but it will be a place where people live and work, with a component of retail. "Whatever we do, it has got to be commercially viable. ... I think a lot of people lose sight of that."


From the ArkTimes store

Speaking of...


Showing 1-1 of 1

Add a comment

Subscribe to this thread:
Showing 1-1 of 1

Add a comment

More by Leslie Newell Peacock

  • Up and running

    It was 12 years in coming, the Little Rock Technology Park.
    • Jul 13, 2017
  • Stopping the bleeding: police, EMS coordination at Power Ultra

    Twenty-eight were injured in the mass shooting; none killed.
    • Jul 5, 2017
  • Two suits challenge new abortion laws

    Arkansas legislators "matched cruelty with creativity" this year with the passage of new laws to block women from getting legal abortions, the deputy director of the ACLU's Reproductive Freedom Project said Tuesday in announcing the filing of two suits in federal court challenging new laws.
    • Jun 22, 2017
  • More »

Readers also liked…

  • The ballad of Fred and Yoko

    How one of the world's foremost Beatles collectors died homeless on the streets of Little Rock.
    • Mar 31, 2016
  • Big ideas for Arkansas 2015

    Readers and experts suggest ways to change Arkansas for the better.
    • Dec 17, 2015
  • 2016 Best of Arkansas editors' picks

    A few of our favorite things.
    • Jul 28, 2016

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 itsĀ 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.

Latest in Cover Stories

Event Calendar

« »


2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31  

Most Viewed

Most Recent Comments

  • Re: Ruth Coker Burks, the cemetery angel

    • Go Fund Me Page. https://www.gofundme.com/RuthCokerBurks

    • on July 22, 2017
  • Re: The ballad of Fred and Yoko

    • I grew up in Charleston and attended the College of Charleston, right around the corner…

    • on July 21, 2017
  • Re: A week at Midtown

    • Beautifully & perfectly written. Maggie & Mistown are definitely unique & awesome!!

    • on July 21, 2017

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