Exciting news has been reported by Arkansas Business and Arkansas Times in recent day about the City of Little Rock approving the sale of approximately 80 acres of land in the Little Rock Port District. A Delaware company backed by Amazon signed an agreement to purchase the land for a distribution center. We congratulate the City of Little Rock, the Little Rock Port Authority, the Arkansas Economic Development Commission, the Little Rock Regional Chamber, and everyone who helped make this possible. Great news for Little Rock when we need it most!
Yesterday afternoon US Congressman French Hill joined Arkansas Secretary of Commerce Mike Preston for a town hall discussion held live on Facebook with central Arkansans. Participants were able to ask questions in real time. Highlights include information regarding the federal tax rebate eligibility, benefits available to the suddenly unemployed, interest and repayment of federal student loans, and relief for homeowners and renters.
The CARES Act provides a reprieve until July 25, 2020 from eviction for renters residing in properties with federally backed mortgage loans. Renters affected by the Covid-19 public health and economic crisis living in multifamily properties financed by federally backed mortgages are eligible for relief from eviction if their landlord receives loan forbearance.
Flake & Kelley is currently assisting clients, landlords, and tenants to determine eligibility and complete necessary applications. If you would like to speak to one of our agents or property managers, please contact us.
SBA released a summary providing valuable information regarding basic filing requirements, eligibility information, and lender deferral information for small businesses and financial institutions suffering economic disruptions related to the Coronavirus outbreak. Applicants may apply directly to SBA’s Disaster Assistance Program. Free assistance also is available from any SBA partner. To find the office nearest you, visit: https://www.sba.gov/local-assistance
More information concerning SBA and its programs.
ICSC, International Council of Shopping Centers, released a webinar yesterday summarizing Public Policy in response to Covid-19. The Coronavirus Aid, Relief, and Economic Security (CARES) Act aims to boost the economy with over $2 trillion in relief to individuals and small businesses with increased unemployment benefits and tax breaks.
The Senate passed the CARES Act, and the House is set to consider the stimulus bill on Friday. It is then up to the President to sign the bill into law.
ICSC is a 70,000-member network whose mission is to ensure the retail real estate industry is broadly recognized for the integral role it plays in the social, civic and economic vibrancy of communities across the globe. Currently, ICSC is actively monitoring the coronavirus outbreak on behalf of the retail real estate industry and its members. More information regarding updates and resources are available on the ICSC website.
As members of the Downtown Little Rock Partnership, we were invited to a sneak peek of the AC Hotel Little Rock. The concept for AC Hotels originated in Spain by Antonio Catalán. Director of sales, Kerry Thompson, walked us through the $25-million transformation of the Hall-Davidson buildings and explained how every AC Hotel strives to encourage all of their guests to mingle with the locals and get to know the community they are visiting. To facilitate this kind of socializing, the hotel will open its doors to both guests and locals each evening to convene in the large, open lounge area where small plates and beverages, including a variety of Spanish wines, will be served. Breakfast will be available each morning, served European-style and will include options like freshly sliced prosciutto, Manchego cheese, and made-to-order open-faced toasts. There is a sound-proof meeting space available that can accommodate 10 – 15 people, complete with smart TV for presentations or video conferencing.
Throughout the tour, she pointed to the historic features of the building that were meticulously preserved during the construction of the hotel. Some of these features include original marble walls, antique tiling, crown molding, the original Hall Building directory, and even a U.S. Mail chute, which is very rare to see these days. Guest rooms have been beautifully, yet minimally designed with the goal of creating a space that offers the utmost comfort, functionality, and charm, while also providing every space with the best view of the city as possible. This design of integrating the old with the new perfectly mirrors their concept of bringing locals and visitors together in a shared space, and in doing so, the AC Hotel has created something new to the city of Little Rock, but familiar to those who call it home.