Gary Smith was quoted in the Arkansas Busines publication this week. Check out what he had to say in regards to industrial vacancy rate drops… “With continued economic concerns in the industrial sector for large blocks, negotiations for these spaces have become more tenant friendly. The overall market in central Arkansas continues to remain strong compared with other areas.” ~ Gary Smith, Director of Business Development, Flake & Kelley Commercial
In The News
Main Street Reclamation Gains Momentum
Some structure resurrection work began along Little Rock’s Main Street in the first week of August.
The effort of local investors is a $20 million project to convert decades-vacant Blass store buildings into apartments and retail and office space at the corner of Fourth and Main streets. The project is slated to finish in June 2013.
The Blass Department Store was a major retailer in Little Rock for scores of years until Dillard’s bought it in 1964.
The project at Fourth and Main is one of several to spring up in that part of downtown Little Rock.
Sharon Priest, executive director of the Downtown Little Rock Partnership, said Scott Reed and other investors with Reed Realty Advisors in Portland, Ore., were the first in recent years to buy and begin rehabbing an old building on Main Street. The building that currently houses Porter’s Jazz Cafe at 315 Main St. is Reed’s ongoing project.
(Reed has had trouble finishing residential work he’s started in Little Rock. The Arkansas Development Finance Authority took ownership from Reed’s company of most of 30 residential properties because of a lack of renovation progress and some unpaid bills.)
Stephens Inc. also is converting the former federal exchange bank building at the corner of Capitol Avenue and Main Street into state offices for the Department of Higher Education, Priest said. A Stephens spokesman declined to answer questions.
“We’re starting to see some action happening, sort of like a 10-year overnight success,” Priest said. “We’re starting to see people make investments.”
Only one vacant Main Street building — the Donaghey Building — between Capitol Avenue and Sixth Street isn’t under contract with a buyer who has renovation plans, she said. She declined to share details of other pending projects.
To read the full article from Arkansas Business.
Industrial Space Vacancy Drops
Retail / Urban Development – West Little Rock
Congratulations to Judy Shelley! She was featured in the 2012 Arkansas Green Guide. Judy is the CFO for Flake & Kelley Commercial. The coolest place Judy has ridden was a tour she did in Vermont, going from country inn to country inn. Her coolest plan for her bike in the future is when she and her husband, Michael Shelley, retire. “We are riding coast to coast, dipping a tire in both the Atlantic and Pacific. Our friends think we’re crazy.”
Go to www.pageturnpro.com read the full interview with Judy.