North Little Rock's Rockwater Residences Poised for Relaunch

by George Waldon  on Monday, Aug. 25, 2014 12:00 am  

The opening round of single-family development is about to launch at Rockwater Village in North Little Rock. Seven of the 33 lots are under contract to future residents of the riverside neighborhood.

Infrastructure work on the 6-acre site, about nine blocks west of the Broadway Bridge, is expected to start after Labor Day. Construction of the first of the new homes along the Arkansas River could start next month as well.

The activity comes six years after North Bluffs Development Corp. intended to begin rolling out 60 residential lots by mid-2008. Unexpected developments in the financial sector brought that timetable to an abrupt halt.

“The biggest surprise for everyone was 2008,” said Lisa Ferrell, president of North Bluffs.

The Great Recession postponed the introduction of single-family construction at Rockwater and set the stage for its more modest debut today. The first batch of lots is hitting the market with price tags of between $110,000 and $160,000.

If the sticker prices hold, the 33 lots in The Residences at Rockwater represent about $4 million of real estate sales.

Wayne and Michele Hardy are poised to be the first homeowners in Rockwater Village. They expect to close on their lot purchase during the next two weeks.

“We have a builder on board, and we’re waiting for the final paperwork,” Wayne Hardy said.

The Hardys have been making do in an apartment after selling their home in North Little Rock’s Park Hill neighborhood in January. If things go according to plan, construction of their 2,757-SF home could start as early as mid-September with completion as early as March.

Brett and Ashley Russell, who live in North Little Rock’s Overbrook neighborhood, are joining the Hardys as homebuilding pioneers at Rockwater.

“We’re taking a leap of faith, but we’re OK with that,” said Ashley Russell.

“That’s what people have told us, too,” said Wayne Hardy.

 

 

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