Hunt Ventures Plans $100 Million Development in Pinnacle Hills

by Marty Cook  on Tuesday, Sep. 5, 2017 10:43 am   2 min read

Hunt Ventures and an Oklahoma City group will partner to build a 15-acre, $100 million mixed-use development in Pinnacle Hills in Rogers.

Tom Allen, executive vice president of Sage Partners, the real-estate arm of Hunt Ventures, said the partnership hopes to get final approval of the plans by the end of year with the first phase of construction to begin in the first quarter of 2018. The development, at the northwest corner of the roundabout intersection of Pauline Whitaker Parkway and Pinnacle Hills Parkway, initially will feature a 296-unit apartment complex, a boutique hotel and 26,000-SF of retail space. 

Hunt Ventures is partnering with Urban5 Development, a subsidiary of Burnett Equity. Andy and David Burnett, who lead Burnett Equity, are experienced developers of multi-family properties.

"I am excited to bring together the wonderful teams of Hunt Ventures, Sage Partners and Urban5 Development to create this project that I believe will provide a great addition to the northwest Arkansas community," said Johnelle Hunt, chairwoman of Hunt Ventures. "The vision we share is to develop a unique identity to provide residents and visitors an unparalleled experience in the region."

Allen said the planned unit development for the project has received positive support from Rogers city officials, and the partnership is scheduled to meet with the city today. The city council would have to approve the plans and rezoning requests in order for the project to be completed.

Allen said the total costs for the project hasn't been finalized but he expects he could eventually go over $100 million. 

"If everything goes like clockwork, we'll have approvals and financing in place hopefully by December," Allen said. 

Allen said the site is on South Champions Drive, just outside of Pinnacle Country Club; it's a location in the middle of the growing Pinnacle Hills area, one of the most desired by developers in northwest Arkansas. A chance meeting between the Burnetts and T.J. Lefler, an executive vice president at Sage Partners, at a conference in Las Vegas two years ago led to the partnership.

Allen said Hunt had wanted to develop the site with a multi-family aspect but Hunt Ventures was aware it did not have expertise in those types of developments. It was also picking about which group it would partner with.

"It's going to be a first-class development," Allen said. "We've been very selective about what is going to go in that location. We figured out pretty quickly with their expertise and enthusiasm, the market is ready for something of this scale and this quality." 

Allen said the first phase will stress the "new urbanism" style of developments with open spaces, walking trails and diverse style. Allen said the project's design calls for two parks, recreation such as volleyball and an outdoor movie theater.

The second phase, which will be closer to Pinnacle Country Club, is scheduled to be rows of multi-story brownstone houses, which Allen said would be comparable to classic looks in areas such as Williamsburg in Brooklyn. 

 

 

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