Virginia Group Buys Donaghey Building for $5.7M

by Arkansas Business Staff  on Wednesday, Nov. 8, 2017 3:32 pm   1 min read

The Donaghey Building (Google Maps)

A Virginia limited partnership has purchased the Donaghey Building from Lake Hamilton Corp. for $5.7 million, planning to turn the vacant, 92-year-old Little Rock building into an apartment building with office and retail space on the first floor.

LRMU LP purchased the 14-story, 170,957-SF building at 103. E. Seventh St. on Nov. 2. Casi Runnells and Isaac Smith of Colliers International Arkansas represented the buyer in the deal, announced Wednesday by Colliers.

"Restoring the Donaghey Building back to its former glory has been our goal all along," David Roos, principal at LRMU, said in a news release. "We feel that the combined location, history and downtown atmosphere will make this building a treasure once again for Little Rock's current and future residents."

LRMU is planning to begin construction in the second quarter of 2018 with an expected completion date of November 2019.

Plans call for 152 studio, one - and two-bedroom apartment units ranging in size from 539 SF to 1,093 SF. There would be office and retail space on the first floor. 

The group plans to remove the skywalk that connects the Donaghey Building to the Arkansas Department of Human Services, a tenant of the Donaghey North building across East Seventh Street.

Colliers said the Donaghey Building will include a fitness center, laundry room, meeting rooms and an outdoor patio with a lawn. Parking will be provided in the parking garage at the corner of East Seventh and Scott Streets.

In 2001, Hot Springs developer Charles Hendrix purchased the building for $600,000.

 

 

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