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Game Plan Unaltered in Conway’s Shoppes at Central Landing Project

3 min read

Conway Development Corp. is in talks with a new developer for the Shoppes at Central Landing in Conway and expects to close within weeks on its purchase of the site of the project from the city.

Last month, Jim Wilson & Associates of Montgomery, Alabama, backed out of the planned 302,708-SF center, which was to feature Dillard’s and other retailers, restaurants, apartments, a hotel and outparcels. The site is a 151-acre former municipal airport on Corporate Drive.

CDC and JWA, as a joint venture, submitted the winning bid of $6.1 million in 2015 to purchase the land from the city. CDC has purchased JWA’s shares of that joint venture and now owns all of it. Technically, the contract to purchase the land is between the joint venture and the city, according to Jamie Gates, senior vice president of Conway Development Corp. and executive vice president of the Conway Area Chamber of Commerce.

“While at least one of the players has changed, the game plan hasn’t,” Gates said in a recent interview. “The reason we got into this project was to help facilitate a mixed-use development in the middle of town that brings value to the core of town.”

“It’s definitely not the case that we’re starting this process over,” he added. “A lot of progress has been made. A lot of work that’s been done by us and, candidly, by [JWA] has been retained and is going to be useful as we develop the property.”

CDC is the chamber’s nonprofit arm devoted to nurturing a sound business environment, including land development and advocacy.

Gates declined to name the new developer, saying that the two organizations are “in due diligence” talks. He also declined to give an estimated cost of construction.

Last month, the Log Cabin Democrat reported that CDC and JWA had planned a $175 million multiuse development after submitting their winning bid to purchase the land from the city.

Conway Mayor Bart Castleberry and JWA did not return calls or an email from Arkansas Business.

The Log Cabin Democrat also reported that JWA left the project because of “the impact of the changing national retail environment” and to focus on other endeavors.

Gates said he didn’t know whether JWA’s departure affected the timeline for the project because “up until now, the waiting on the infrastructure has been what dictated the timeline. That’s essentially complete.”

No dates have been set for a groundbreaking or its completion.

Closing on the sale is CDC’s next step, and it has secured financing to pay for the land, Gates said.

He expects construction to be completed in phases and parts of the property nearest the freeway to be developed first.

Gates also said, “Outside interest in the property has increased as the infrastructure has gone in. The phone started ringing almost immediately after the overpass connecting the project to Conway Commons opened.” But he declined to identify who is interested in the property.

The overpass Gates cited connects the Central Landing site with Conway Commons, a 600,000-SF shopping center near Interstate 40 off of Exit 127.

Bryan Patrick, director of the city’s Planning & Development Department, said other Shoppes at Central Landing-related improvements the city has completed are the widening of Sixth Street and its roundabouts, construction of Central Landing Boulevard (a north-south connector from Oak Street) and modifications to I-40 entrance ramps.

The city also added a median to Sixth Street and plans to do the same on Bruce Street, as well as widen it. Patrick said crews have been waiting for utilities to be relocated so that they can finish their work on Bruce.

City Engineer Finley Vinson said the improvements cost approximately $28 million, as expected, and that the work on Bruce Street would be finished in 2018.

After the sale closes, Gates said, CDC and its board will finalize the team, evaluate its relationships with partnerships, figure out who will play what role in the development and determine how the development will be leased.

He added, “Every kind of conventional real estate business option is on the table right now.”

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