Debt, Liens & Lawsuits Entangle Downtown Little Rock Developer

by George Waldon  on Monday, Feb. 6, 2012 12:00 am  

Porter's Jazz Cafe leases the ground-level  and basement floors of the five-story 315 Main St. project.

The restaurant, which altered its offerings to a dinner-only format except for Sunday brunch, reported total food sales of $34,113 during September and October.

No sales information was available for Porter's during November and December.

According to the Little Rock Advertising & Promotions Commission, Porter's hasn't paid any A&P taxes since October, and legal action to collect is in the offing.

On Nov. 30, Treadway Electric Inc. filed a lien claim of $35,305 for money owed on materials used in the redevelopment of the 315 Main St. property.

Scott Reed said the disagreement actually involved less money although the company withheld payment on a much larger amount.

"We have a dispute over $5,000 of wire, the wrong wire," he said. "They ordered and delivered it. We're willing to pay $28,000. We'll have to work it out."

Reed said the 315 Main St. redevelopment is self-financed, but he hoped to obtain a loan to fund the apartment construction on the top three floors.

Resolving the lien dispute with Treadway Electric and the lease dispute with Porter's are likely requirements before a lender will sign on to the project.

Other Lawsuits

Reed came to Little Rock in 2008 with his wife, Stacy, and busied himself with residential redevelopment opportunities while she dove into her dermatology residency at the University of Arkansas for Medical Sciences.

The Reeds have since moved back to Portland, Ore., to be closer to her family although they still own a house in Chenal Valley. Scott Reed said he returns to Little Rock monthly to spend about a week tending to business.

 

 

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