River Market Tower Developer Forecasts 50% Condo Occupancy by Mid-Summer

by George Waldon and Sam Eifling  on Monday, Apr. 26, 2010 12:00 am  

Partners Rett Tucker, left, and Jimmy Moses see improved condo sales.

"Our package is much better than it was sometime back. Now buyers can get 30-year money."

Arkansas Federal Credit Union stepped up with a 15-year loan on a River Market Tower condo in September, making it the first lender to offer a longer term mortgage.

Good news on the condo front has spilled onto the project's commercial space on the ground floor.

Two retail bays are leased to Dugan's Pub (set to open in 3,103 SF in July) and Green Earth Pharmacy (scheduled to open in 1,360 SF in June)

"We have another retailer we're working with," Moses said. "That [1,460-SF location] would be the last piece of retail."

Tower Resident

From the 20th-story patio atop the River Market Tower, Austin Grimes, a retired orthopedic surgeon, can survey Little Rock from an uncommon vantage: on high. The planes touching down at Little Rock National Airport are clearly visible (a point of attraction for the Air Force veteran), the River Market bustles in miniature along the Arkansas River, and water towers dot the horizon to the north.

"The Fourth of July, we could see 14 different sets of fireworks all around," Grimes said. Cloudy weather muddled the view of the faraway displays, but the display on the Arkansas River was immediate and vivid.

He and his wife, Ann, a judicial law clerk at the Arkansas Court of Appeals, were the second tenants to move into the building last spring after their $513,000 purchase. They chose a sixth-floor unit that includes, along with its 1,658 SF, a 38-foot-by-17-foot patio overlooking the condo's pool and the back of the Hampton Inn, which sits across a small green space from the condo.

Just outside their front door is the residents' access to the rooftop tennis court, basketball court and putting green. They have a great view of the William J. Clinton Presidential Library and, at night, its lighting.

The Grimeses bought here after getting a pitch from Rett Tucker himself, who heard they were looking for a downtown space.

They settled on one of the only units with a skylight along one wall, better to illuminate their collection of ceremonial masks from the likes of Indonesia and the South Pacific and paintings that they've accumulated over the years, including several by Austin Grimes himself.



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