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LR Condos Head West Into High-End Housing Territory

4 min read

(To see a map depicting WLR development, click here.)

Little Rock’s condominium market is taking a westward turn after downtown projects have dominated the action.

Two projects in Chenal Valley are in motion, with Chenal Woods and Vallon Circle, while Parkland Heights is preparing to open phase one of its 102-unit project at The Ranch. All three are gated projects featuring luxury-style amenities.

Driving the projects is a dearth of condo developments in west Little Rock and the success of downtown condo sales.

Investors in Chenal Woods recently kicked off marketing efforts for their 72-unit development, and site work on the 4.68-acre parcel near the northwest corner of Chenal Parkway and Rahling Road is expected to start by year’s end.

Completion of the estimated $13 million development is expected by December 2008. Finish-out costs for the condos will push the overall tally to an estimated $17 million.

The property borders the No. 6 fairway and green at Chenal Country Club’s Founders Course and is the only piece of Deltic Timber’s master plan for Chenal Valley zoned for condominium development with golf course exposure.

"That’s what was appealing to me," said Henry Jordan Jr., a Chenal Woods investor. "That caught my eye."

Other investors in the project include Jordan’s father, Henry Jordan Sr., Willis Smith and Bek Kaiser. Smith and Kaiser have teamed up on a string of local real estate investments over the years.

The Jordans, of First Delta Development Group, made their first Little Rock deal with the redevelopment of Riverview Apartments into The Cliffs condominiums. At last count, 16 of the 73 units remain unsold since the 2.5-acre development at 810 North St. was acquired two years ago for $5 million.

The Chenal Woods deal got rolling when Jerry Webster, president of Little Rock’s Webster Corp., brought the location to the Jordans nearly a year ago.

"The timing was perfect," said Webster, who serves as a real estate adviser on Chenal Woods. "The Cliffs was a very successful project, but it’s winding down."

The Chenal Woods site, north of the new Bank of the Ozarks headquarters under construction, was purchased from El Dorado’s Deltic Timber Corp. for $2.8 million.

The site plan calls for six buildings featuring Mediterranean-style architecture with stucco and stone walls, tile roofs and Tuscan columns.

Among the general amenities are an open-air pool cabana with a fireplace and grill, fitness facility, swimming pool and water features and putting green.

"We’re trying to get a resort-type feel to it," Bek Kaiser said.

Seven floor plans for units range from 1,054 SF with a one-bedroom, 1.5-bath layout ($290,000) to 1,742 SF with a three-bedroom, 3.5-bath layout ($499,000). Each condo has a terraced balcony.

The highest price for a unit is $546,000 for a 1,536-SF three-bedroom, two-bath layout with a golf course view.

‘Affordable, Yet Upscale’

Nineteen of the planned 102 units at Shabhir Dharamsey’s Parkland Heights project will be on display during a grand opening on Saturday. Another 23 units are on the drawing board to complete phase one at 6800 Chenonceau Blvd.

The $6.4 million investment to date includes the phase-one site work and its clubhouse amenities, which include a fitness club, outdoor pool and Jacuzzi and meeting room equipped with a big-screen TV and surround-sound system.

The colonial-style project will feature attached garage parking and a mix of triplexes, with larger floor plans, and two-story, town-home duplexes.

Parkland Heights condos range in size from 1,948 SF for three-bedroom, two-bath units ($274,000) to 3,508 SF for four-bedroom, 3.5-bath units ($470,000)

"I was looking to do a development in Little Rock that would blow everybody away in the market," said Dharamsey, a Pine Bluff cardiologist. "I wanted to build something affordable, yet upscale."

The 18.9-acre location was acquired for $2.4 million from Ranch Properties Inc., led by Ed Willis. Dharamsey envisions a two- to three-year build-out if sales progress as expected.

Williams & Dean Associated Architects designed both Chenal Woods and Parkland Heights. "We’re proud of both of them, but they’re very different," said Gary Dean, a partner at the Little Rock firm.

Construction of the first phase of Vallon Circle is moving toward a February opening at 16509 Chenal Valley Drive. This initial construction, featuring 12 units and the clubhouse, weighs in at $5 million.

Vallon Circle condos range from 1,600 SF two-bedroom, two-bath units ($325,000) to 2,100-SF three-bedroom, three-bath units ($375,000).

Innovative Builders of Little Rock Inc. is handling the construction, with natural stone and stucco exteriors, earth tones and chateau styling. Development plans call for 150 to 160 condos in 11 buildings on the 15-acre site.

"We will watch what the market does and possibly convert some units to town-home-type layouts," said Tim Spainhour, a Vallon Circle investor.

The ownership group, View at Emerald Point LLC, includes Carla Spainhour and Traci and Joel Wheelis. The name is a holdover from a project the investors did near Tablerock Lake.

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