by George Waldon on Monday, May. 14, 2001 12:00 am
Clint Boshears might well be considered the father of the gated neighborhood in Little Rock. His Hickory Hills project introduced the concept to the market in the late 1970s.
Boshears followed that up with an even more ambitious development, Hickory Creek. The 65-acre patch of woods is bisected by a creek that Boshears transformed into the neighborhood's visual calling card.
The watery vista at the entrance and nearby ponds were created through excavation, hauling in tons of rock and building three weirs on the creek.
Antique rose dye, $50,000 worth, was added to the concrete poured for the project's streets. The idea was to soften the glare and give Hickory Creek a classy look akin to Little Rock's prestigious Edgehill neighborhood.
Lot sales in Hickory Creek have totaled more than $7.2 million since the first transaction in 1987.
Six home sites remain unsold out of an original total of 87. Two of those are among three lots that bear the Hickory Creek name but lie outside the secured entryway on the north side of Hinson Road.
The starting point of the project was 25 acres that Boshears initially intended to make part of Hickory Hills. After assembling more land and putting in the first-phase infrastructure, sales were off and running.
However, 1987 proved to be a year of extremes for business in general and real estate in particular.
"The timing was terrible," Boshears said. "We started selling lots in May 1987, and in October, the stock market went to hell.
"After that, I didn't sell a lot for nine months out there. Fortunately, I had already sold eight or nine out there. It didn't kill me, but it sure did hurt.
"I was paying $10,000 a month on a $2 million development loan without the benefit of any sales for awhile."
Investors in the project were part of three limited partnerships put together by Boshears. Ownership was divided among Beacon Hill Ltd., 46.729 percent; Hickory Creek Valley Ltd., 37.695 percent; and Hickory Creek Ltd., 15.576 percent.
Beacon Hill Ltd. was formed in December 1980. Its original list of investors included: Jon Jacoby, 33.33 percent; Robert Fincher, Doyne Dodd, John McConnell, Flo Dilday, Sanford Bolin Jr. and Bobby Fritz, 8.33 percent each; and Victor Menefee, Carl Brunk Sr., Thomas Gray and Boshears, 4.16 percent each.
Many of the same names are found in Hickory Creek Ltd., organized in September 1982: Boshears, 26.1 percent; McConnell, Tom Dilday, Jacoby, Fincher and Dodd, 8.7 percent each; and Mike Selby, Richard Johnson, Bolin, Fritz and Gray, 4.34 percent each.
The third piece of the investor puzzle is Hickory Valley Ltd., established in February 1983. Initially, Boshears and W.R. Oglesby were 50-50 partners. Virginia Cathey later joined the mix when she bought a 2.65 percent stake from Oglesby.
Boshears recalls his novel way of communicating with his partners each time he sold a lot. He would phone them and mimic the sound of cash register ringing up a sale.
"'Cha-Ching,' that's all I would say," Boshears said. "Sometimes I was able to call up and say, 'Cha-Ching, Cha-Ching.'"
Each of those Cha-Chings averaged better than $100,000. The resulting lot sales led to dozens of new homes, some of which are among Little Rock's most grand.
Here's a peek at some of the names and numbers associated with Hickory Creek:
• Lot 1 Layton and Tommye Stuart bought the 11,871-SF mansion from Don and Carolyn Kirkpatrick in October 1994 for $1.67 million. The Kirkpatricks purchased the 2.3-acre site in January 1989 for $250,000.
• Lot 4 Richard and Nancy Parker developed the 5,320-SF home after acquiring the property in May 1994 for $110,000.
• Lot 5 Gene and Sharon Graves bought the 6,887-SF home from Joe E. Hughes Construction Inc. in January 1989 for $447,270. Hughes purchased the property in April 1988 for $105,000.
• Lot 6 Barbara Kay Morris acquired the 4,271-SF home from Tommy and Kathryn Thomas in October 1993 for $454,800. The Thomas family bought the site in May 1992 for $100,000.
• Lot 7 Michael and Donna Flynn purchased the 5,741-SF home from Craig and Patricia Moon in August 1991 for $510,000. The Moons acquired it from Joe and Laveda Hughes in August 1989 for $475,000. The Hughes family bought the site in April 1987 for $90,000.
• Lot 8 Ronald and Clarita Munsey acquired the 7,179-SF home from Joe and Laveda Hughes in August 1989 for $480,000. The Hughes family purchased the site in August 1987 for $85,000.
• Lot 9 Don and Carolyn Kirkpatrick bought the 6,354-SF home from Layton Stuart in January 1998 for $500,000. Stuart acquired the site through Joe E. Hughes Construction Co. in November 1989 for $119,000.
The company purchased the property from James and Margurette Tice in February 1987 for $99,000.
• Lot 10 Rebecca Boyce Winemiller acquired the 4,098-SF home from Daniel and Celia Grundl in April 1994 for $524,390. The Grundls bought the site in April 1987 for $87,000.
• Lot 11 Randy and Diane Spicer developed the 4,533-SF home after purchasing the site from Daniel and Celia Grundl in May 1994 for $96,000. The Grundls acquired the property in January 1991 for $70,000.
• Lot 12 William and Sandra Harrison developed the 4,779-SF home after buying the property in May 1993 for $100,000.
• Lot 13R Don and Carolyn Kirkpatrick acquired the undeveloped site from William Richardson in January 2001 for $200,000. Richardson purchased the property from D.C. and Deb Morrison in October 1998 for $150,000. The Morrisons bought the land in 1995-96 for $163,000.
• Lot 14 Joseph Blankenship developed a 6,750-SF home after purchasing the property in February 1998 for $115,000.
• Lot 16 Russell and Kathryn Murphy developed the 6,908-SF home with a $500,000 loan from Bank of the Ozarks in Little Rock after buying the property in September 1995 for $158,000.
• Lot 17 Robert and Martha Erwin acquired the 5,147-SF home from Clint Boshears Realty Inc. in November 1996 for $725,000. Boshears purchased the property in June 1994 for $125,000.
• Lots 18 & 19 George and Linda Gleason developed the 11,517-SF mansion with a $1.5 million loan from Bank of the Ozarks after buying the property for $250,000 in November 1994.
• Lot 20 Americo and Carol Cornacchione developed a 4,336-SF home with a $375,000 loan from U.S. Mortgage Inc. of Little Rock after purchasing the property for $125,000 in December 1994.
• Lot 21R Hickory Creek Partnership, led by Clint Boshears, owns this undeveloped site.
• Lot 22R Mike and Carla Pierce developed a 4,401-SF home with a $400,000 loan from Bank of the Ozarks. They assembled the property in two buys in September 1997 for $110,000 and April 2000 for $36,000.
• Lots 24 & 25 James and Tina Trice acquired the undeveloped property for $250,000 in June 2000.
• Lots 26-28 Hickory Creek Partnership owns these undeveloped lots.
• Lot 29 James and Emily Gregory purchased this undeveloped lot from Robert and Merri Chandler in September 2000 for $126,000. The Chandlers bought the property from Joe Blankenship in November 1999 for $127,000.
Blankenship acquired the site from J. Michael Smith in October 1998 for $115,000. Smith purchased it in February 1997 for $112,000.
• Lot 30 Alvin Green Jr. and his wife, Eartha, bought the undeveloped site in August 1998 for $120,000.
• Lot 31R Lawrence Mendelsohn acquired the undeveloped site from Donald and Mona Thompson in March 2001 for $205,000. The Thompsons purchased Lot 31 from Barbara Morris in June 1998 for $116,000 and enlarged it with part of Lot 32. Morris acquired Lot 31 in January 1993 for $99,000.
• Lot 33R Lawrence Mendelsohn is developing an 8,538-SF home with a $1.5 million loan from Pulaski Bank & Trust of Little Rock. He purchased the site from Donald and Mona Thompson in September 1998 for $180,000. The Thompsons acquired Lots 33 and 32 in a February 1998 swap for Lot 76R.
• Lot 34 David and Paula Schmidt bought the 4,892-SF home from George and Lois Schaefer in July 1995 for $570,000. The Schaefers purchased the house from Gene and Jane Proffitt in November 1993 for $534,800.
The Proffitts acquired the house from Woodhaven Homes Inc. in October 1991 for $470,000. Woodhaven bought the site in February 1991 for $93,500.
• Lot 35 Lawrence and Sonya Mendelsohn developed a 5,620-SF home with a $300,000 loan from First Commercial Bank of Little Rock after purchasing the site in August 1990 for $94,000.
• Lot 36 William and Cathleen Burgess developed a 4,104-SF home with a $250,000 loan from Superior Federal Bank of Fort Smith after acquiring the site in May 1991 for $94,000.
• Lot 37 Matt Lile III and his wife, Melody, bought the 4,275-SF home from Paul and Victoria Williams in September 1997 for $640,000. The Williams family purchased the house from T. David Wilkes and his wife, Patricia, in August 1996 for $641,000. The Wilkes family acquired the site in September 1987 for $85,000.
• Lot 38 William and Linda Haviland purchased the 4,663-SF home from John and Diane Corcia in August 1995 for $545,000. The Corcias acquired the house from Joe Stillman Construction Inc. in January 1988 for $366,000. The corporation bought the site in May 1987 from $85,000.
• Lot 39 Michael Montgomery acquired the undeveloped site from Gary and Linda France in March 2000 for $115,000. The Frances bought the land from Charles and Vye Watson in July 1998 for $85,600. The Watsons purchased the property along with Lot 41 in October 1991 for $148,000.
• Lot 40 Charles and Vye Watson developed a 5,361-SF home with a $450,000 loan from Merrill Lynch Credit Corp. of Jacksonville, Fla. The Watsons bought the site in March 1990 for $75,000.
• Lot 41 Boyd and Diana Rothwell purchased the undeveloped site from Charles and Vye Watson in July 1998 for $84,090. The Watsons acquired the land along with Lot 39 in October 1991 for $148,000.
• Lot 42 Stephen and Susan Brighton developed the 4,591-SF home with a $350,000 loan from First Home Mortgage of Jonesboro. They bought the site from Chester and Susan Blackmon in November 1999 for $135,600. The Blackmons acquired the property in December 1992 for $80,000.
• Lots 43 & 44 Jim and Darla English developed a 6,126-SF home with a $500,000 loan from Central Bank & Trust of Little Rock. They purchased the property in March 1992 for $150,000.
• Lot 45 Mary Sundell acquired the 6,953-SF home from L.G. and Edna Murrell in January 2001 for $584,800. The Murrells bought the house from Joe E. Hughes Construction Co. in September 1992 for $527,000. The company purchased the site in October 1991 for $80,000.
• Lot 46 Doyne and Margaret Dodd bought the 6,928-SF home from Harry and Elizabeth Janson in September 1997 for $698,700. The Jansons purchased the home from L. Carroll Elder and his wife, Marilyn, in May 1991 for $500,000. The Elders acquired the site in May 1987 for $90,000.
• Lot 47 Edward and Joann Huxen developed the 4,646-SF home after purchasing the site from Don and Carolyn Kirkpatrick in May 1991 for $88,000. The Kirkpatricks acquired the site in February 1987 for $90,000.
• Lot 48 Henry and Ruth Mariani bought the 6,184-SF home from Joe and Laveda Hughes in April 1992 for $568,000. The Hughes family purchased the site in January 1989 for $90,000.
• Lot 49 Michael and Amy Bailey acquired the 5,682-SF home from Richard and Beverly Roachell in December 1992 for $478,000. The Roachells bought the house from Joe E. Hughes Construction Co. in December 1989 for $428,000. The company purchased the site in January 1989 for $88,000.
• Lot 50 Robert and Merri Chandler bought the 5,049-SF home from Les Baledge in March 2000 for $748,000. Baledge purchased the home from Phillip Wells in July 1998 for $748,000.
Wells acquired the house from William and Donna Belknap in July 1996 for $720,000. The Belknaps bought the house from Thomas and Louise Ferris in July 1993 for $502,700. The Ferris family purchased the site in November 1992 for $99,000.
• Lot 51 Rush Harding III and his wife, Linda, acquired the 4,631-SF home from James Hagans II and his wife, Lisa, in October 1998 for $692,000. The Hagans family bought the site in December 1993 for $100,000.
• Lot 52 Linda Chakales developed a 5,898-SF home after purchasing the site in September 1993 for $100,000.
• Lots 53 & 54 Steven and Misty Smith acquired the 4,731-SF home from Reagan-Cone Construction Inc. in July 1997 for $474,800. The corporation bought Lot 53 in January 1996 for $115,000.
The Smiths purchased Lot 54 from Samuel and Lori Houston in June 2000 for $127,000. The Houstons acquired the site in January 2000 for $125,000.
• Lot 55 Michael and Cynthia McNiff bought the 4,521-SF home from Stillman Anderson Construction Co. in May 1995 for $527,000. The company acquired the site in March 1995 for $115,000.
• Lot 56 Alan and Majorie Duncan purchased the undeveloped site in September 2000 for $115,000.
• Lot 57 Robert and Julie Cress developed a 6,435-SF home with a $612,000 loan from Pinnacle Bank of Little Rock. The Cress family bought the site in July 1998 for $120,000.
• Lot 58 Edward and Shana Holman are developing a 6,520-SF home after acquiring the site in August 1998 for $120,000.
• Lot 59 & 60 Christopher and Jennifer Ligon developed a 5,494-SF home with a $750,000 loan from the Ed Ligon Jr. Revocable Family Trust. The Ligons purchased Lot 59 in January 1998 from Robert and Melissa Casper for $94,600.
The Caspers bought the site from Michael and Renae Oldner in October 1993 for $91,000. The Oldners acquired it in October 1993 for $106,000. The Ligons purchased Lot 60 in June 1998 for $115,000.
• Lot 61 Boyd and Diana Rothwell developed a 2,779-SF home with a $400,000 loan from The Capital Bank of Little Rock. The Rothwells bought the site from Gary France Inc. in June 1992 for $90,000. The corporation purchased the site in May 1992 for $86,700.
• Lot 62 Steve and Sandra Landers acquired the 5,815-SF home from Gary France Inc. in January 2000 for $855,000. The corporation bought the site in May 1998 for $115,000.
• Lot 63 Neal and Lisa Kirkpatrick purchased the 4,560-SF home from Howard and Mary Manning in September 1996 for $450,000. The Mannings acquired the house from Gary France Inc. in October 1993 for $478,000. The corporation bought the site in September 1992 for $88,000.
• Lot 64 Stephen and Deborah Shephard acquired the 3,792-SF home from Jonathan and Karen Klug in December 1999 for $507,700. The Klugs bought the house from Richard Shelton Jr. in January 1999 for $557,000.
Shelton purchased the house from Stillman Construction Co. in July 1992 for $388,000. The company acquired the site in July 1989 for $82,000.
• Lot 65 Mary Ann Boyd developed a 6,062-SF home after buying the site in June 1988 for $81,000.
• Lots 66 & 67 Garland and Bettye Binns Jr. developed a 5,718-SF home after purchasing Lot 67 in March 1987 for $88,000 and Lot 66 in May 1988 for $75,000.
• Lot 68 Ian and Julia Birkett acquired the 4,789-SF home from George and Jean Rothschild in September 1992 for $480,000. The Rothschilds bought the site in June 1987 for $93,450.
• Lot 69 Michael and Melinda Selby purchased the 4,381-SF home from Joe E. Hughes Construction Co. in September 1990 for $375,000. The company acquired the site in December 1989 for $77,000.
• Lot 70 Jay and Debbie Kincannon bought the 4,096-SF home from Lot Nine Development Co., led by Layton Stuart, in April 2001 for $538,000. Lot Nine purchased the house from Don and Carolyn Kirkpatrick in January 1998 for $500,000.
The Kirkpatricks acquired the home from Joe and Dana Kleine in July 1996 for $464,850. The Kleines bought the house from Joe Stillman Construction Inc. in July 1989 for $385,000. The corporation purchased the site in March 1988 for $79,000.
• Lot 71 Robert and Cecelia Blasier acquired the 4,592-SF home from David and Jean Brandos in April 1998 for $497,000. The Brandos family bought the house from Fred and Elizabeth Schumn in May 1996 for $470,000.
The Schumns purchased the home from E.F. and Sarah Klein in July 1994 for $500,000. The Kleins acquired the house from Gary France Inc. in June 1990 for $375,000. The corporation bought the site in November 1989 for $80,000.
• Lot 72 Michael and Ching-Ching Sung developed the 5,010-SF home with a $300,000 loan from First Commercial Mortgage of Little Rock. The Sungs purchased the site in March 1990 for $80,000.
• Lot 73 Harry and Patricia Erwin bought the 4,140-SF home from Donald and Mary Thone in October 2000 for $528,000. The Thones acquired the house from Ken and Marjorie Burnett in November 1998 for $485,000.
The Burnetts purchased the site from Stephen and Janet Sturdivant in March 1993 for $83,000. The Sturdivants bought the property from Barbara Morris in January 1992 for $83,000. Morris acquired it in April 1990 for $75,000.
• Lot 74 Carter and Judith Burwell III purchased the 4,722-SF home from Barbara Morris in June 1991 for $517,000. Morris bought the house from Thomas and Louise Ferris in July 1989 for $425,000. The Ferris family acquired the site in July 1989 for $80,450.
• Lot 76R Mariann Harrington is developing a 7,200-SF home with a $421,526 loan from Madison Bank & Trust of Kingston. Harrington bought the site in October 1999 for $225,000.
• Lot 77R Joseph and Maudie Stillman developed the 4,209-SF home with a $520,000 loan from Pulaski Bank & Trust. The Stillmans purchased the site in July 1998 for $125,000.
• Lot 78 Joseph Turbeville Jr. and his wife, Norma, acquired the undeveloped site in June 1994 for $125,000.
• Lot 79 Gene and Gaylia Fortson bought the 5,581-SF home from Ronald and Linda Crawford in December 1996 for $675,000. The Crawfords purchased the site in April 1994 for $125,000.
• Lot 80 James Hunter East acquired the 5,053-SF home from Gary France Inc. in December 1998 for $825,000. The corporation bought the site in February 1995 for $115,000.
• Lot 81 Don and Carolyn Kirkpatrick purchased the undeveloped site from E. F. Klein Jr. in September 1994 for $95,000. Klein acquired it in October 1992 for $99,000.
• Lot 82 Steve and Mary Jones Sr. bought the 4,979-SF home from Larry and Susan Gilb in May 1998 for $513,300. The Gilbs purchased the house from Victor and Louise Songer in August 1995 for $490,000. The Songers acquired the site in December 1992 for $99,000.
• Lot 83 Jimie Kusel developed a 5,126-SF home after purchasing the site in February 1993 for $99,000.
• Lot 84 Laurence and Anne Miller acquired the 5,464-SF home from Jim Garner Construction Inc. in November 1994 for $590,000. The corporation bought the site in April 1993 for $99,000.
• Lot 85 Hickory Creek Joint Venture owns this undeveloped lot.
• Lot 86 Marion Delong purchased the property for $39,000 in April 1998 and developed the 2,862-SF home with a $224,000 loan from Mercantile Bank of Arkansas in North Little Rock.
• Lot 87 Hickory Creek Joint Venture owns this undeveloped lot.
- Mobile-Payment Battle Brews Between Apple, Wal-Mart
- WSJ Looks at Crystal Bridges' 'State of the Art' Exhibit
- Report: Acxiom to Open Austin Office, Hire 150
- Natural Gas in Fayetteville Shale Takes Arkansas from Zero to Billions in 10 Years 1 day ago
- Wal-Mart Used Technology to Become Supply Chain Leader 2 years ago
- John Rogers Asks for Dismissal of Brace Suit 1 day ago
- Dustin McDaniel Hospitalized 13 hours ago
- Royalty Owners Haul Exxon Subsidiary XTO to Court Over Royalties 1 day ago