Main Street Lofts Redevelopment Spurs $1.5 Million Sale (Real Deals)

by George Waldon  on Monday, Nov. 26, 2012 12:00 am  

The 12-story Boyle Building anchors the north end of Main Street Lofts. (Photo by Michael Pirnique)

Redevelopment of four neighboring buildings in downtown Little Rock is in motion after a $1.5 million transaction.

Main Street Lofts LLC, led by Wooten Epes, Brian Corbell and Scott Reed, bought the string of buildings along the west side of the 500 block of Main Street. The seller is Lafayette Plaza LLC, led by Stephen Marks Sr.

The deal is financed with a $929,124 loan from Riverside Bank of Sparkman (Dallas County) and a 10-year loan of $916,000 from the Pulaski County Arkan-sas Brownfields Revolving Loan Fund.

The properties at 500-524 Main St. previously were tied to February 2005 mortgages of $750,000 held by North Little Rock’s National Bank of Arkansas and $425,000 and $300,000 held by Riverside Bank.

The 21,000-SF Arkansas Annex at 514 Main St. and the 41,816-SF Arkansas Building at 524 Main St. were purchased for $870,000 in February 2005 from NBA.

The bank entered the ownership picture of the 0.48-acre property through a November 2004 foreclosure settlement with Quapaw Restoration Associates LLC, led by Johnny Mitchum.

Mitchum acquired the former Kahn Building at 514 Main for $100,000 in November 1995 from Thomas and Vivian Tvedten. Mitchum bought the one-time Dillard’s store at 524 Main for $25,000 in March 1996 from the Metrocentre Improvement District No. 1.

The 62,688-SF building at 510 Main St. was purchased for $400,000 in February 2005 from LPP LLC, led by Robert Francis. Francis acquired the 0.3-acre property for $175,000 in October 2003 from the city of Little Rock.

The remaining piece of the redevelopment puzzle is the historic 12-story Boyle Building at 500 Main St. The 100,000-SF building was bought for $600,000 in December 2004.

The sellers were Boyle Realty, led by Joel Ledbetter, $200,000; the Milton & Gatha Brack Revocable Trust and Jacqueline Power, $100,000 each; John Aymar Jr. and MMC Ltd., led by A. Dan Phillips, $75,000 each; and Mary Elizabeth King, $50,000.

The building site originally was assembled by Jacob Brack for $700. The sellers were Chester Ashley and Roswell Beebe, $400 in November 1847, and Beebe, $300 in January 1853.

Opened in 1911 as the State National Bank Building, the namesake bank soon went into receivership. That resulted in a December 1916 sale to Boyle Building Co., led by Johnny Boyle.



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