Council CEO: Northwest Arkansas Positioned to Pave Path to Recovery

by Northwest Arkansas Business Journal Staff  on Friday, Dec. 21, 2012 2:48 pm  

Deck said the plethora of multifamily projects in the works, particularly in Fayetteville, will continue to provide a boost. Even more projects develop, she said, as the student population continues to grow and the single-family rental market remains “quite, quite tight.”

As for commercial construction, Deck said the news is a little more somber.

“Of all the sectors, I think we have the farthest to go in office and retail,” she said. “But I wouldn’t be surprised to hear about some additional retailers choosing to do some build-to-suit construction projects — just probably not to where you’d need a spreadsheet to keep up with them.”

 

Retail

National retail chains will continue to expand into Northwest Arkansas in the coming year.

The city of Rogers will get Marshall’s/HomeGoods, Shoe Carnival and Michael’s Arts & Crafts stores at the 60,000-SF Scottsdale Phase VI shopping center. Construction of the $12.49 million center owned by Tom Hopper is expected to be completed in January.

Brenda Majors, marketing manager at the Pinnacle Hills Promenade in Rogers, said two stores are under construction there. One will house a Chico’s store, and the other will be a Hancock Fabrics store. Both are expected to open early next year.

“Once Cabela’s [and other stores] came in and committed, it just opened the door for other retailers to want to come to this area,” she said.

The center’s occupancy rate is “well over” 90 percent, she said, adding that announcements of new stores and restaurants will be forthcoming. Also, LongHorn Steakhouse, going in next to Best Buy, will likely be opening in 2013, she said.

“Based on how we’re progressing so far for the fourth quarter, it’s going to be a stellar year,” Majors said.

At the Northwest Arkansas Mall in Fayetteville, general manager Jeff Bishop said he’s seen increased interest in the area this year from retailers and restaurant chains, and the mall has “quite a few deals that are in the pipeline right now.”

 

 

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