Private-Sector Housing in Fayetteville Chases UA Student Growth

by George Waldon  on Monday, Feb. 10, 2014 12:00 am  

Harvey’s Hill is planned for a neighboring site across Duncan Avenue from The Cardinal. The redevelopment would replace small apartments and houses and could open by 2016.

SREG hopes to launch this year an as-yet-unnamed 670-bed project that would replace warehouse properties across Beechwood Avenue from what once was The Domain, a member of the off-campus student housing class of 2013.

An affiliate of Inland American Real Estate Trust Inc. of Oak Brook, Ill., bought the 654-bed project from Asset Plus Communities of Houston for $42 million in July and changed its name from The Domain to University House. The nearly 14.8-acre development, southwest of the UA campus, has an address of 1801 W. Diamond Drive, an entrance to the project.

To build the 2.1-acre The Cardinal at West Center, SREG partnered with Capstone Development Partners LLC of Birmingham, Ala. The project team is not finalized for Harvey’s Hill, which refers to former Confederate Gen. Daniel Harvey Hill, who served as the first UA president in 1877-84 and whose house once stood on the property.

The design work for Sterling Frisco and The Cardinal was handled by Modus Studio of Fayetteville, known for its modernistic, minimalist design founded on sustainability.

Farther to the southwest of campus, a 26-acre site remains dormant near the southeast corner of Interstate 540 and Martin Luther King Jr. Boulevard. The location between Futrell Drive and Hollywood Avenue, purchased for $2.3 million in July 2012, was to become the home of a 600-bed student housing project in 2014.

“It’s just kind of on the back burner,” said Brandon Barrett, CEO of J.H. Barrett Properties LLC of Athens, Ga.

“We’re working on a project in Auburn that we hope to have open for the 2014-15 school year. After that, we’ll just have to look at where we’re at.”

The University of Arkansas killed a would-be SREG project on the northern edge of campus through eminent domain. Instead of the 460-bed Project Cleveland, the property will be home to a university-owned parking lot.

“The [parking] project is on hold until money is budgeted for it,” said Todd Ferguson, campus planner at the University of Arkansas. “It’s not going to happen until next year at the earliest.”

The legal action by the UA forced Springdale contractor Fadil Bayyari to sell the 60-unit Sunshine Place Apartments at 1220 W. Cleveland St. and a neighboring house.

The $2.25 million court-facilitated transaction in November pushed Specialized Real Estate Group away from entering the ownership picture.

 

 

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