Details Unearthed on Benton's Hurricane Creek Village Project

by Arkansas Business Staff  on Monday, Jun. 23, 2014 12:00 am  

The approximate location of the new Hurricane Creek Village development being built in Benton.

Perhaps you were aware Benton will become home to a new 250,000-SF retail project dubbed Hurricane Creek Village.

We have uncovered more details on that nearly 36.6-acre development in motion at the southeast corner of Highway 5 and Alcoa Road.

And we like to share.

The Retail Connection of Dallas invested about $7.3 million to assemble land for the project, which you may have heard will be anchored by a 123,000-SF Kroger Marketplace and a 62,182-SF Academy Sports.

On the backside of the land assembly, a 13.3-acre tract for the grocery store and its parking was sold to Kroger for more than $4.6 million.

Academy will lease its property for 15 years, in a deal that includes three five-year options to extend.

Construction financing, courtesy of Little Rock’s Bank of the Ozarks, is divided into a pair of three-year loans: $12.9 million and nearly $4.2 million.

CDI Contractors LLC of Little Rock is overseeing nearly $7 million worth of construction expected to be completed by spring 2015.

Four property owners contributed pieces to the development puzzle:

  • Shirley Ann Boroughs and the Mary Beth Green Revocable Trust, 28.6 acres for $4.36 million.
  • Tuley Development Group Inc., led by Mary Joy Tuley of Roswell, Georgia, 5.9 acres for $2.5 million.
  • Darrell and Patricia Horsey, 1.36 acres for $275,000.
  • Clay and Candace Millwood, a 0.6-acre parcel for $140,000

 

 

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