Posted 3/7/2012 01:36 pm
Updated 11 months ago
Redevelopment of the historic Blass Building in downtown Little Rock will begin in June to convert the former retail property into 100,000 SF of office space, 20 loft-style apartments and more.
The developers, Doyle Rogers Co. and Moses Tucker Real Estate, described it as a $20 million project.
Accompanying the project will be 200 employees from the Office of Child Support Enforcement, which will lease space in the building. A 300-car parking garage will be built at the northeast corner of Fourth and Louisiana streets as part of the project.
Construction is expected to be completed in mid-2013, according to the developers.
Officials at the two companies on Wednesday announced their plans for the 105-year-old building at 324 Main St. The development encompasses the seven-story building, once the flagship of Blass Department Stores, and its adjoining three-level annex at 318 Main St.
New Market Tax Credits through the Heartland Renaissance Fund of Little Rock are an important component of the financial package backing the deal.
Doyle Rogers, the famed Batesville developer behind the Peabody Hotel, Stephens Building and Statehouse Convention Center, has owned the property for more than 12 years, awaiting a redevelopment opportunity.
"The time has now come," said Tommy Lasiter, CEO and president of the Doyle Rogers Co.
The redevelopment is owned by Blass Property LLC, which includes Lasiter, Jimmy Moses, Rett Tucker and Rogers' son and daughter, Doyle "Rog" Rogers Jr. and Barbara Hoover.