by Lance Turner
Posted 10/29/2004 09:27 am
Updated 1 year ago
Developers on Thursday announced plans for a 17-story, $45 million residential tower for downtown Little Rock near the River Market District.
(Click on the photo at right to enlarge.)
The tower, being developed by Moses Tucker Real Estate Inc. of Little Rock, would be called "300 Third" and contain 106 luxury condominiums. The condominiums will range in size from 850 SF to 3,000 SF and in price from $250,000 to more than $1 million.
The project will sit on land now occupied by Innerplan Office Interiors at Third and Cumberland streets. Jimmy Moses of Moses Tucker said the office supply company will move out by Aug. 1, and the building will be leveled.
Moses did not know where Innerplan will relocate.
The project will be sold and managed by Moses Tucker. It will be the third major tower the firm has developed since 2000. The firm also developed the Capital Commerce Center and the First Security Center, both mixed-use buildings with retail, office and living spaces.
Moses told Arkansasbusiness.com that the group has yet to begin selling condos in the new building, but that there a great demand for what he calls "upscale urban living."
"We've been successful in selling 50 or 60 [condos] over the last two years downtown," Moses said. "And basically, each project that we've done we've been able to sell it out before we've completed construction. And that's been a really pleasant surprise. We've never planned to sell them that quickly."
Moses Tucker plans to begin construction on the building in the summer of 2005, with completion scheduled for early 2007. The firm has retained AMR Architects Inc. of Little Rock to design the building, and Metropolitan National Bank of Little Rock will be the construction lender.
"And, of course, we've been very much committed as a firm to creating a really wonderful urban core in Little Rock ...," Moses said. "So that's what this is all about. We want to continue that momentum."
Living, Retail Space Included
The condos will be located on floors four-17, and will each have river views, Moses Tucker said. The building will also contain a 175-space parking garage, a roof deck, an exercise facility and a community room.
The ground floor of the building will hold up to 10,000 SF of retail space. Preliminary plans for the retail space include an "urban market" with a deli featuring gourmet prepared food, a coffee shop and a wine store.