Posted 9/5/2012 06:56 pm
Updated 1 year ago
The news is part of a press conference scheduled for 10 a.m. Thursday at Main Street and Capitol Avenue. The property consists of four buildings on the west side of the 500 block of Main Street purchased for $1.5 million in August.
The 12-story Boyle Building at the southwest corner of Capitol Avenue and Main Street was built in 1909 and was originally named the State Bank Building. To the south of it at 510 Main St. is the M.M. Cohn Building, built in 1941.
The Arkansas Building at the northwest corner of Sixth and Main streets was built in 1899 as the headquarters of the Pfeifer Brothers Department Store. Next door at 514 Main St. is the Arkansas Annex, also known as the Kahn building, built in 1954.
Historic tax credits will be part of the funding puzzle backing the mixed-use redevelopment by Main Street Lofts LLC.
The venture is led by Little Rock lawyer Wooten Epes, former head of the Arkansas Development Finance Authority, and Scott Reed of Portland, Ore., who is still working to develop apartments at his 315 Main St. project.
The four Main Street Lofts buildings were purchased from an affiliate of Tower Investments Inc. of Woodland, Calif.
Tower was unable to pull off the full scope of its planned condominium redevelopment beyond the neighboring Lafayette Building, which struggled with sales until condo prices were discounted.