Posted 6/23/2014 12:00 am
Updated 1 month ago
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