Posted 6/30/2014 12:00 am
Business activity is picking up at the site of the Walmart Supercenter that is scheduled to open in August on Elm Springs Road in Springdale.
Two of the 11 out-lots adjacent to the store have been sold to Arvest Bank and McDonald’s. Another lot is destined to have a retail center on it.
CBRE/NW Arkansas brokered a deal with a Memphis development group for an 8,000-SF center at the Hall Crossing site. Blew & Associates of Fayetteville is handling the engineering preparation, and CBRE folks tell us Kim Fugitt of Fayetteville will be the building’s architect.
Another out-lot at the Hall Crossing site was this close to having a 16,000-SF retail outlet on it before plans were scuttled.
The lot was at the front of Walmart, which objected to the size of the project. A restaurant is now believed to be headed for the lot.
Developer Jason Pullman of Bentonville wanted to put a larger building there so he could have more tenants at a lesser rate. Pullman said he was close to acquiring another lot where the size of his development wouldn’t be a concern for Walmart.
Pullman wouldn’t disclose what he was about to pay for the lot he didn’t get, but at $15-$18 per SF for a nearly 2-acre site, it’s well over $1 million.
At those prices, Pullman said he wants a bigger outlet to compensate for the upfront charge.
Pullman paid more than $2 million for the 2.2-acre lot at 2012 S. Promenade Blvd. in Rogers where he plans to put in the 15,500 SF Creekside Retail. Pullman said groundbreaking for Creekside, originally scheduled for late June, will be held in a couple of weeks.
Nielsen Architecture LLC of Rogers is doing the design, and C.R. Crawford LLC of Fayetteville is the general contractor for Creekside.