Plans for the 75-year-old Donaghey Building at 103 E. Seventh St. in downtown Little Rock are still evolving, said L. Dickson Flake, head of BQFA Interests LLC, which handled the $600,000 sale of the 180,000-SF building to Hot Springs developer Charles Hendrix.
The deal was announced in January, but “the contract calls for a delayed closing,” Flake said. “We cannot close till the fall of the year.”
In the meantime, he said, “they’re still working out what would be an adaptive reuse of that property. In fact, it could change in the interim period.”
The sale price for the 14-story building was less than half the $1.45 million the George W. Donaghey Foundation was asking in December, when a potential Texas buyer backed out. That, in turn, had been reduced from the $2.6 million sought in September.
The foundation put the building up for sale in 1999 after announcing the construction of a building across the street for the state Department of Human Services, which had been the structure’s primary tenant. Without a buyer, foundation officials said, plans called for razing the building, a possibility that alarmed local preservationists.
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