Moses Tucker Real Estate of Little Rock broke ground on Monday on a 36-unit apartment project in the city's historic MacArthur Park District.
The project, Legion Village, sits along Rock Street between Capitol and Sixth. It will include 36 rental units and the renovation of the MM Ebert’s Legion Post No. 1 into 7,500 SF of commercial/restaurant space. Total development cost will be more than $5 million, the firm said.
The apartments are scheduled to open in May.
"We remain committed to adding significant, new rental housing units to the vibrant downtown Little Rock market," Jamie Moses, director of development for Moses Tucker, said in a news release. "Our MacArthur Commons project is nearing completion across Capitol Avenue and will open in early September, and we are excited to report that these 59 units are approximately 75 percent pre-leased. The barriers to entry for new housing product downtown are high but the demand is very strong."
Announced in 2013, MacArthur Commons is a $13 million upscale apartment complex on the site of the old Arkla Gas building at the corner of East Capitol and River Market avenues. The 59-unit complex was downsized from original 84-unit plans and will no longer include commercial space.
"Ultimately, the cost of structured parking (garage) for that number of units did not economically make sense for the project," Moses said.
According to Moses, the demand for housing in the area is in large part due to the neighborhood itself, which contains restaurants, entertainment, museums and employers.
Legion Village will be a traditional-style complex with wooden siding, brick veneer, sloped roofs and secure, gated parking in the rear. Units will front on Rock Street. One- and two-bedroom units will lease for between $825-$1,200 per month and range from 656-967 SF.
"They’re on the higher end of the market," Moses told Arkansas Business. "But I would say we’ve tried to adjust the one- and two-bedroom square footage so that they’re more affordable."
Negotiations are underway with an out-of-state group to take a large portion of space in the old Legion Building but a lease has not been signed.
"We have a very exciting new concept in the works for downtown," Moses said. "It will be a good fit for the River Market residents and visitors."
Moses didn't release details, but described the possibility as "restaurant and entertainment."
AMR Architects of Little Rock designed the project. The general contractor is Central Construction Group LLC, also of Little Rock. Construction financing is being provided by BancorpSouth Inc. of Tupelo, Mississippi.