A year-by-year look at Oregon developer Scott Reed's involvement in Main Street projects in Little Rock. For more, see Suit, Liens Hit Scott Reed’s Main Street Projects.
2010
March 1: Scott Reed of Portland, Oregon, managing director of Reed Realty Advisors, buys Deedeekay Inc. for an undisclosed price from the family of Little Rock City Director Dean Kumpuris. The corporation owns the long-vacant, 109-year-old Gus Blass Dry Goods Warehouse at 315 Main St. in downtown Little Rock.
July 27: Reed, through his Reed Property Group 1 LLC, lands a zero-interest, nonrecourse, 30-year loan of $1.8 million, federal stimulus funds administered by the Arkansas Development Finance Authority. The money is to fund the purchase and renovation of 30 residential properties in Little Rock by March 2013.
Sept. 14: Reed unveils plans to transform the 42,000-SF Blass building into K Lofts, home to 30 apartments and a ground-floor restaurant/jazz club. At the press conference, he portrays the project as a $2 million LEED-certified, historic renovation.
2011
Oct. 6: Treadway Electric Inc. of Little Rock files a lien claim of $35,305 for unpaid electrical materials delivered in July and August for the K Lofts project.
Dec. 21: Kaufman Lumber Co. of Little Rock sues Reed and his brother, Jeff, to enforce personal guarantees to pay $19,217 for special-order shingles. The material was ordered by Kaufman at the request of the brothers but couldn’t be returned when they changed their minds. The shingles were connected with Reed Property’s housing rehab project.
2012
March 2: Reed forfeits the 30 residential properties to ADFA after completing work on only one home and spending 17 percent of the project’s $1.8 million Neighborhood Stabilization Program funding.
Aug. 10: Main Street Lofts LLC, led by Little Rock lawyer Wooten Epes, Scott Reed and Brian Corbell of Reed Realty Advisors, buys four vacant buildings in downtown Little Rock for $1.5 million. The deal is financed with a $929,124 loan from Riverside Bank of Sparkman (Dallas County).
The properties include the 100,000-SF Boyle Building at 500 Main St., the 62,688-SF M.M. Cohn building at 510 Main St., 21,000-SF Arkansas Annex at 514 Main St. and 41,816-SF Arkansas Building at 524 Main St.
Aug. 12: Kaufman Lumber garnishes $18,207 from a bank account to satisfy a June 26 judgment obtained against Scott and Jeff Reed.
Sept. 6: Plans for the Main Street Lofts redevelopment are unveiled at a press conference. Funding includes historic tax credits and a 10-year loan of $916,000 from the Pulaski County Arkansas Brownfields Revolving Loan Fund.
2013
April 3: K Lofts pays $13,846 in delinquent property taxes and penalties for 2010-11 on the still unfinished project.
May 9: The lien claim of Treadway Electric on K Lofts is released as paid in full.
June 5: K Lofts obtains a nine-year construction loan of $1.37 million from IberiaBank of Lafayette, Louisiana. Historic tax credits are a funding component.
July 22: Main Street Lofts obtains a nearly $3.2 million construction loan from Riverside Bank to fund work on the 514 and 524 Main St. buildings. The loan carries a maturity date of Dec. 31, 2014.
July 25: A press conference is held to announce the belated start of apartment construction at K Lofts.
Oct. 28: Capitol Lofts LLC, led by Scott Reed, buys the 41,672-SF Hall Building and adjoining 19,752-SF Hall Building Annex at 209-215 W. Capitol Ave. in an $850,000 all-cash deal.
Asbestos remediation is financed later with a 10-year loan of $393,657 from the Pulaski County Arkansas Brownfields Revolving Loan Fund. The would-be 56-unit condo/apartment redevelopment remains dormant.
2014
March 7: Main Street Lofts sells the historic 12-story Boyle Building for $4.6 million to the Chi Hotel Group LLC, which announces its intent to convert the property into an Aloft Hotel.
June 25: Fleming Structural PLLC of Little Rock files a lien claim of $182,475 for unpaid project management services for architectural and mechanical, electrical and plumbing engineering work on the Main Street Lofts project.
The claim stems from two unpaid invoices totaling $108,675 submitted to Scott Reed on Jan. 31 and $73,800 for additional services.
July 28: Main Street Lofts posts a $200,000 surety bond issued by Travelers Casualty & Surety Co. of America to discharge the lien.
2015
Jan. 15: Fleming Structural files a breach of contract lawsuit against Main Street Lofts and Travelers to collect payment. The Pulaski County Circuit Court case is set for a three-day bench trial on Jan. 13, 2016.
April 30: AMR Construction LLC of Little Rock files a lien claim of $1.2 million for unpaid work on the Main Street Lofts project. The total represents the outstanding balance on a revised contract of nearly $4.8 million for work on the still unfinished 514 and 524 Main buildings.
AMR Construction also files a lien claim of $175,900 for unpaid work on the still unfinished K Lofts project at 315 Main St. The claim represents the outstanding balance on a revised contract and additional costs totaling nearly $2.2 million.
June 8: Little Rock WinWater Co. files a lien claim of nearly $18,100 for unpaid water services equipment invoices between November and May for Main Street Lofts.
