Renovation for the first phase of the planned Little Rock Technology Park is expected to begin in April after tech park board members on Monday signed closing documents to purchase properties along Main Street.
Phase one includes roughly $13 million in properties at 415-421 Main St. and 114 E. Capitol Ave., including an $11.6 million transaction for real estate along the Main Street corridor that’s owned by two LLCs controlled by Warren Stephens.
The final piece of the phase one puzzle was the acquisition of 415 Main from Little Rock attorney Richard Mays for roughly $1 million. The sale is being financed through a $17.1 million loan from a local bank consortium led by Centennial Bank.
The tech park's purchase signals the beginning of the planned $100 million project. Phase one will entail 38,000 SF of renovation at 415-417 Main St., and it’s expected to be complete by late 2016 or early 2017. Work is expected to begin in early April.
Wittenberg Delony & Davidson of Little Rock is the architect and is working with Gaudreau Inc. of Baltimore; East Harding of Little Rock is the contractor. The property at 415 and 417 Main will anchor the project and house technology-focused companies, startups and entrepreneurs in a combination of co-working, semi-private and private offices.
Tech Park Director Brent Birch said all the participating banks are reviewing the signed documents and should officially fund the loan Tuesday. The board wired its closing fee Tuesday morning, he said.
The total tech park project entails more than 600,000 SF spread over five phases.