Have you heard that the Arkansas Insurance Department is dreaming of a brand-spanking-new office building?
That’s the rumor Whispers heard, and durn if there isn’t documentation to suggest that something is in the works.
In response to our Freedom of Information Act request, the AID sent over an appraisal done on an existing building at 1610-1614 W. Third St. — the office building at Bishop and Third that’s occupied by a mix of government agencies and private companies.
It’s a few blocks closer to the Capitol than the space that the insurance regulators currently lease from the Arkansas Teacher Retirement System at 1200 W. Third, although spokesman Ryan James said the AID actually has had to spread employees into other rented space as well.
The appraisal done by Ferstl Valuation Services fixes the value of the building at $1.03 million.
And that value is built into a $39.9 million project budget that Nabholz Construction Services of Conway drew up for razing the existing building and replacing it with a 113,100-SF building and a 307-space parking structure.
The total includes architectural and engineering services (no firms named) as well as furnishings.
When we know more, dear reader, so will you.