Developers will break ground this month in Lowell after an investor group bought approximately 30 acres for more than $5.7 million.
Park Central Investors LLC of Fayetteville bought the property from First National Bank of Fort Smith through the bank’s subsidiary, First Asset Holdings LLC. Park Central Investors was organized by real estate attorney Allissa Sims of Kutak Rock in Fayetteville and is made up of a conglomerate of investors led by Mike Baumann and Michael Crosno.
Tara Limbird, the principal broker at Limbird Real Estate Group in Bentonville, said five homes and a model will be constructed this month. Baumann & Crosno Construction of Fayetteville will handle all the construction of the houses, which will range in price from $240,000 to around $300,000, Limbird said.
The subdivision, which will be called Park Central and is centered on Park Street, is located east of Interstate 49 and is bracketed by Highway 71 Business to the east and West Pleasant Grove Road to the north, which also forms part of the boundary between Lowell and Rogers.
The subdivision property purchased has 154 lots and is in an area that has picked up interest in recent years.
“One street was developed back in the heyday,” said Limbird, whose real estate group will handle the listings. “With so many people having one person work in Fayetteville and one person working in Bentonville, it’s the most centrally located area in northwest Arkansas. The whole area is finally taking off.”
Limbird said her company and the investment group have been in talks about the property and the best way to develop the area.
Limbird said she is confident market demand for homes in that price range is there; it’s not as expensive as some of the nearby subdivisions such as Pinnacle.
She said the group believes the entire subdivision can be built and absorbed within five years under current conditions.
“There isn’t inventory at that price point in the area,” Limbird said. “There’s not a lot to choose from.
“We want to make a big push. The location and product is going to be a selling point. It’s going to be a big win for people.”