The Dallas company that purchased the AT&T building at 1111 W. Capitol Ave. in Little Rock says AT&T will vacate the property in July to make way for a full renovation.
Arkansas Business reported in January that Valk Properties Two LLC purchased the 10-story, 370,566-SF building for $1.8 million. At the time, plans for the building were unknown, with AT&T continuing to lease space.
Valk announced in a news release over the weekend that it would "redevelop the building into new generation, high tech space." It said the building is "structurally sound and has been well maintained" by the telecommunications company, which built it as Southwestern Bell in 1973.
"The owner has engaged Gary Dean of Williams and Dean Architects of Little Rock to determine the feasibility of constructing a 750-space parking garage on site and opening the building's core up to provide for additional natural light throughout the building," Valk said in a news release.
The company said the building and its location give it an opportunity to re-brand and re-position the property "into an amenity-rich option for tenants and residents seeking to set up living units, businesses and offices near the State Capitol and the entertainment venues located throughout Midtown and Downtown Little Rock."
Valk said it is still outlining its plans. But it expects to add enhanced security, a new parking garage, a new fitness center, restaurants, retail, offices, climate-controlled storage, a new lobby and an outdoor space with a landscaped veranda.