Have you heard about plans for a parking redevelopment in downtown Little Rock that would remove three office buildings from the scene?
Warren Stephens, CEO of Stephens Inc., is the mover behind the proposal after investing more than $4.7 million to buy a half block along the west side of Louisiana Street between Second and Third streets.
The property is home to the former 16,975-SF headquarters of the VCC general contracting firm at 216 Louisiana St., the 8,422 Tripp Building at 209 W. Second St., the 5,720-SF LaSalle Place Building at 212 Louisiana St. and a 5,200-SF office building at 200 Louisiana St.
The plan is to replace the buildings with surface parking to relieve the overflow of demand in the parking deck adjoining the Stephens Building, aka the Stephens Parking Plaza.
The south end of the property that Stephens acquired through his Second & Louisiana Properties LLC is already a parking lot. The parking proposal is subject to review by city planners and approval by the city Board of Directors.
The sellers are Louisiana & Third Properties LLC, led by Haitham Alley, and 200 Louisiana Street Development Co., led by Sam Alley.
You might recall that the Hyden Miron & Foster law firm sold its former digs at 200 Louisiana to Sam Alley’s company for $1.6 million a couple of months ago and moved to midtown Little Rock after buying a 3,056-SF office building at 901 N. University Ave. for nearly $1.6 million.
The property is the former home of the Arkansas office of the American Cancer Society.
In December, VCC moved to Rock Plaza at One Information Way in the Riverdale area. Alley-led limited liability companies acquired the 54,772-SF office building for nearly $8 million last year.
The property was once owned by the parent company of the now-defunct Heartland Bank: Rock Bancshares.