Work on a $3.2 million 26-unit apartment building in downtown Springdale is expected to start soon.
Construction, contingent on city approval, is penciled in to begin later this month, said Kenneth Hall, manager of Shiloh Capital LLC, general partner of Emma Opportunity LLLP. A related entity, Emma Apartments LLC, is the owner and developer of the complex.
The complex will feature one- and two-bedroom apartments that will be 500-800 SF and 2,000 SF of retail or office space. The project should take about 12 months to complete, said Hall, a tax attorney in Quattlebaum Grooms & Tull’s northwest Arkansas office who has worked on opportunity zone matters.
The apartment project is in an opportunity zone fund structure, meaning investors could receive tax benefits.
The architect on the project is Burris Architecture of Bentonville, and the general contractor is C.R. Crawford Construction of Fayetteville.
The next phase of development, which is expected to be in 2020, will include repurposing the 7,500-SF Fuels & Supplies building on Emma Avenue.