A planned 200,000-SF WeWork office project in downtown Bentonville should not be affected by the turmoil surrounding the parent company.
WeWork, a nine-year-old shared-office space company, had an interesting month after announcing plans to go public. Long story short: The ensuing financial examination and discovery of millions in losses led to investor complaints, which led to the resignation last week of CEO Adam Neumann.
Through a spokesperson, WeWork declined comment. But Marshall Saviers, president of Cushman & Wakefield/Sage Partners in Rogers who put the Bentonville office building deal together, said the project is still moving forward despite the kerfuffle.
Saviers said a timeline for groundbreaking, engineering and construction work hasn’t been finalized but those activities could take place in the next month.
Bentonville real estate investor Josh Kyles, who owns the property, said he met with city officials Thursday morning. The project’s scope and design are still going through the approval process, and Kyles said he didn’t want to estimate how long that process will take before ground work begins.
In April, WeWork had announced plans to team with Kyles and Blue Crane LLC, led by Brenda Anderson, to build office space at 224 S. Main St. in Bentonville, a tick south of the downtown square. Arkansas Gov. Asa Hutchinson attended the announcement, and WeWork said it was bringing in famed Mexican architect Michel Rojkind to design the space.
The 1.5-acre lot was purchased for $3.5 million in 2015 by Bozeman Development LLC, a group led by Kris Compton and Kyles. The property was the site of since-demolished Bentonville Manor Nursing Home.