Monde Group and its Arkopolis Properties on Wednesday announced Esplanade, the $20 million first phase of a mixed-use neighborhood along the Arkansas River in North Little Rock.
That $20 million includes the cost of installing a new road, Esplanade Circle, and other infrastructure. Developers said construction would begin immediately, with a groundbreaking planned for the first of the year.
The 7-acre property is expected to open in the first quarter of 2021. But it's only one part of a 41-acre tract located along the Arkansas River between Riverview Park and Rockwater Marina. That tract is one of the largest designated as an "opportunity zone," which qualifies investors for tax incentives designed to spur jobs and development there.
Esplanade's first phase will consist of 92 apartment homes featuring private balconies, patios and valet living services.
Other phases of the 41-acre property's master plan include single-family residences, high-rise residential offerings, restaurants, bars and a boutique hotel. Developers envision a suite of amenities, including a clubhouse, business center, bicycle lockers, a fitness center, a pool with swim-up bar, a spa, lush gardens, secure parking and other entertainment.
"The vision for Esplanade is inspired by the connecting communities along Interstate 30A in Florida that includes Seaside, Alys Beach and Watercolor," developers said in a news release. "Each neighborhood along Rockwater Boulevard has a distinct brand, but together, seamlessly provide a large-scale community."
Monde Group, led by Blake Jackson, recently completed Villa Towers, the final building of The Villa at River Pointe Drive in Maumelle, which it began in 2012. Now complete, the The Villa at River Pointe Drive, at 8000 River Pointe Drive, includes more than 270 homes.