Developers Raise Funds for Hot Springs Retail Plaza

Developers Raise Funds for Hot Springs Retail Plaza

Did you know a Hot Springs company is raising $30 million for an entertainment project that will be modeled after Victory Park, the planned development in Dallas?

An entity of Royal Capital Group LLC of Hot Springs is raising the money to create an area that would feature restaurants, a trampoline park and video arcades, said Mike Halupka, Royal’s CEO.

“We want to be able to give kids of all ages an area where they can be themselves and have some fun,” Halupka said.

In a Securities & Exchange filing in December, RCG Asylum Hot Springs LLC showed it raised $1.7 million of a $30 million equity offering.

Since the filing, Halupka said RCG has received about $10 million and expects another $17 million from other investors in the next three months. He declined to name the investors.

Halupka said RCG wanted a Hot Springs investor for its project that will be called Patriot Plaza, but several were skeptical, because “they had just never seen anything on this scale.”

Halupka said the company has about 92 acres of land for the project under contract.

He said the project would be just outside of Hot Springs’ downtown area but declined to say exactly where.

He said he hopes to have the first phase of the multi-phase project opened just before the summer of 2021.

“If we open everything up at once, it would be hurting the city in the sense of growing too fast, too soon, too quick,” Halupka said. “So we’re going to scale it up over a three year period.”

He said the designer on the project is Coeval Studio of Dallas, and the architect is Corgan of Dallas.

Halupka founded Royal Capital in 2014, after being in the venture capital industry for 16 years.

Royal Capital “has collaborated with multiple companies on 18 drilled wells and three assisted living and memory care communities,” according to a Royal Capital presentation for the project that was emailed to Whispers. Royal’s president is Luke Keith, and its partner is Mike Goss.

The company said it’s “changing the dynamics of firm and investor relationships.

“Unlike many other companies Royal Capital prefers to have every partner have a voice while [sic] them being in a passive Investment,” it said. “Bottom line is we do not ignore any suggestions for success.”