State Bond Issue Set to Finance Cost of Commerce Building Purchase


State Bond Issue Set to Finance Cost of Commerce Building Purchase
The Arkansas Department of Commerce Building, formerly known as Verizon Building 4, at 1 Commerce Way in Little Rock. (Jason Burt)

Did you know a $26.4 million bond issue is in the works to mortgage a state-owned building?

The Arkansas Development Finance Authority is making the move to recoup the bulk of its $26 million cash purchase of the 303,355-SF Commerce Building.

You may recall ADFA bought Building 4 on the former Alltel/Verizon campus 17 months ago in hopes of luring Raytheon Co. to fill it with white-collar workers.

When that didn’t happen, Plan B was activated to consolidate under one roof all of the arms of the then newly formed Department of Commerce, led by Mike Preston, Arkansas Economic Development Commission executive director.

In addition to ADFA and AEDC, other sizable state agencies that now call the Riverdale office building home include the Arkansas Insurance Division, Arkansas Rehabilitation Services and State Bank Division.