Specialized Real Estate Group Inc. of Fayetteville said Tuesday that it will break ground this quarter on First Street Flats at 401 N. First St. in the Water District of Rogers.
The company said the $28 million, 121-unit complex will mark the first "ground-up, large-scale" multifamily community in downtown Rogers. It will consist of four three-story buildings and 135,000 total SF.
Designed by Modus Studio of Fayetteville, the First Street Flats will include studio, one-bedroom and two-bedroom units with adaptable spaces. It's scheduled to be complete in the spring of 2024.
The design incorporates parts of an existing structure on the property, the original home of the Ozark Cider & Vinegar Co. It will also have an on-site plunge pool, co-working space, coffee bar and additional storage for outdoor recreation rentals.
"First Street Flats will exemplify our commitment to building healthy spaces with walkability top of mind," Jeremy Hudson, co-founder and CEO of Specialized Real Estate Group. "We have been looking for the right opportunity to join the Downtown Rogers community ever since the Downtown Rogers Initiative Plan was adopted in 2015, as that plan created a guide to aid in the creation of a more walkable, vibrant, and mixed-use downtown neighborhood. Our developments strive to connect people with neighbors and nature, First Street Flats will aim to do just that."
Arco Construction Co. Inc. of St. Louis is the project's general contractor. Encore Bank of Little Rock provided the financing.
Founded in 2012, Specialized Real Estate Group develops multifamily, single-family and commercial properties in downtowns emphasizing walkability.