Longtime Jonesboro developer Carroll Caldwell had just got home from Mexico in the wee hours Wednesday, but he shrugged off sleep for a few minutes later that morning to tell Whispers about Southern Hills, the project he expects to cap his career.
“I finally got all the infrastructure in and I’ve already started selling and closing lot sales,” he said, describing the 175-acre mixed-use project that he and partners Matt Millerd, Prateek Gera and David Smith see as a gateway to Jonesboro from Little Rock.
“There’ll be construction starting next month on a wide variety of commercial, multifamily and single-family.”
Is he ready to speak in detail? “I can in about 45 to 60 days,” said the Jonesboro native with more than 40 years in the real estate business.
Plans call for commercial projects on Southwest Drive, multifamily dwellings in the middle of the project, 78 residential lots, and an east-west connecting road.
“It’s a big deal to Jonesboro; you’ll be able to drive from South Culberhouse Street to Southwest Drive [U.S. 49] in about 45 days.”
Caldwell, who is with Coldwell Banker Village Communities in Jonesboro, bought the property for the project about three years ago. He and his partners spent $3.8 million then. They expect the five- to seven-year project to have a total value above $400 million. The vision includes shopping, a small office park and amenities.
“There’s a little over 2 miles of bike trails, over 2 miles of sidewalks, and that’s all completed,” Caldwell said.
We asked if he could put a monetary value on his investment.
“Not in two minutes, but I will the next time I talk to you. I’ll call you back in about 60 days.”
