Acxiom Corp. ended the suspense last week over where it would build one of its new Little Rock buildings, announcing plans for a $25 million, 12-story tower to be located a few blocks south of the River Market District in the downtown area.
According to company leader Charles Morgan, the new building will bring 700 new jobs to the area, complementing the planned construction of hundreds of downtown apartments in the area, as well as the recent renaissance of dining, arts, entertainment and retail shopping downtown.
The building will be constructed at 500 E. Third St. on land that is being purchased from The Stephens Group Inc. for $1.3 million. The first four or five floors of the building will be used for a secured parking deck.
The Little Rock Board of Directors made the project possible by agreeing to issue $55 million in revenue bonds to pay for the construction of the downtown site, and possibly, the construction of another Acxiom building in Little Rock. Acxiom won’t have to pay property taxes on the project for the duration of the debt.
When employees move into the new building in about two years, they will have a collective payroll of about $35 million, or $50,000 per employee. That will bring the company’s total Little Rock payroll to $70 million.
Acxiom plans to increase employment levels in Arkansas by 1,200 – or about 50 percent, over the next 2 1/2 years. The River Market site is Acxiom’s third building under development in Little Rock Two other sites are nearing completion, one in the Riverdale area and one on Chenal Parkway in west Little Rock. The total investment in the three Little Rock buildings is estimated at $50 million.
-John Haman
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