Downtown Properties Group LLC has purchased the 29,634-SF building at 1023 Main St. in Conway that was solely occupied by Regions Bank.
Brent Salter, vice president of Salter Properties, said his company is a part-owner of Downtown Properties, based in Conway, and that the LLC was formed with this particular purchase in mind.
Salter said the building is being rebranded as Metro Square and that Regions will remain on the ground floor of the two-story building. He said the 11,804-SF second floor has been designated as office space that could be split among multiple tenants. Salter said the purchase also included a “vast majority” of the adjoining parking lot.
Salter named a list of planned updates that includes slatted, stained wood that will be placed on the building’s exterior, a courtyard that will function as an “inviting place for people who work in downtown Conway” and an upstairs break room. Salter Construction has been named the general contractor for the project.
Salter said the goal of the renovations is to “bring back some of the cachet,” referring to the “state-of-the-art” image the building had when it was constructed in the 1970s.
The property was purchased from First States Investors 4200 LLC of Jenkintown, Pa., for $750,000, according to Faulkner County Assessor’s Office records. First States Investors 4200 had purchased it in 2005 for $1.64 million. The assessor’s appraised property value is $2.8 million.
Leasing information can be found on the Salter Properties website, SalterProperties.com, or by calling (501) 327-5035.