Developer Behind The Barracks at Chaffee Files for Chapter 11 Bankruptcy

Chaffee Crossing Historic Entertainment District aerial. (Provided)

Did you know the commercial real estate developer behind The Barracks at Chaffee in Fort Smith has recently filed for Chapter 11 bankruptcy protection?

Rival Commercial RE LLC, which operates as Rival Construction LLC of Fort Smith, listed its estimated assets at between $1 million and $10 million. Its estimated debts are between $1 million and $10 million.

Several of the debts are owed to creditors for work performed on the Fort Chaffee project, according to its bankruptcy reorganization filing in the Western District of Arkansas.

A more detailed summary of assets and liabilities was scheduled to be filed by April 25, after Whispers went to press.

The company’s website said that in 2020 Lloyd Sumpter, president of the company, submitted plans to renovate 21 Army barracks “to build a modern community for people and business.”

The site, now called The Barracks at Chaffee, features 125,000 SF and is “designed to be an outdoor retail shopping district with restaurants, breweries, loft apartments, biking trails, and entertainment areas for musical performance,” the website said.

The project is in the Chaffee Crossing Entertainment District.

Rival Commercial RE is represented by attorney Stanley V. Bond of Fayetteville, who wasn’t immediately available for comment.