Developers Plan $70M Upscale Apartment Complex on Arkansas River

Jim Jackson and Lisa Ferrell, developers of Rockwater Village in North Little Rock, plan to add commercial projects to their residential-flavored endeavors near the Arkansas River.

Three development groups on Wednesday announced plans to build a $70 million, 360-unit upscale apartment complex along the Arkansas River in North Little Rock.

Construction on the Resort at Rockwater, at 1120 Rockwater Blvd., is scheduled to begin “immediately” and be complete by fall 2024. The project is led by commercial real estate company Moses Tucker Partners of Little Rock; Terraforma LLC of Maumelle, led by Doug Meyer and Dave Bruning; and husband-and-wife team Jim Jackson and Lisa Ferrell.

Arkansas Business was first to report early word of the project in July. It’s another part of the growing Rockwater Village residential development along the river.

“This will be an amenity-rich property, unlike any other in Arkansas,” Chris Moses, president and CEO of Moses Tucker Partners, said in a news release. “In addition to stunning views of the riverfront and downtown Little Rock, the Resort at Rockwater will include 24/7 concierge service, plus feature a resort-style pool, fitness center (with a fitness and yoga coordinator), cycle studio and smart technology. Each unit will have a unique floor plans with upscale finishes.”

The project’s near-8-acre site is at the southwest corner of Rockwater Boulevard and old Pike Avenue. Moses said the complex will bring “upwards of 500 new residents to downtown North Little Rock.”

“The unparalleled location fronting the Arkansas River will also feature direct access to the river trail system and Rockwater’s full-service marina,” Moses said. “The Resort will have bike, kayak and electric scooter rentals available to residents.”

Ferrell said the project “will build on the vibrant urban cores of both Little Rock and North Little Rock.”

Site work begins this week at the property. Other companies involved in construction include Central Construction Group of Little Rock, WDD Architects of North Little Rock, Thomas Engineering Co. of North Little Rock and Ecological Design Group Inc. of Rogers. Simmons Bank of Pine Bluff is providing construction financing.

Attorneys by trade, Jackson and Ferrell began assembling land for Rockwater Village in 2004. Construction finally began in 2015 on its first phase, the Residences at Rockwater. Prices for that phase’s single-family homes, which have a traditional Southern look, ranged between $450,000 and $1.6 million.

Construction on the second phase, the Porches at Rockwater, at the northwest corner of Parker Street and Rockwater Boulevard, began two years later. Those three-bedroom, two-bathroom homes cost about $270,000.

Work on a third phase, the Gardens at Rockwater, began in 2019. Homes in that phase started at around $350,000.