A rendering of what part of The Grove at Gateway Town Center may look like.
A private investor group has purchased about 54 acres surrounding the Outlets of Little Rock and Bass Pro Shops in southwest Little Rock, aiming to continue its development as a key entertainment district.
Colliers International of Little Rock put together the investor group and is handling the leasing for the property, formerly owned by developer Tommy Hodges. The company did not identify the investor group or disclose the purchase price, and information about the sale has not yet hit the public record.
(Update: The investor group paid about $12.4 million for the property.)
“Our intent is to develop and build off of what Tommy created with the outlets and Bass Pro,” Isaac Smith, principal and executive vice president at Colliers International, said in a news release. “A range of lot sizes are available for ground lease or build-to-suit. The ownership includes experienced developers very familiar with construction, so they are well positioned to accommodate any prospect’s needs.”
Hodges had outlined his vision for the development, called “The Grove at Gateway Town Center,” in 2014. The site, at the northeast quadrant of the Gateway Town Center project, is envisioned as an entertainment district with hotels, restaurants and other attractions situated among 500 trees illuminated year-round by more than a half-million lights. Hodges had already put in motion about $1.5 million in infrastructure improvements to support the development.
A pedestrian promenade would link The Grove’s restaurants, shops and venues to the Outlets and Bass Pro. Construction is already underway at The Grove on Arkansas’ first Dave and Buster’s restaurant and video arcade.
Initial plans call for 10,000 SF of retail and restaurant space to be completed later this year, followed by additional space for entertainment-type destinations, hotels and other retailers.
According to Smith, the new ownership group wants a variety of options for shoppers: American-style, Italian, barbecue and pizza restaurants, as well as spa and nail salons, an ice cream parlor and a coffee shop.
“Our hope is for two to four hotels and restaurant/entertainment uses that are true attractions for our state,” Smith said. “A movie theater would be ideal, as well as other larger uses that would cater to those shoppers commuting for far areas of the state. Golf simulation is also on the wish list.”
Colliers International is handling the leasing of the new retail center and leading the push to market all of the remaining properties, which range in size from one to 11 acres.
“Most of the site work from here forward will be limited to each user’s own site preparation for each lot,” Smith said.
The 325,000-SF Outlets of Little Rock opened last fall. Developers have said they expect the center to take in $100 million in annual retail sales. Hodges landed the deals to bring Bass Pro Shops and the Outlets to the site.
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