Construction Begins on $1B Mixed-Use Neighborhood in Fayetteville

A rendering of Drake Farms, a mixed-use neighborhood planned for Fayetteville (Image provided by Specialized Real Estate Group)

Infrastructure construction has started on a planned $1 billion mixed-use neighborhood in Fayetteville, a 15-year project led by developer Specialized Real Estate Group Inc. of Fayetteville.

Drake Farms would bring 2,400 homes and 1.3 million SF of health care, medical and commercial space across 165 acres. The project’s first phase, scheduled to be completed in 2026, includes multifamily residences, shared amenities, and office space designed to support daily interaction, neighborhood connection and a “strong sense of community,” the developer said in a news release.

Nabholz Construction Corp. of Conway is the primary general contractor on the project.

About 40 acres of the development are designated for the expansion of Washington Regional Medical Center, creating space for additional inpatient and outpatient services to meet the region’s growing health care needs while placing residents, employees and visitors in close proximity to care, jobs, and daily amenities.

“Drake Farms is about building a neighborhood first — one that feels authentic to Fayetteville and grounded in the land’s legacy,” Jeremy Hudson, CEO of Specialized Real Estate Group, said in the release. “We believe the spaces between the buildings are just as important as the buildings themselves. Sidewalks, trails, gathering spaces and preserved green areas are what turn a collection of structures into a true neighborhood.

“This is a rare opportunity to shape a place where people can live, work and gather in a way that feels connected, walkable and enduring.”

Developers aim to attract a diverse mix of locally owned businesses, professional services, and neighborhood-serving uses.

The land itself was once home to Noah Drake, a University of Arkansas professor and agriculturalist. Drake used the site for pioneering black walnut research and cultivation, according to the release. Nearly 130 walnut trees planted almost a century ago remain on the land today.

As part of the development, the property’s historic walnut grove will be preserved as a central green space.