Tower Investments LLC of Woodland, Calif., has sold the Lafayette Building at 523 S. Louisiana St. in Little Rock for $3 million, according to a news release.
Legacy Holdings & Properties LLC, owned by Chad and Jessica Gallagher and and Dr. Scott and Deborah Ferguson, closed on the deal Friday.
The property originally opened as the Hotel Lafayette in 1925. Nearly 60 years later, the building was restored to its former glory under the ownership of former Razorback football star Jon Brittenum.
Tower bought the 130,000-SF building for $2 million in February 2005 and added condominiums to the mix. More than 86,000 SF on the upper floors underwent redevelopment for 30 condos, a $3.8 million project.
Chad Gallagher, a former mayor of De Queen, said he and his wife have purchased and remodeled historic buildings before.
“Jessica and I have had a long interest and love for historic buildings and Arkansas downtowns,” he said. “The Lafayette is in a prime position to be the centerpiece of the continued downtown renewal, and we are proud to play a small part in the re-invention of downtown Little Rock.”
Gallagher added that Deborah Ferguson, who represents West Memphis in the Arkansas House of Representatives, is a trained interior designer who will work with them “to establish a new vision into this beautiful historic building.”
The new owners said they plan to promoting the building as an event space, enhance the available commercial space, launch a restaurant in the building, and add more retailers.
The ownership group said it hired Sharon Clayton, formerly of Flake & Kelley, to manage the building.