If developer Scott Reed perfects his plan, the arts district in downtown Little Rock will not only be expanding, but citizens will be able to live and businesses thrive in the heart of the district.
Reed’s company – Reed Realty Advisors of Portland, Ore. – recently closed on four buildings through Flake & Kelley Commercial of Little Rock.
The Boyle Building at 501 Main Street is 80,832 square feet. Built in 1909, the building is 80,832 square feet and sits at the intersection of Capitol Avenue and Main Street. It was priced at $1.2 million. The Arkansas Building (and its annex building) at 522 and 524 Main Street is 62,816 square feet. Built in 1910, the building at the intersection of Main and 6th streets was listed at $900,000. The MM Cohn Building at 510 Main Street is 54,600 square feet. Built in 1941, the building was listed at $515,000.
The buildings are contiguous.
Hank Kelley of Flake & Kelley said Reed is a master at planning how the development will serve many capacities, including multi-family rental, office and retail.
“What Scott does is perfect a plan,” Kelley said. “He wants to build on the arts district that is anchored by the Repertory Theater. It’s an amenities package. That’s what makes this so unique.
“I can tell you from my own experience with the Lafayette building and the Rock Street lofts that there’s a big demand for rental. From what I understand, there will be 100-plus family units involved in this.”
Reed is involved in some not-for-profit groups that could be part of the commercial plans.
Kelley said the planned development is a good sign that the commercial market is coming back in Little Rock.
“It’s absolutely a good sign,” Kelley said. “Where people live is the first step in any (commercial) development. It provides conveniences to them.”
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