Page 2 - Commercial Real Estate Guide 2016

2W CENTRAL ARKANSAS COMMERCIAL REAL ESTATE GUIDE • ADVERTISING SUPPLEMENT TO THE ARKANSAS DEMOCRAT-GAZETTE • SUNDAY, MARCH 27, 2016
PULASKI COUNTY
Constructing hubs
Big projects underway to bring new businesses to Little Rock
by SARAH DECLERK Special Sections Writer
A quick drive through Little Rock reveals new growth and construction cropping up across the city. New developments are in store for Pulaski County, many of which will bring even more business to the area after they are completed. In turn, this will bring more people, tax revenue and life to the heart of The Natural State.
LITTLE ROCK TECHNOLOGY PARK
One of downtown’s most anticipated projects is the Little Rock Technology Park, which aims to provide job opportunities and economic development to central Ar- kansas by offering professional facilities, counseling, programs and financing advice to technology-based ventures.
After years of planning and research, the park is now set to begin the first phase of its five-phase development plan.
The Little Rock Technology Park Author- ity recently purchased $14 million worth of property at the 400 block of Main Street, in- cluding 415 and 417 Main St., three parking lots and a six-story building at the corner of Capitol Avenue and Main Street, which is currently leased to the state of Arkansas, executive director Brent Birch said.
“That’s obviously a huge step as far as progress goes,” he said, adding that the tech park can now own property, have turnkey income from the state lease, and renovate the two Main Street buildings in order to begin Phase I, which involves creating space for entrepreneurs and some established, small- to medium-sized technology-based companies.
Construction will begin April 4 and last eight to nine months, he said, adding that the two buildings should be close to open- ing by the end of the year.
The second phase, which may include renovating the Worthen Building, the cur- rent location of KATV, Channel 7’s studios, would create wet and dry lab space for local research institutions such as the University of Arkansas for Medical Sciences, the Uni- versity of Arkansas at Little Rock and Arkan- sas Children’s Hospital, Birch said.
“A lot of really, really cool ideas are
coming out of the research efforts on those campuses, and [they are] readying them- selves to commercialize,” Birch said. “When they do that, they’re going to need lab space and access to those types of facilities and equipment off campus.”
The third phase would create a parking deck with first-floor retail, restaurant and of- fice space, he said, and the fourth and fifth phases would create more general space for technology companies.
“I’m excited that they’re going to be able to get under way,” Little Rock Mayor Mark Stodola said. “In the last 24 months, we’ve been able to leverage less than $1 million worth of local money, and less than $1 million worth of federal money, into pri- vate-sector development that’s an excess of $100 million right now, so the return on that investment is just unbelievable.”
Stodola said he has worked on the proj- ect since he became mayor in 2007. The tech park will act as the business element to the Creative Corridor, where arts and cul- ture intersect with science and technology, he added.
“Ultimately, the objective is to create an environment that’s very business-friendly and stimulating in terms of jobs,” Stodola said.
Birch said the tech park will help drive the city’s technology industry and retain talent in the area.
“There are a lot of really successful tech- nology companies and a lot of hungry en- trepreneurs coming up through the ranks with some really great ideas, so we’re hop- ing to help grow the technology industry here in Little Rock and add a little bit more diversity to what our local economy already provides,” he said.
The co-working environment will allow people from different organizations to share a professional space with meeting rooms, audio-visual equipment and high-speed In- ternet. Such spaces give startups and en- trepreneurs an alternative to working from home or in coffee shops, he said.
“You give them that professional facility, but at the same time, they’re able to col- laborate and become part of a community where they find themselves surrounded by
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