Page 3 - Commercial Real Estate Guide 2016

a lot of like-minded individuals,” he said. Within that community, entrepreneurs can find talented staff and receive guidance from experienced professionals, he said, noting that The Venture Center, which is a tenant at the tech park’s temporary location, 107 E. Markham St., helps startups grow by mentoring entrepreneurs and hosting
networking events.
The tech park could also spur other
kinds of businesses. It will generate street traffic as workers shop and dine in the ar- ea, and those professionals will also need services ranging from banking to housing, Birch said.
He added that he hopes the tech park will collaborate with artistic, cultural and educational organizations downtown. Noble Impact, which is located at the temporary location, already works with eStem Public Charter Schools to bring entrepreneurship and public service into its curriculum, he said.
“It’s been a labor of love in that regard because I know that if your downtown is thriving and full of energy, then the rest of the city will be thriving and full of energy,” Stodola said.
THE GROVE AT GATEWAY TOWN CENTER
Arkansans watched as the Outlets of Little Rock and Bass Pro Shops sprang up at the Gateway Town Center, located at In- terstate 30 and Interstate 430 in southwest Little Rock. Now that those establishments are complete, a new project is in the works: The Grove at Gateway Town Center, which will feature the state’s first Dave & Buster’s and Movie Tavern.
“The idea for The Grove is to create nighttime life here on the property, so it will be a place to go in the evening,” said
Tommy Hodges, president of The Hodges Group, the developer behind The Grove. “Our effort now is creating 24 hours of life on the property.”
In addition to Dave & Buster’s and Movie Tavern, at least three hotels and six restaurants are planned for the develop- ment, he said. Although Dave & Buster’s, and possibly a couple of retail centers with restaurants, will be open by the end of the year, it may take five years to complete the development, he said.
The 30-acre area is named The Grove because it will feature 100 to 200 trees, which will be lit up year-round, he said, adding that the trees will be installed in increments as the development progresses.
“As you come off of 430 into Gateway Town Center, it will be below you, and it will look like a Christmas village,” he added.
The site’s first occupant, Dave & Bust- er’s, plans to open in June, he said. Each of the chains’ locations includes a restaurant, full bar and arcade. This location is one of many that the company plans to open across the country, he said, adding that the 30,000-square-foot building will have 365 parking spaces.
“It will draw a lot of people. It will draw from farther away than just Little Rock, par- ticularly on the weekend,” he said.
Movie Tavern and an adjacent hotel will follow Dave & Buster’s. The movie theater chain features a full menu, full bar and wait service during movies.
“When we looked at what was already there — Outlets, Bass Pro, Dave & Bust- er’s — we really wanted to bring in an- other anchor, and natural to that was the movie theater,” said Isaac Smith, a princi- pal and executive vice president at Colliers International, the property's brokers. “We
SUNDAY, MARCH 27, 2016 • ADVERTISING SUPPLEMENT TO THE ARKANSAS DEMOCRAT-GAZETTE • CENTRAL ARKANSAS COMMERCIAL REAL ESTATE GUIDE 3W
ARTIST RENDERING
The Little Rock Technology Park is set to begin the first phase of its development, which will involve renovating two Main Street buildings to create space for startups and established technology-based companies.
targeted a large list of movie theaters we thought might be interested, and sure enough, Movie Tavern was.”
The 46,000-square-foot theater will boast 11 screens, he said, adding that the theater hopes to break ground by the end of the year, although it is still working through city approval and planning.
“That will be a neat attraction coming to the development, and then right next to the movie theater is a hotel,” he said. Although the “exact flag” of the hotel has not been finalized, the developer, Pinna- cle Hotel Group, is talking to several hotel companies, he said. He added that the hotel is expected to have 100 to 150 rooms.
Also at The Grove will be Grove Plaza, a 10,000-square-foot retail center, Smith said, adding that it is already 85 percent pre-leased to Taziki’s Mediterranean Cafe, Pie Five Pizza, and Gateway Nail Salon and Spa, with one space remaining. Grove Plaza will be located between Dave & Busters and Cavender’s Western Outfitter, Hodges added.
There are also plans for two more retail centers, Creek Plaza One and Two, which will be located in front of Movie Tavern and include about 30,000 square feet of total space, Smith said.
“This is a planned outing for the fam- ily,” he said. “Mom shops at the Outlets. Dad goes to Bass Pro. Maybe it’s Dave &
Buster’s with the older kids. Then they all meet back up and see a movie at Movie Tavern.”
Ideally, Smith said he would like for the development to have a live music ven- ue, but its scale has yet to be determined.
“There’s a big economic development portion to this that goes beyond just doing investment real estate, and hopefully that will benefit the city and the country and, ultimately, the state,” he said.
“In some cases, we’re creating a new market,” he said, noting that many retailers want a location at Gateway Town Center in addition to a location in Little Rock, North Little Rock or Benton. For example, Pie Five Pizza is opening locations both in Benton and at The Grove, even though the loca- tions are fairly close to each other, he said.
Stodola said The Grove is a great “shot in the arm” for southwest Little Rock, and the new retail helps provide the city with revenue from sales taxes.
“All of the services that people expect from us are dependent on us maintaining and improving those funding sources,” he said.
“Things are exciting. Things are really rocking and rolling in Little Rock,” he said. “When I became mayor, I said that one of my objectives was to make Little Rock the next great American city in the South, and I think we’re fast becoming that.”
THE VILLAGE
AT RAHLING ROAD
Space for Lease
Chenal Parkway at Rahling Road
35,940 SF office-retail center
In the heart of Chenal Valley
960 SF up to 7,000 SF available
Office and retail space
Ground floor with convenient parking
LOCATED NEAR:
The Promenade at Chenal Chenal Country Club
St. Vincent West
Bank of the Ozarks
TENANTS INCLUDE:
Arthur’s Steakhouse Ocean’s at Arthur’s O’Looney’s Wines & Liquor Zenstudio Fitness Boutique Professional Offices
chenal.com 501-821-5555
Additional information:
Rebecca Cate
501-772-2722
501-821-9107 rebecca_cate@deltic.com
Rahling Road
Bank of the Ozarks
The Village at Rahling Road
Chenal Parkway
Kirk Road
St. Vincent West