Riverfront Land Sale in North Little Rock, Arkansas
North Little Rock, AR (February 3, 2017) — Newmark Grubb Arkansas and Terraforma, LLC today announced the sale of 5.6 acres along the river at the foot of the new Broadway Bridge in North Little Rock, Arkansas. Smarthouse Way, LLC, as a Qualified Exchange Accommodation Titleholder for Terraforma, LLC, led by Dave Bruning and Doug Meyer, purchased the land from the Public Building Authority of the City of North Little Rock. The property, currently identified as the Argenta Waterfront District, is a proposed mixed-use and entertainment district fully utilizing the riverfront. Initial design by Taggart Architects of North Little Rock envisions a blend of uses including residential, office, hotel, restaurants and retail. With incredible views of the Little Rock skyline, together with the new Broadway Bridge, this site is positioned to be the first mixed-use and entertainment district on the river. J. Fletcher Hanson III, principal and executive managing director and Adam Jenkins, senior managing director of Newmark Grubb Arkansas are the exclusive listing agents for this property.
“Our vision for the property began to take shape as plans were being finalized to raze and reconstruct the Broadway Bridge and we are excited to align with Terraforma as the exclusive real estate listing and advisory firm in taking the next steps toward activating the waterfront with a mix of uses and experiences”, said J. Fletcher Hanson III, Principal & Executive Managing Member of Newmark Grubb Arkansas.
“Terraforma has successfully completed a number of projects with Newmark Grubb Arkansas over the years and we were delighted at the opportunity to pursue this project with them. We’ve also had a great working relationship with the City of North Little Rock and look forward to creating something all of us can be proud of”, said Doug Meyer, Managing Member of Terraforma.
"We are very pleased that this unique urban property was purchased by a local group that has a fantastic plan. Our City Government and the Economic Development Corporation look forward to helping make this vision a reality". - Todd Larson, Executive Director North Little Rock Economic Development
About Terraforma, LLC
Terraforma is a 20-year-old real estate development firm that provides a full array of services from turn key ground-up projects such as the recent 301 Main Building to major reclamations such as 300 Main which was recently completed rehabbed for their tenants, CJRW. Terraforma is excited to acquire what is arguably the most prestigious remaining piece of riverfront property in the downtown river corridor. It is pleased to be working with Newmark Grubb Arkansas and the City of North Little Rock on developing a comprehensive plan that results in a project that will be a Landmark for years to come.
About Newmark Grubb Arkansas
Newmark Grubb Arkansas is a full-service commercial real estate operation, offering services including, but not limited to, tenant representation, landlord representation, real estate and economic consulting services, investment sales and capital markets, property and facilities management. The firm has more than 25 employees and agents with offices in North Little Rock and Bentonville and manages more than 1 million square feet of office, retail, industrial and mixed-use property. Newmark Grubb Arkansas is a part of Newmark Grubb Knight Frank, one of the world's leading commercial real estate advisory firms. For more information, visit www.ngarkansas.com.