Hotel and Apartment Projects in the Downtown LR Area

[skirby]

On 5/12/2016 at 1:34 PM, skirby said:

The rezoning for the Donaghey Building redevelopment will go before the LR City Board on May 17th. This looks like it will pass without any problems. With 154 units and the soon to be under construction  Scott Street Lofts there will be 200 apartment units within two blocks of each other.

The city board passed the zoning change for the redevelopment. The space between the building and the parking deck  will be used as a pocket park for those living in the building.

[skirby]

On 5/4/2016 at 2:08 PM, skirby said:

Looks like work on the Hilton Garden Inn will start soon. The construction fence is going up around that part of the block.

Down and gone.

[Heartland25]

8 hours ago, skirby said:

Down and gone.

Nice to see this project getting off the ground. Now it's Alofts turn

[truckie6606]

Moses Tucker has placed a for sale sign on the lot previously slated for the Vibe Hotel project (6th & Cumberland).  As rumored above, looks like this project is officially dead.

[skirby]

The Row at Legion Village is now leasing.

Work on the Hilton Garden Inn appears to be ready to start. A number of construction containers/trailers are now in place inside the fenced area.

[Heartland25]

On June 7, 2016 at 10:08 AM, skirby said:

The Row at Legion Village is now leasing.

Work on the Hilton Garden Inn appears to be ready to start. A number of construction containers/trailers are now in place inside the fenced area.

Unfortunately this is the street our highway engineers want to run interstate on/off traffic through (4th St.) for the new 30 crossing plan. 

 

Just as the area was starting to become a walkable/livable environment. 

Edited June 10, 2016 by Heartland25

[theman]

The Democrat-Gazette is reporting that the DoubleTree Hotel has started a multi-million dollar renovation that will see upgrades to the lobby, restaurant, business center, hallways and guest rooms. 

[Architect]

2 hours ago, theman said:

The Democrat-Gazette is reporting that the DoubleTree Hotel has started a multi-million dollar renovation that will see upgrades to the lobby, restaurant, business center, hallways and guest rooms. 

When they don't tell you the actual number, prepare to be underwhelmed.  It's really too bad that neither recent operator has really committed to bringing this property up to a Grade A convention hotel.  Hopefully I'll be surprised.

[LRretail]

On July 28, 2016 at 10:35 AM, Architect said:

When they don't tell you the actual number, prepare to be underwhelmed.  It's really too bad that neither recent operator has really committed to bringing this property up to a Grade A convention hotel.  Hopefully I'll be surprised.

I agree with you.  When they don't share numbers that usually means it's not worth disclosing.  But then again with Robinson going through it's current rebuild, perhaps we'll both be wrong.  I hope so.

[Allen Alexander]

The same group that is developing Hilton garden inn was also talking about building a holiday inn express in downtown. Has there been anything said about that recently? 

[skirby]

It has been listed for awhile on their website. I read it will be located on the same block as the Hilton Garden Inn.

[Heartland25]

On August 14, 2016 at 4:48 PM, skirby said:

It has been listed for awhile on their website. I read it will be located on the same block as the Hilton Garden Inn.

I wonder if they plan on the two hotels sharing parking? That will be nice density on that block, hope to see more apartment projects planned in that area soon. The demand seems to be there 

[ndark]

Anyone ever hear any talk of an actual Hilton coming back to the market?  Wish they would put one downtown. 

[theman]

Arkansas Business is reporting that the Legacy Hotel has been purchased by a newly formed hotel group based in Sherwood. The new owners plan a $5 million renovation and return the hotel to its original name, the Hotel Freiderica. The hotel will become part of the Choice Hotels Ascend collection of upscale, unique hotels.

[ArkansasTraveler]

10 hours ago, theman said:

Arkansas Business is reporting that the Legacy Hotel has been purchased by a newly formed hotel group based in Sherwood. The new owners plan a $5 million renovation and return the hotel to its original name, the Hotel Freiderica. The hotel will become part of the Choice Hotels Ascend collection of upscale, unique hotels.

That will make it Little Rock's second hotel in that collection.  The Burgundy Hotel off Rodney Parham — for many years a Best Western as the Governors Inn, and even earlier as the Lagniappe Inn — is also an Ascend hotel.  Not that I know much about the hotel industry, but I like the tilt of the Ascend portfolio:  individual hotels able to retain distinct local character and tailor services to specific guests, while benefiting from a national supply chain and marketing operation.

[skirby]

Future home to Scott Street Flats by MT.

Hilton Garden Inn

[skirby]

A 35 unit apartment project has been proposed for the 1300 block of Scott. This is not a MT project but would be an addition to the South Main district.

[ArkansasTraveler]

15 hours ago, skirby said:

A 35 unit apartment project has been proposed for the 1300 block of Scott. This is not a MT project but would be an addition to the South Main district.

So, the back half of the block that on the Main Street side has a parking lot and EZ Mart.  It'll be kind of a shame to lose that greenspace in that neighborhood, but I'll reserve full judgment for when the developer and rendering of the project are announced.

[skirby]

On 6/3/2016 at 9:42 AM, truckie6606 said:

Moses Tucker has placed a for sale sign on the lot previously slated for the Vibe Hotel project (6th & Cumberland).  As rumored above, looks like this project is officially dead.

The for sale sign now says it is sold.

[Allen Alexander]

I don't know much about this area but why aren't any of the apartment projects being built to a higher height? Also, has anything else been said about the downtown holiday inn or aloft

[theman]

On 7/28/2016 at 7:36 AM, theman said:

The Democrat-Gazette is reporting that the DoubleTree Hotel has started a multi-million dollar renovation that will see upgrades to the lobby, restaurant, business center, hallways and guest rooms. 

Arkansas Business has an article on the updates to the DoubleTree.

[Heartland25]

On 10/19/2016 at 10:31 PM, Allen Alexander said:

I don't know much about this area but why aren't any of the apartment projects being built to a higher height? Also, has anything else been said about the downtown holiday inn or aloft

I've lived in Little Rock for 5 years and haven't seen a new construction project over 6 floors in downtown area. Guessing demand isn't there and lack of developers. 

[LRretail]

On 10/21/2016 at 1:10 PM, Heartland25 said:

I've lived in Little Rock for 5 years and haven't seen a new construction project over 6 floors in downtown area. Guessing demand isn't there and lack of developers. 

Moses Tucker has built several condo elements downtown and they've been slow to sell.  Apartments are quick to lease downtown but developers are cautious because you have to look at those projects from the income approach.  Even though developers can get top rents in the city within the downtown area, those rents are still not comparable to what landlords would see in bigger cities.  So often times the cost of building hi-rise apartment units is not worth it.  They won't generate enough income and the feasibility studies come back negative.  That's just my $0.02 from what I've observed in the market.  

[Allen Alexander]

22 minutes ago, LRretail said:

Moses Tucker has built several condo elements downtown and they've been slow to sell.  Apartments are quick to lease downtown but developers are cautious because you have to look at those projects from the income approach.  Even though developers can get top rents in the city within the downtown area, those rents are still not comparable to what landlords would see in bigger cities.  So often times the cost of building hi-rise apartment units is not worth it.  They won't generate enough income and the feasibility studies come back negative.  That's just my $0.02 from what I've observed in the market.  

But instead of building multiple small apartments/condos, why don't they just build one or two larger ones. It seems like it would be cheaper that way because there's not as much property involved.

[Architect]

14 minutes ago, LRretail said:

Moses Tucker has built several condo elements downtown and they've been slow to sell.  Apartments are quick to lease downtown but developers are cautious because you have to look at those projects from the income approach.  Even though developers can get top rents in the city within the downtown area, those rents are still not comparable to what landlords would see in bigger cities.  So often times the cost of building hi-rise apartment units is not worth it.  They won't generate enough income and the feasibility studies come back negative.  That's just my $0.02 from what I've observed in the market.  

With respect to condominiums, one has to assume that any small to mid-sized urban area only has a certain "market" for urban, high-rise living.  As I understand it, 300 Third did quite well, yet River Market Tower struggled a bit...probably due to some mixture of both the economic downturn of 2008-9 and a limited appetite/market for condo ownership by that point.  Frankly, I think it's pretty impressive to what extent Little Rock has seen development in this area with 3-4 mid to high-rise modern towers.  I could see the market expanding over the next 15-20 years to support additional construction, especially with urban-savvy millennials moving into higher incomes in the future.