The Dickson (Formerly the Lofts at Underwood Plaza)

[andrewjensen]

Yeah I think a lot of people are curious to see what happens at the Lofts. So far a number of the other large condo developments haven't been very successful so far. But right now I think there's been some other factors that maybe have turned off potential buyers. If the Lofts have a hard time selling then I think everyone would have to think the idea of selling upscale condos in Fayetteville is over and there just wasn't the demand a number of people thought there was. Of course the way the market is currently might not help the situation.

As far as The Dickson, that ain't happening. Collins Haynes has divested his interest in the Mr. Tux property, and we hear the building is simply going to be renovated, probably with a spa tenant.

At Metro District, 15 of the 30 condos have either sold or are under contract since the first of the year. Seven are being occupied in a "lease-to-own" plan, where if the tenant decides to buy, their rent payments will be applied to the purchase price. So that's 22 of 30 with people in them. That's a lot better than the Legacy.

With Flake & Kelley marketing the Legacy, we might finally see something happen there. They have credibility, something Barber does not, and they are well connected in the affluent LR and Hot Springs circles, which means they'll be having open houses that aren't glorified keggers. Even though the building has liens and is in foreclosure, the receiver can grant clear title to anyone who wishes to buy a unit.

At the Lofts, around half the deposits are from out-of-staters and the rest are local. Judging by the number of small aircraft at Drake Field on any given Saturday, they are banking on a lot of those types as the demographic who'd buy a $400,000 condo on Dickson Street. Hopefully they are right.

[strmchsr77]

As far as The Dickson, that ain't happening. Collins Haynes has divested his interest in the Mr. Tux property, and we hear the building is simply going to be renovated, probably with a spa tenant.

At Metro District, 15 of the 30 condos have either sold or are under contract since the first of the year. Seven are being occupied in a "lease-to-own" plan, where if the tenant decides to buy, their rent payments will be applied to the purchase price. So that's 22 of 30 with people in them. That's a lot better than the Legacy.

With Flake & Kelley marketing the Legacy, we might finally see something happen there. They have credibility, something Barber does not, and they are well connected in the affluent LR and Hot Springs circles, which means they'll be having open houses that aren't glorified keggers. Even though the building has liens and is in foreclosure, the receiver can grant clear title to anyone who wishes to buy a unit.

At the Lofts, around half the deposits are from out-of-staters and the rest are local. Judging by the number of small aircraft at Drake Field on any given Saturday, they are banking on a lot of those types as the demographic who'd buy a $400,000 condo on Dickson Street. Hopefully they are right.

Thanks for all of the updates Andrew. I knew that the Dickson was done but I am glad to hear that Metro District was doing pretty well considering the current real estate market. I am actually very surprised.

[Mith242]

As far as The Dickson, that ain't happening. Collins Haynes has divested his interest in the Mr. Tux property, and we hear the building is simply going to be renovated, probably with a spa tenant.

At Metro District, 15 of the 30 condos have either sold or are under contract since the first of the year. Seven are being occupied in a "lease-to-own" plan, where if the tenant decides to buy, their rent payments will be applied to the purchase price. So that's 22 of 30 with people in them. That's a lot better than the Legacy.

With Flake & Kelley marketing the Legacy, we might finally see something happen there. They have credibility, something Barber does not, and they are well connected in the affluent LR and Hot Springs circles, which means they'll be having open houses that aren't glorified keggers. Even though the building has liens and is in foreclosure, the receiver can grant clear title to anyone who wishes to buy a unit.

At the Lofts, around half the deposits are from out-of-staters and the rest are local. Judging by the number of small aircraft at Drake Field on any given Saturday, they are banking on a lot of those types as the demographic who'd buy a $400,000 condo on Dickson Street. Hopefully they are right.

Thanks for all the info Andrew. I had wondered about the Metro District condos. It's not a 'large' condo development like some of the other ones. But it's still a bit of a barometer for the market.

[halfdeserted]

At Metro District, 15 of the 30 condos have either sold or are under contract since the first of the year. Seven are being occupied in a "lease-to-own" plan, where if the tenant decides to buy, their rent payments will be applied to the purchase price. So that's 22 of 30 with people in them. That's a lot better than the Legacy.

As of Friday, I believe there are only six condos left unoccupied at the Metro Lofts. I'm glad they're getting some action down there.

[Mith242]

Kudos on the Rob Sharp article in NWA Business Journal, Andrew. I knew he was very active in Fayetteville but didn't realize how many projects I like that he has had a hand in. The story about people telling him about how that hate the Three Sisters and not knowing he was involved in it was hilarious. That was a great addition to town although I wish they would take that top floor room off.

I agree, very interesting article, Andrew. Everybody should take a look at it. This was orginally mentioned in another topic but since it talks about the Lofts I thought I'd put a response here.

http://www.arkansasbusiness.com/article.as...17110&cID=2

[mzweig]

I agree, very interesting article, Andrew. Everybody should take a look at it. This was orginally mentioned in another topic but since it talks about the Lofts I thought I'd put a response here.

http://www.arkansasbusiness.com/article.as...17110&cID=2

Great article! Rob is a super guy and it was good to learn a little of his history!

Mark

[Mith242]

Here's some pics of the new structure going up behind the main one. I also tried to show where it's positioned compared to the main structure. Then just a pic of the exterior work on the west side.

[cocothief]

Thanks for the pics. This is SO much cooler than faux-dallas chic.

[Ruskin]

Thanks for the pics. This is SO much cooler than faux-dallas chic.

"faux-dallas chic" - Classic!!

[slyder1]

I don't know who would want to buy an exspensive condo when there is an awesome few of powerlines right out your window. I bet those power lines are a big reason they had a hard time selling those condos. They remind me of some condos just built here in Springfield. They are located right off a major intersection and the building sits about 4 feet from the road and across the street from a very bright gas station. Blehh

[Mith242]

I don't know who would want to buy an exspensive condo when there is an awesome few of powerlines right out your window. I bet those power lines are a big reason they had a hard time selling those condos. They remind me of some condos just built here in Springfield. They are located right off a major intersection and the building sits about 4 feet from the road and across the street from a very bright gas station. Blehh

I see what you're saying. But Dickson St is still an attractive place to live. Part of the problem is that they weren't there when they first planned it. But yeah you would think it might hurt some of the appeal for those condos on that side facing it.

[shaddo]

As of Friday, I believe there are only six condos left unoccupied at the Metro Lofts. I'm glad they're getting some action down there.

There was a reserve event last Saturday night for Underwood Lofts at 6:00pm. By 6:30 10 units were sold under contract. There are many months left before the building is completed so this is welcome news for the downtown. Bad news for the "doom and gloomers".

[cocothief]

Great news on The Lofts. Hopefully its ACTUAL reservations and not just fluff....

I wonder when prices will be slashed on Legacy? Aesthetics aside, the prices are VERY high compared to what The Lofts is charging. I know at one time, the smallest 800 SF unit in Legacy was listed at $400k +.

[shaddo]

Great news on The Lofts. Hopefully its ACTUAL reservations and not just fluff....

I wonder when prices will be slashed on Legacy? Aesthetics aside, the prices are VERY high compared to what The Lofts is charging. I know at one time, the smallest 800 SF unit in Legacy was listed at $400k +.

These are not reservations to my knowledge. Details I heard included full price contracts with $10,000 non-refundable deposits. I hope Legacy gets worked out as well.

[andrewjensen]

I see what you're saying. But Dickson St is still an attractive place to live. Part of the problem is that they weren't there when they first planned it. But yeah you would think it might hurt some of the appeal for those condos on that side facing it.

Thanks for the kudos, all, on the Sharp piece. I hadn't realized either just how much he's affected the look of Fayetteville.

On the power lines, it was interesting talking to Craig Underwood about that. He said the project developers had even considered kicking in some of the cost to bury the lines, but the cost was so prohibitive it just wasn't possible. The parking garage, I think, will help blend to the area. As I mentioned in the Sharp piece, the garage will have a warehouse look that's designed to merge the Lofts into the nearby landscape of rail lines and power lines. And really, when you get up there and see the views, the eye doesn't really go to the power lines but to all the other spectacular scenery. So I don't think that will be a dealbreaker.

[Mith242]

Thanks for the kudos, all, on the Sharp piece. I hadn't realized either just how much he's affected the look of Fayetteville.

On the power lines, it was interesting talking to Craig Underwood about that. He said the project developers had even considered kicking in some of the cost to bury the lines, but the cost was so prohibitive it just wasn't possible. The parking garage, I think, will help blend to the area. As I mentioned in the Sharp piece, the garage will have a warehouse look that's designed to merge the Lofts into the nearby landscape of rail lines and power lines. And really, when you get up there and see the views, the eye doesn't really go to the power lines but to all the other spectacular scenery. So I don't think that will be a dealbreaker.

Yeah there was an article in today's newspaper and they had a pic from one of the windows with the powerlines in the shot. They didn't look as intrusive as I would have thought. For one I think looking at the angle from where I was taking pictures at makes it look worse. Of course it will still be nicer if they weren't there at all. But there were going to be some sort of powerlines there even if they left the old ones there, they would have just affected some of the condos lower down. I don't recall if this has been mentioned. The bottom three floors will be retail. Apparently they've been approached by a French restaurant,an Asian restaurant and a women's clothing store, but nothing is set yet. I think the only thing that has been decided is there will be a fitness center on the second floor that the residents will be able to use.

[Mith242]

Finally got out and took some pics. It was a bit hard to get good shots of the parking deck with all the construction equipment around. But you can at least get an idea of where it will be at and the general size of it.

[zman9810]

Great pics! The parking deck is going to be a major structure by itself- I hadn't realized just how big it was. Having the Lofts will help the parking situation on Dickson even it is not available to the general public that isn't doing business in the building. I really like the Loft's dark brick and copper trim- very classy.

[Mith242]

Great pics! The parking deck is going to be a major structure by itself- I hadn't realized just how big it was. Having the Lofts will help the parking situation on Dickson even it is not available to the general public that isn't doing business in the building. I really like the Loft's dark brick and copper trim- very classy.

Yeah, I'm not sure how many spaces will be available. Of course some be be reserved for residents and retail customers and it will be paid parking. But yeah, very nice looking building. Fits in with Dickson a lot better than The Legacy Bldg.

[slyder1]

I think the building looks great but who the hell would want huge powerlines 10 feet from their balcony. I would think the developer would be smart enough to try and get the city to move them or put them underground. Crazy!

[marmot]

I think the building looks great but who the hell would want huge powerlines 10 feet from their balcony. I would think the developer would be smart enough to try and get the city to move them or put them underground. Crazy!

They did try. Fayetteville wouldnt/couldnt pay for it. Power lines, especially large ones like that, are exceedingly expensive to put underground and maintain.

[Mith242]

Yeah it's a long story. Fayetteville tried to make the electric company pay when they put in the new big powerlines. The case went down to Little Rock but the state sided with the electric company. In the past maybe Fayetteville would have considered trying to pay for it. But with so much of the growth going on in the north part of the metro away from Fayetteville, Fayetteville has seen it's dominance and sales tax revenue decrease in recent years. And now with construction costs having gone up so much in the past few years developers are already straining budgets and don't have any extra cash to pay for something like that. I believe they mentioned a couple of years ago that the cost to bury the lines would be several million. It might not help that the power substation is also basically just behind where the parking garage is going to be.

[Mith242]

Didn't stop to take any pics but I happened to drive by the development today. The upper floors still have quite a bit of work to be done on the exterior but the lower floors are coming together, at least on the exterior. The protective walkway that was out in the street is now gone so you can get a better feel of what the building will be like at the street level. Unless the remnants of Ike cause any problems I plan to get out this weekend and take some pics.

[cowbreath]

I heard that a couple of weekends ago (first game day) they were going to have an opening reception in one of the 6 model units that belong to Underwood. I guess the inspector had other opinions about that so it didn't happen.

[Mith242]

I heard that a couple of weekends ago (first game day) they were going to have an opening reception in one of the 6 model units that belong to Underwood. I guess the inspector had other opinions about that so it didn't happen.

I figured they were probably just behind schedule. Most developments, especially one this size, tend to end up getting behind.