Bellafont Development

[thewizard16]

I'm skeptical of Divinity as well. Legacy will get completed, but it's taken longer than potential buyers had been led to believe, and that caused issues. Bellafont could be a beautiful section on Joyce, so I'm going to continue to hope for it's completion. They've certainly got work on a lot of smaller stuff going, and I think if investors see these things he'll be able to secure investors. But, I'm an optimist.

[das450]

Divorce is tough on a family and business, thats all I will say.

[masons_dad1]

Divorce is tough on a family and business, thats all I will say.

[Thia]

I've heard that Mr Barber is going to be moving to New York City soon. I've wondered if this will have any effect on future Barber Group developments here. Anyone else heard anything about this?

[strmchsr77]

The Barbers will have a residence in NY. Their home here is on the market. They will maintain a home in the 2-story condo in the Legacy building (west end of 5-6 floors with huge patio.) The reason I heard for the move to NY was family related.

[mcheiss]

Divorce is tough on a family and business, thats all I will say.

[strmchsr77]

Great we can kiss Bellafont goodbye.

[Mith242]

Yeah unfortunately though it doesn't sound like things are going great though even if he wasn't leaving for family reasons. Maybe he was a little bit ahead of his time.

[cocothief]

Yeah unfortunately though it doesn't sound like things are going great though even if he wasn't leaving for family reasons. Maybe he was a little bit ahead of his time.

[Mith242]

I've heard lots, but even without what I'm hearing, I'd think he is way "ahead of his time".

The prices I hear for Legacy are astounding for condos in NWA. I'd think its much easier to move 10 condos at 200k than 3 or 4 at 300-400k+ in this market.

I expect the more moderately priced condos (Lofts at Underwood) on Dickson to do better, though.

One challenge for Bellafont is going to be that its getting into the E. Joyce office market a little late. Lots of Class A SF have been built over there recently with Lindsey and Dixie opening up their big buildings. Don't forget that not only is P&G opening their new large building over there, but it will also free up a lot of office SF on Milsap where they currently are.

Office demand and rents in North Fayetteville will probably be soft now for a couple of years.

[masons_dad1]

I've heard lots, but even without what I'm hearing, I'd think he is way "ahead of his time".

The prices I hear for Legacy are astounding for condos in NWA. I'd think its much easier to move 10 condos at 200k than 3 or 4 at 300-400k+ in this market.

I expect the more moderately priced condos (Lofts at Underwood) on Dickson to do better, though.

One challenge for Bellafont is going to be that its getting into the E. Joyce office market a little late. Lots of Class A SF have been built over there recently with Lindsey and Dixie opening up their big buildings. Don't forget that not only is P&G opening their new large building over there, but it will also free up a lot of office SF on Milsap where they currently are.

Office demand and rents in North Fayetteville will probably be soft now for a couple of years.

[cowbreath]

Seems like our economy is likely to remain in the status quo I'm guessing. The biggest changest to come from Fayetteville may be an increase in student population by about 5000 (we'll say 2000 to be conservative) in the coming years. I can't predict any change other that would be likely given the current stable condition of the Fayetteville economy. Maybe retired baby boomers is just the reason why they're building the condos, but it seems the market is saturated for them.

[cocothief]

Seems like our economy is likely to remain in the status quo I'm guessing. The biggest changest to come from Fayetteville may be an increase in student population by about 5000 (we'll say 2000 to be conservative) in the coming years. I can't predict any change other that would be likely given the current stable condition of the Fayetteville economy. Maybe retired baby boomers is just the reason why they're building the condos, but it seems the market is saturated for them.

[Mith242]

It seems to me that condos are also more popular in larger metros but with our metro trying to keep that 'smaller metro feel' I wonder if that hurts things like that.

[mzweig]

I agree with most of what you say.

We really haven't seen any decent condos in the 200k range around here in a good location. I think that some could sell steadily at that price point or below.

The offerings are really at opposite ends of the spectrum. Low quality 150k with zero amenities at North and Leverett, vs. Legacy at a luxury pricepoint.

Maison Sequoyah kind of split the difference in there and those sold from what I'm told.

There's some demand out there for 150-200k condos, but only when the location and amenities are well thought out it appears.

I see zero demand for luxury price point condos off Joyce Blvd. now and quite far off into the future.

[masons_dad1]

At least Bellafont could end up being a luxury apartment building when they realize noone is buying luxury condos on Joyce. I really don't see a problem with that, although Barber would never get a return on their investment. I'm sure his people have thought the same thing and I can see the whole Bellafont development being scaled back to another mini-office park/strip mall that Joyce is filling up with.

[strmchsr77]

According to an article from the Arkansas Business Journal, Bellafont has secured funding to continue to finish the project and will be gaining another tenant. Emelia's Med. Kitchen will have a second, but much larger, Fayetteville location in Bellafont. They plan on being open early next year. There other location is currently on Dickson street. So finally a little more good news on this project.

Here is the article: Emelia's

[Mith242]

According to an article from the Arkansas Business Journal, Bellafont has secured funding to continue to finish the project and will be gaining another tenant. Emelia's Med. Kitchen will have a second, but much larger, Fayetteville location in Bellafont. They plan on being open early next year. There other location is currently on Dickson street. So finally a little more good news on this project.

Here is the article: Emelia's

[Mith242]

Sounds like more problems for the Barber Group. Some people that had planned on moving retail there are pulling out. KNWA reported that little work had been done in weeks and with no completion date set, retailers are starting to look elsewhere.

[cocothief]

Sounds like more problems for the Barber Group. Some people that had planned on moving retail there are pulling out. KNWA reported that little work had been done in weeks and with no completion date set, retailers are starting to look elsewhere.

[andrewjensen]

There was a surveyor at East Meets West this morning and I saw a carpet cleaning truck and about six or seven pickups at Mason's the other day. What I have been told is that once the lawn is complete Mason's will be a few weeks from opening. There was some delays closing the loan, from what I heard because of some difficulty selling the loan on the secondary market (not surprising given the current credit climate) and apparently the contractor teams are coming up from Dallas, where Precept is based. I was told it took longer than expected to mobilize the large teams but they are supposed to be here soon.

There is plenty of reason to be skeptical (based on my daily drive-bys on my way to work), but when I was told there would be framers at EMW, they were there the next day. What is too bad is that Mellow Mushroom needs a three-month buildout once the structure is complete, which will make them completely miss football season now. Sara at Emelia's said they would not sign a lease until they knew Barber had the financing to finish, so let's hope that is the case.

[strmchsr77]

I drive by that area multiple times per day when I am in town and I am extremely disapointed in the amount of work going on right now. The only think that seems to be taking place is work on another stoplight infront of the new P&G building and Mason's.

[mzweig]

Yeah I drive past Bellafont every day a few times. I haven't seen much of anything happen there in over a month except for the finishing touches on some landscaping, etc around the Mason's building.

Hear Barber is trying to put together a financing package to cover all this debts and fund completion of all this stuff he's got on the board.

Looking doubtful, according to my naysaying friends.

[Mith242]

How serious these problems and delays are up to debate, but it does seem that the Barber Group is having a few problems. I know some of us were worried about them overextending themselves and that seems to becoming true. The Legacy isn't selling as well as they had hoped, so there's revenue that's not coming in. It looks like they still have a little work to be done at the Spring Street Lofts, once again no money coming in there. It's too bad because it doesn't look like there's much left to be done there. I still think it's possible most of these developments can be finished. But it may take a while.

[andrewjensen]

I have heard that he is not going to get any more money from my friends here in the financial world.