Bellafont Development

[strmchsr77]

What is the latest on this project and Barber in general. Doesn't seem like any of his projects have progressed in the last few months even though you hear the standard developer response of 'Things are about to pick up steam, etc, etc' the papers.

Mason's is a beautiful building but he can't be very happy about all the red dirt and semi-completed concrete shell buildings that have been sitting out there months on end.

[Mith242]

I've been wondering about this project as well. Sounds to me that the Barber Group is having more problems.

[cocothief]

Mason's is suing Barber.

Looks like some of the uglier things Mzweig and I predicted are coming true.

http://www.nwanews.com/nwat/News/59261/

I'd like to say that I don't like to see any developer fail in NWA, but the way BB approached development here made me question his intelligence and business savvy. I feel like he (and we) learned some lessons about what the market can support. I think this is small compared to what will eventually shake out in the aftermath of the Barber Bust.

At the very least, I believe he shot his pro-formas (if he ever did any) by paying above-appraisal on land to secure what he viewed as premiere locations. That's arrogance, and just plain bad business.

[thewizard16]

Mason's is suing Barber.

Looks like some of the uglier things Mzweig and I predicted are coming true.

http://www.nwanews.com/nwat/News/59261/

I'd like to say that I don't like to see any developer fail in NWA, but the way BB approached development here made me question his intelligence and business savvy. I feel like he (and we) learned some lessons about what the market can support. I think this is small compared to what will eventually shake out in the aftermath of the Barber Bust.

At the very least, I believe he shot his pro-formas (if he ever did any) by paying above-appraisal on land to secure what he viewed as premiere locations. That's arrogance, and just plain bad business.

[Mith242]

It's unfortunate, there's no doubt about that. I think some of the Barber projects would have been great, albeit generic, additions to a growing metro area like ours, but I wish if he was going to start a hype he wouldn't have taken down all the good, unique projects chances with him. (I don't think he intended to do that, I just think he did it because he acted like an exponetial rate of growth and demand could be relied on). He's definitely contributed to a sense of pessimism about what should be exciting projects around the area, and if Nock doesn't get his act together and get that hotel started, there's going to be a lot of people in decision making positions that are going to be very skeptical about approving large scale projects in the future.

[cocothief]

Yeah unfortunately this is going right where the naysayers, who are against big developments, were worried they would. Does anyone think the Bellafont is going to come close to completion? Seeing how many financial problems the Barber Group has it seems hard for me to believe. I'm getting the impression that none of the towers will end up being completed. I almost wonder if this won't end up being just a 'glorified' strip mall in the end. I do agree with you about the Barber Group's developments. Perhaps they weren't the best designed but it would have been some nice infill. I know the current market isn't helping. But it seems like the Barber Group was having problems well before this current market came about. I was thinking I had heard they had broke ground for their hotel in Rogers a while back. But it makes me wonder what's in store for that development as well. I just hope Nock can get things going. To me it seems like I see his name all over the place on scattered developments. I can't help but wonder if he's stretched himself a bit too thin, trying to develop too much at once. And unfortunately the one development everyone wants to see done the most seems to be the one most suffering.

[Mith242]

I think one of the best things for the local market would be for Barber to have this and maybe a couple of other projects foreclosed upon and sold off at auction.

Someone could break even at some of these locations. None of them really make a whole lot of sense in their Barber-incarnations, but somebody could make the numbers work for a decent project if they got the opportunity to buy at a bargain.

I could see Bellafont being retooled to incorporate 1 or 2 levels of lofts above retail throughout, creating a kind of village feel, and that would be nice infill, without the exhorbitant expenses of high rise building. The apts could be rentals. It could still be "upscale" and it could still become a shopping/dining destination.

He paid too much for land, and tried to force a market to exist that didn't. I like the enthusiasm on one hand, but you have to KNOW that if this was his personal bank account he wouldn't have operated so foolishly. He was playing with someone else's money and it shows in the decision making.

There's a fine line between visionary and delusional. I believe Barber has operated on the wrong side of that line too many times.

[mzweig]

I think one of the best things for the local market would be for Barber to have this and maybe a couple of other projects foreclosed upon and sold off at auction.

Someone could break even at some of these locations. None of them really make a whole lot of sense in their Barber-incarnations, but somebody could make the numbers work for a decent project if they got the opportunity to buy at a bargain.

I could see Bellafont being retooled to incorporate 1 or 2 levels of lofts above retail throughout, creating a kind of village feel, and that would be nice infill, without the exhorbitant expenses of high rise building. The apts could be rentals. It could still be "upscale" and it could still become a shopping/dining destination.

He paid too much for land, and tried to force a market to exist that didn't. I like the enthusiasm on one hand, but you have to KNOW that if this was his personal bank account he wouldn't have operated so foolishly. He was playing with someone else's money and it shows in the decision making.

There's a fine line between visionary and delusional. I believe Barber has operated on the wrong side of that line too many times.

[acx_guy]

Mason's is suing Barber.

Looks like some of the uglier things Mzweig and I predicted are coming true.

http://www.nwanews.com/nwat/News/59261/

I'd like to say that I don't like to see any developer fail in NWA, but the way BB approached development here made me question his intelligence and business savvy. I feel like he (and we) learned some lessons about what the market can support. I think this is small compared to what will eventually shake out in the aftermath of the Barber Bust.

At the very least, I believe he shot his pro-formas (if he ever did any) by paying above-appraisal on land to secure what he viewed as premiere locations. That's arrogance, and just plain bad business.

[strmchsr77]

A week goes by and another lawsuit. East Meets West has now sued Barber over the Bellafont. Sorry no link, saw it in the NWA Times today.

[cowbreath]

The bad news just keeps coming for Bellafont. I really hope that someone else comes in and takes over and can get the entire project going.

Here is the link from the Times: East Meets West Spa

[andrewjensen]

a summary of it all, the liens, lawsuits, foreclosures, Bellafont, Legacy, Chambers, etc. You guys will enjoy Hiba's description of the Barber Group.

http://www.arkansasbusiness.com/article.as...93.22444.113238

[Mith242]

a summary of it all, the liens, lawsuits, foreclosures, Bellafont, Legacy, Chambers, etc. You guys will enjoy Hiba's description of the Barber Group.

http://www.arkansasbusiness.com/article.as...93.22444.113238

[zman9810]

Thanks for the update Andrew. Nice article. I had already heard there was more problems. Does anyone think much of the rest of the Bellafont will be completed? Or maybe I should phrase it as under the Barber Group. Considering all the other problems seems like few people would be interesting in future space at the Bellafont. Who knows if you'd ever get it or what complications there could be in the future.

[mzweig]

a summary of it all, the liens, lawsuits, foreclosures, Bellafont, Legacy, Chambers, etc. You guys will enjoy Hiba's description of the Barber Group.

http://www.arkansasbusiness.com/article.as...93.22444.113238

[masons_dad1]

No matter what his business ethics or abilities are, Brandon Barber does deserve some credit for trying to make Northwest Arkansas a little bit better place to live and work. I'd like to see some of the most critical members of this forum go out an do what Brandon tried to do. I wouldn't even know where to start, but I'm sure anyone with a college degree should have no problem succeeding where Brandon failed.

I guess people should wait until they have financing before they pursue a vision, but I guess we can't all be the heirs and heiresses of billion dollar fortunes.

Brandon Barber, I commend you for trying. May your experience guide someone to succeed where you failed. After all, failure is the most important learning experience. The real failure is not recognizing it for that.

Mike

[mzweig]

No matter what his business ethics or abilities are, Brandon Barber does deserve some credit for trying to make Northwest Arkansas a little bit better place to live and work. I'd like to see some of the most critical members of this forum go out an do what Brandon tried to do. I wouldn't even know where to start, but I'm sure anyone with a college degree should have no problem succeeding where Brandon failed.

I guess people should wait until they have financing before they pursue a vision, but I guess we can't all be the heirs and heiresses of billion dollar fortunes.

Brandon Barber, I commend you for trying. May your experience guide someone to succeed where you failed. After all, failure is the most important learning experience. The real failure is not recognizing it for that.

Mike

[masons_dad1]

Failure is not without consequences, Mike. A lot of people get hurt when someone like Barber fails. I know several people he owes a lot of money. These are good people who did a job in good faith and deserve to get paid. Greed is not a virtue.

For what it's worth, I DO invest in residential real estate here, and I make things a lot better on every piece of property I buy. I don't do things like Barber--not at that scale--nor such horrendous design. If I wanted to borrow that kind of money (and I don't) I wouldn't be so careless with it.

[cocothief]

Failure is not without consequences, Mike. A lot of people get hurt when someone like Barber fails. I know several people he owes a lot of money. These are good people who did a job in good faith and deserve to get paid. Greed is not a virtue.

For what it's worth, I DO invest in residential real estate here, and I make things a lot better on every piece of property I buy. I don't do things like Barber--not at that scale--nor such horrendous design. If I wanted to borrow that kind of money (and I don't) I wouldn't be so careless with it.

[cowbreath]

I agree.

I'd add that I don't see a lot admirable about what Barber did with these projects. I am of the opinion that his major motivation was not to improve NWA, but to make a name for himself with the money he married into. I view his business ventures, beyond his early residential projex, to have been foolish and even reckless.

You're correct that the fallout is hurting some good, honest, hardworking people, and thats wrong. Barber shouldn't be proud of himself right now.

He did gain local notoreity, though, so I guess he succeeded in a way.

[cocothief]

I don't know if he intentionally meant to do any of those things, but I don't know the guy. He was just unprepared for what he was doing at the very least. I hope the Legacy is maintained and managed well since it is actually up.

[masons_dad1]

I guess some people know Barber better than others and may actually have genuine proof that he is "deceiptful", "reckless", "foolish", "careless", "greedy", "unethical", "a liar" and [overall] "not a good guy". I personally cannot agree with or condone those accusations without knowing the facts.

This forum really shouldn't condone libel against people involved with developments being discussed here or anyone else for that matter. This forum is a form of public communication and accessed by thousands of people and there could be legal ramifications for broadcasting or allowing to be broadcast libel, defamation of character, or damaging statements about anybody. Those kinds of discussions should be reserved for the privacy of one's own home or in PM's or emails.

That is all I will say about that.

[mzweig]

I guess some people know Barber better than others and may actually have genuine proof that he is "deceiptful", "reckless", "foolish", "careless", "greedy", "unethical", "a liar" and [overall] "not a good guy". I personally cannot agree with or condone those accusations without knowing the facts.

This forum really shouldn't condone libel against people involved with developments being discussed here or anyone else for that matter. This forum is a form of public communication and accessed by thousands of people and there could be legal ramifications for broadcasting or allowing to be broadcast libel, defamation of character, or damaging statements about anybody. Those kinds of discussions should be reserved for the privacy of one's own home or in PM's or emails.

That is all I will say about that.

[acx_guy]

He has made many poor decisions but in regards to this project he is trying to dig his way out to make it a success. Not sure can do it but I think he is putting all his eggs into this basket to try and rebuild his reputation and business.

Hopefully it works out, helps him regain confidence of other investors, and in the end helps him solve the problems with his other projects.

If not, I'm sure the bank that has funded the project to this point could find someone else to buyout his stake.

[zman9810]

If Barber has time to read internet forums and react with litigation about them his priorities are way off.

I do get the impression that he started to believe his own hype and got in over his head. Obviously he didn't have the financial backing that he thought he had and led others to believe he had. Instead of continuing to try to make the situation work he should have been upfront with those that he had business dealings with and stepped back from it all. Hopefully he's learned valuable lessons and will work to regain the trust and good will that he squandered. I would still like to see Bellafont finished as planned regardless of who does it.