College Avenue Developments

[cocothief]

Your neighborhood is probably safe, haha, I can't see it becoming a seedy club or something similar at that price.

Well, my fear has always been that it would be leased to someone so the owner could make ends meet while holding out for the high price.

Mexican flea market or gigantic bar ala Doc Murdocks is my fear.

It is interesting speculating everyday, though.

I drove past again today and the Black Range Rover was there again, and someone was giving two really old country looking guys in overalls a "tour" of the building. Sweeping hand gestures were being used again.

[thewizard16]

Well, my fear has always been that it would be leased to someone so the owner could make ends meet while holding out for the high price.

Mexican flea market or gigantic bar ala Doc Murdocks is my fear.

It is interesting speculating everyday, though.

I drove past again today and the Black Range Rover was there again, and someone was giving two really old country looking guys in overalls a "tour" of the building. Sweeping hand gestures were being used again.

Sounds like the same guy. I would think if they were worried about making ends meet they'd be more realistic about their price offering. It's a good developable piece of land, but the current structure is kindof lackluster to put it nicely. I wish they'd be more sensible about the price.

[cocothief]

I've just decided that the highest and best use for that property would be a super-gym, like a 24 Hour Fitness or a Lifetime Fitness, or an L.A. Fitness.

Its probably one of the most centrally located parcels in Fayetteville, and equally accessible to NE Fayetteville as the U of A.

I'm a member of FAC and hardly go, just because its so out of the way.

[thewizard16]

Just drove by the old Malco: no Range Rovers right now. However, I did notice something on College I hadn't paid attention to before: the Sonic up by the VA and Taco Bell area is closed. Their sign says "Due to lease expiring, closed permanently". Does anyone know more about what happened there? Was it a case of the landowner raising the cost of the lease too much, or were they kicked out? Neither makes much sense to me, they're now stuck with an old Sonic building, and I would have thought Sonic would be a pretty reliable tenet. And, as can be seen by the old Long John Silvers, old fast food restaurants don't sell all that well. (My opinion on Fuddruckers is similar: who's going to rent that?)

[Mith242]

Just drove by the old Malco: no Range Rovers right now. However, I did notice something on College I hadn't paid attention to before: the Sonic up by the VA and Taco Bell area is closed. Their sign says "Due to lease expiring, closed permanently". Does anyone know more about what happened there? Was it a case of the landowner raising the cost of the lease too much, or were they kicked out? Neither makes much sense to me, they're now stuck with an old Sonic building, and I would have thought Sonic would be a pretty reliable tenet. And, as can be seen by the old Long John Silvers, old fast food restaurants don't sell all that well. (My opinion on Fuddruckers is similar: who's going to rent that?)

Yeah there was an article in today's Northwest Arkansas Times. Sounds like they've considered it for a while and decided this time just to let the lease run out. There's another one on College further north. But this does sound like it was Sonic's decision. I don't recall any mention of higher rent or anything like that being the problem. I'm pretty sure that's the oldest Sonic in Fayetteville. I imagine it being a bit old might have had something to do with it as well. Of course this leaves yet another open spot along College Ave.

[NWAboom]

Yeah there was an article in today's Northwest Arkansas Times. Sounds like they've considered it for a while and decided this time just to let the lease run out. There's another one on College further north. But this does sound like it was Sonic's decision. I don't recall any mention of higher rent or anything like that being the problem. I'm pretty sure that's the oldest Sonic in Fayetteville. I imagine it being a bit old might have had something to do with it as well. Of course this leaves yet another open spot along College Ave.

They built the one farther North on College as a replacement for the one that is closing. They were just waiting on the lease to run out on the existing building before closing it down. Does make you think how long that lot will sit with an old vacant fast food building though.

[thewizard16]

Yeah there was an article in today's Northwest Arkansas Times. Sounds like they've considered it for a while and decided this time just to let the lease run out. There's another one on College further north. But this does sound like it was Sonic's decision. I don't recall any mention of higher rent or anything like that being the problem. I'm pretty sure that's the oldest Sonic in Fayetteville. I imagine it being a bit old might have had something to do with it as well. Of course this leaves yet another open spot along College Ave.

Oh. I hadn't read that paper today yet. Well, it was a pretty small Sonic parking space wise, and a bit difficult to get in and out of, it's just unfortunate that there will be another vacant building on College.

[Mith242]

Oh. I hadn't read that paper today yet. Well, it was a pretty small Sonic parking space wise, and a bit difficult to get in and out of, it's just unfortunate that there will be another vacant building on College.

Yeah seems like more and more restaurants are leaving College Ave.

[cocothief]

I had not noticed the Sonic being gone. Wow.

I was wondering why that Sonic never switched to the pay at the window card readers. I would choose my Sonic based on whether or not I had cash.

This stretch of College Avenue is really in a transitional period right now I think.

On one hand, you have these restaurants closing. On the other hand, you have the new Hometown Center two story office building at College and Green Acres Rd, and the newish strip mall at the SEC of College and Sycamore, a new USA Drug fronting Evelyn Hills, and a renovated BYBurgers.

Evelyn Hills is doing as good as it has in the past 20 years, but it also has transitioned into much more of a specialty retail center. Part of it is higher end, part of it is discount. Ozark Natural Foods, the seafood market, Uncle Sams, and then you have Aaron's Rents and a Chinese buffet on the other end.

I believe College Avenue is still transitioning from being a "thoroughfare" type setting, with fast food and gas stations, to more of a central city business district with neighborhood serving businesses.

This is part of the reason why I would like to see something mixed use at the old Malco site. The area is slowly becoming more urban and less "drive-by" oriented. Something significant in the way of a mixed use could really be a catalyst for this mid-section of College Ave.

[thewizard16]

I had not noticed the Sonic being gone. Wow.

I was wondering why that Sonic never switched to the pay at the window card readers. I would choose my Sonic based on whether or not I had cash.

This stretch of College Avenue is really in a transitional period right now I think.

On one hand, you have these restaurants closing. On the other hand, you have the new Hometown Center two story office building at College and Green Acres Rd, and the newish strip mall at the SEC of College and Sycamore, a new USA Drug fronting Evelyn Hills, and a renovated BYBurgers.

Evelyn Hills is doing as good as it has in the past 20 years, but it also has transitioned into much more of a specialty retail center. Part of it is higher end, part of it is discount. Ozark Natural Foods, the seafood market, Uncle Sams, and then you have Aaron's Rents and a Chinese buffet on the other end.

I believe College Avenue is still transitioning from being a "thoroughfare" type setting, with fast food and gas stations, to more of a central city business district with neighborhood serving businesses.

This is part of the reason why I would like to see something mixed use at the old Malco site. The area is slowly becoming more urban and less "drive-by" oriented. Something significant in the way of a mixed use could really be a catalyst for this mid-section of College Ave.

Yes, it would. There's no doubt that the Malco location is a great spot for something like that. It would be an excellent jumpstart on revitalization of more areas of College too, but I just don't see it happening without a big incentive the city can't afford to give right now. The property is just too expensive to buy, bulldoze, and then redevelope. The only way to make a profit would be for the mixed use properties to be very expensive, and I don't see something like that succeeding there yet, especially considering the current market.

[cocothief]

Yes, it would. There's no doubt that the Malco location is a great spot for something like that. It would be an excellent jumpstart on revitalization of more areas of College too, but I just don't see it happening without a big incentive the city can't afford to give right now. The property is just too expensive to buy, bulldoze, and then redevelope. The only way to make a profit would be for the mixed use properties to be very expensive, and I don't see something like that succeeding there yet, especially considering the current market.

Bottom line is, the current owners need to either bulldoze and re-develop the land themselves, which could be profitable if done right, or they need to settle for a much lower asking price and let someone else do it.

More likely, they will make their interest-only payments a little while longer with whatever they can squeeze out of leasing to tenants.

The building is really large for a single lease tenant. I suppose it could be made into multiple storefronts, and renovated on the interior. But if you are going to waste money doing that, why not knock the whole thing down and maximize the footprint of the land? Demo seems about as sensible as retro-fitting a really specialized building.

The only way making interior renovations and trying to lease this building makes sense is if you are developing on a shoe-string budget, buying time until land values reach your asking price.

It appears that maybe this is what is happening here.

[Mith242]

I had not noticed the Sonic being gone. Wow.

This stretch of College Avenue is really in a transitional period right now I think.

On one hand, you have these restaurants closing. On the other hand, you have the new Hometown Center two story office building at College and Green Acres Rd, and the newish strip mall at the SEC of College and Sycamore, a new USA Drug fronting Evelyn Hills, and a renovated BYBurgers.

Evelyn Hills is doing as good as it has in the past 20 years, but it also has transitioned into much more of a specialty retail center. Part of it is higher end, part of it is discount. Ozark Natural Foods, the seafood market, Uncle Sams, and then you have Aaron's Rents and a Chinese buffet on the other end.

I believe College Avenue is still transitioning from being a "thoroughfare" type setting, with fast food and gas stations, to more of a central city business district with neighborhood serving businesses.

This is part of the reason why I would like to see something mixed use at the old Malco site. The area is slowly becoming more urban and less "drive-by" oriented. Something significant in the way of a mixed use could really be a catalyst for this mid-section of College Ave.

Yeah I do agree and I think that area has potential. I would like to see some mixed-use developments along College as well. I guess it's too bad the housing market is in the situation it is now. I wouldn't mind seeing some condos go up along College Ave. Maybe give people some cheaper options than the more expensive ones along Dickson and the Square. Although I do wonder if people would be willing to live along College Ave.

[mzweig]

Yeah I do agree and I think that area has potential. I would like to see some mixed-use developments along College as well. I guess it's too bad the housing market is in the situation it is now. I wouldn't mind seeing some condos go up along College Ave. Maybe give people some cheaper options than the more expensive ones along Dickson and the Square. Although I do wonder if people would be willing to live along College Ave.

In Boston, there are plenty of condos along similar roads to 71B here.

[Mith242]

In Boston, there are plenty of condos along similar roads to 71B here.

Yeah, although I'm still not sure if we're 'urban' enough to attract enough people. It doesn't help that the only multistoried condo developments are the expensive ones around Dickson. But I'm wondering if people willing to buy condos around here are going to prefer the ones that are more like townhomes and such. Either way it might be a hard sell for another condo development with the housing market today. But I still think a mixed-use development with some lofts or condos in the upper floors, would be the best thing for College Ave.

[mzweig]

Yeah, although I'm still not sure if we're 'urban' enough to attract enough people. It doesn't help that the only multistoried condo developments are the expensive ones around Dickson. But I'm wondering if people willing to buy condos around here are going to prefer the ones that are more like townhomes and such. Either way it might be a hard sell for another condo development with the housing market today. But I still think a mixed-use development with some lofts or condos in the upper floors, would be the best thing for College Ave.

The problem with 71B is it is too expensive. Nothing is going to happen here until prices are lower. Residential won't work because it is too expensive. I looked at the spot down the street from me that had the old gas station that had graffiti on it and was recently torn down. The owner wants $500K for slightly less than an acre of property. I cannot afford to redevelop this at that price. If it were about $150K-200K, it might be viable to build a nice little bungalow court there.

[mzweig]

The mayor told me there was some sort of meeting this past Monday afternoon to finalize the plans to fix college from Rock to Maple. Does anyone know what that meeting was and whether or not this project has the go-ahead?

M

[Mith242]

The mayor told me there was some sort of meeting this past Monday afternoon to finalize the plans to fix college from Rock to Maple. Does anyone know what that meeting was and whether or not this project has the go-ahead?

M

I believe I do remember hearing that they were going to work on College Ave. First they were going to try to work on that intersection around College and Archibald Yell. Then they were going to do some aesthetic improvements along College in that area. A while back ago I believe the Arts Council even said something about wanting to focus on that area and perhaps get some public art around there as well. I remember posting something about it. I may have put it in the Fayetteville topic. But I'm not sure how far back it was.

[cocothief]

Lots of work going on at the old Malco Razorback site on College Avenue.

It looks like the owner is gutting the building and putting up new drywall.

I have heard that a lease is in the works for part of the building, somewhere around 10,000 SF.

Anyone heard anything new on this?

[Mith242]

Lots of work going on at the old Malco Razorback site on College Avenue.

It looks like the owner is gutting the building and putting up new drywall.

I have heard that a lease is in the works for part of the building, somewhere around 10,000 SF.

Anyone heard anything new on this?

I haven't. Guess I haven't driven by it recently because I didn't even know any work was being done on it.

[cocothief]

Some serious facade work taking place at the old Malco Razorback on North College Avenue now.

Prior work was all interior, floor leveling, partitioning. Now, it appears they are going to make some kind of false facade.

I have to believe there was a permit for all of this, so anybody in the know know whats supposed to go there?

I'm hoping for a gym and office space........ I'll be surrounding my yard with boxwood if its a danged nightclub.

[cocothief]

I just swung by the old Razorback and the construction worker there showed me the renderings posted on the exterior. Seems they are redoing the entire building in real brick. They were digging a trench for the footing. Also, the redone building will have windows facing College Avenue and what looked like retail storefronts facing the parking lot.

Overall, I'd prefer something bigger be done with this parcel, but the renderings make the re-do look awfully nice. It'll really dress up that section of College when done.

[Mith242]

Thanks for the update.

[zman9810]

If they are putting that much money into it hopefully they will do something with the parking lot- that large expanse of asphlat could use some landscaping.

[mzweig]

Anyone hear anything about the fate of the Lin's Kitchen/Gonzales spot on N. College? I have seen a lot of contractor pick-ups and guys staring at the fire damage in the last month or so and was curious.

Thanks!

M

[strmchsr77]

Anyone hear anything about the fate of the Lin's Kitchen/Gonzales spot on N. College? I have seen a lot of contractor pick-ups and guys staring at the fire damage in the last month or so and was curious.

Thanks!

M

There might be something starting again. It is kind of undercontract again but who knows if it will go through. It just was not cost effective last time so that did not work. Hopefully this one does. I know that you are looking forward to getting something going since you are in the neighborhood. You should switch from redoing houses and try some commercial...