Construction of the shopping center is expected to cost about $1.4 million. Ramsay Ball is managing member of the LLC. The company bought the land March 11 for $800,000 from Centerview LLC. The 75-acre Scottsdale Center contains about 80 percent retail and restaurants and 20 percent office space. The Times Square and Scottsdale commercial centers are within a block. The center is surrounded by commercial development. Two hotels, including a 155-room Hampton Inn that is directly across Walnut Street from the shopping center, are under construction in the area. The combined value of commercial property within one-half mile of the intersection is about $33.9 million.Ĭonstruction has been heavy along the intersection. Highway 71 bypass by the Northwest Arkansas Business Journal showed the intersection to be the third-most valuable along the highway and the most valuable in Benton County.
“The traffic count is very heavy.”Ī recent survey of property values along the U.S. “This is one of the best and fastest growing locations in Northwest Arkansas,” O’Dell says. However, the investors haven’t secured the franchise rights to the restaurant, yet. The owners have been negotiating with several major restaurant chains that are interested in the land, he says.Ī group of local investors have leased 5,000 SF in the center and plan to open a national chain restaurant. One acre at the front of the center will be sold, O’Dell says. Wallpaper Plus and Alexandria’s Accents plan to occupy three adjoining spaces in the center and provide a complete line of upscale furnishings, antiques and interior decorating items, O’Dell says. Tenants who have either signed leases or intend to sign leases include G & L Window Co., Le’s Oriental Products and Video, Wallpaper Plus, Alexandria’s Accents and a bookstore. Werts also is working as general contractor on the project.Ībout one-third of the center is leased already, says O’Dell who also is an agent with Harris McHaney Shearin Realtors in Rogers. of Rogers, a partnership of Gregory Peck, Richard Werts and Ronald O’Dell. The $2.2 million project is being built on five acres at the intersection of Walnut and 45th streets by P.O.W. Work began on The Kingston Center II in March. By the end of September, Rogers will have another 43,000 SF of retail space with as many as 25 new businesses.
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