Company buys 90 acres in west LR for 140-house development
Layman Lane, a limited liability company, bought about 90 acres near Pride Valley Road in Little Rock for $2.2 million last month for a housing development with about 140 upscale homes.
The development, called Copper Run, will be built by Graham Smith Construction.
Layman Lane is led by Graham Smith, a homebuilder and developer. Scott Hurley, broker with Arkansas Land and Realty, is a partner with Smith on the project, along with several other investors.
Homes in the subdivision likely will be priced from about $250,000 to $400,000, Hurley said.
Work on sewer easements has begun, and it should take nine months before development begins, Hurley said. Nothing has been finalized about what amenities will be included in the development, Hurley said.
It could take nine years before the development is full, based on building about 15 homes a year, Hurley said.
The investors chose the location for the subdivision “because it is west Little Rock, because the numbers worked and because most of the utilities were already there,” Hurley said.
The development is near the Promenade at Chenal shopping center, and a Kroger grocery store on Chenal Valley is about a mile away as the crow flies, Hurley said.
The seller was the Glenda C. Pehrson Family Limited Partnership.
A one-story, single-family home of 1,250 square feet sits on the property. The home was built in 1985.
The property was left to Pehrson’s three daughters after she died, and none of them live in Little Rock, Hurley said.
“I think they realized [none of them] were going to move back home, and the property is in the path of growth,” Hurley said.
Johnny Mitchum of Keller Williams Realty was the listing agent for the Pehrson family.
Smith’s construction company is also building a smaller housing development known as Piper Lane in the Pride Valley area. Ground has been broken on that development, which will have about 100 fewer homes