Apartments set for NLR riverfront
Selling a piece of riverfront property for $2.6 million two years ago paid off for the city of North Little Rock on Friday.
The 5.6-acre tract — just west of the Broadway bridge — will be the site of a $35.6 million upscale apartment development, its backers announced.
Known as The Vue, the 244-unit complex is a joint venture between developers TerraForma and Newmark Moses Tucker Partners, which said the gated development will feature a “resortstyle” swimming pool, fitness center, clubhouse with kitchen, billiard tables and golf simulator as well as covered parking and some garages.
The development is close to the Arkansas River Trail, Dickey-Stephens Park and the Argenta entertainment district.
“It is our vision to give residents of The Vue a unique position to experience the heart of downtown living unmatched by any other property in the region,” said Chris Moses, Newmark’s chief executive officer.
Mayor Joe Smith called the development an “incredible addition” to the downtown area.
“This is just the sort of project that fits with our focus of making North Little Rock attractive to the next generation who want to walk to the places they live, work and play,” he said.
The project is the first for both TerraForma and Newmark Moses Tucker on the north side of the river. Newmark Moses Tucker, in particular, has focused on downtown Little Rock, where it has been involved with more than $300 million worth of projects, including almost a doz
en multifamily developments and mixed-use condominium towers.
At the time of the purchase, the site for The Vue served as the staging area for the contractor that built the new Broadway bridge.
The $98.6 million project was completed in 2017.
It took some time for TerraForma to figure out the best use for the vacant site, with some early discussion of a development that included a hotel, condominiums, offices, restaurants and shops before settling on the apartment concept.
“We knew the property, with its close proximity to downtown Argenta and downtown Little Rock, would be a great apartment location,” said Dave Bruning, a TerraForma partner.
“Being adjacent to the Arkansas River Bike Trail is also particularly unique and adds to the location.”
The announcement continues a string of developments for the north bank of the river.
Other projects include Rockwater Village, just upriver from the apartment development, as well as the $10 million First Orion headquarters northeast of the site and the $6 million Argenta Plaza at Fifth and Main streets.