LR Tech Park board debt-free as work restarts on 2nd phase

The Little Rock Technology Park board resumes work on the second phase of its development this week unencumbered by debt for the first time.

The tech park’s first phase, completed in 2017, included the renovation of two historic buildings in the 400 block of Main Street to serve as an office space hub for tech-focused entrepreneurs, start-up companies and other innovative enterprises.

The debt was formally paid off Jan. 12, park Executive Director Brent Birch said. The original loan amount was $9.6 million and was due Jan. 31, he said. The park paid off a $5.4 million loan in 2019.

“The success of the Little Rock Tech Park underscores the growth we’ve seen over the last few years in Little Rock not just of jobs, but of businesses,” Little Rock Mayor Frank Scott Jr. said in a statement marking the milestone. “Whether entrepreneurship, innovation or side hustle, we’ve seen remarkable resiliency of individuals finding their place in the market, and the Tech Park has been a supportive part of

The park was made possible through a three-eighths cent capital sales tax voters approved in September 2011. It provided approximately $20 million for the park’s development. The tax receipts allowed the park to borrow the funds necessary to complete Phase I.

that growth.”

The park was made possible through a three-eighths cent capital sales tax voters approved in September 2011. It provided approximately $20 million for the park’s development. The tax receipts allowed the park to borrow the funds necessary to complete Phase I.

“This important milestone realizes our original vision to be debt-free by the sunset of the 2011 sales tax in December of 2021,” John Burgess, the park’s board chairman, said in a news release.

Former board member Jay Chesshir, president and chief executive officer of the Little Rock Regional Chamber of Commerce, said “being debtfree positions the Park to consider expansion opportunities and continue its growth as a destination for innovators and entrepreneurs who want to transform ideas into successful companies from the heart of Central Arkansas.”

Following a dip in occupancy early in the covid-19 pandemic, the Little Rock Technology Park is nearly filled.

The board has been discussing expansion since 2019. It nixed a $26 million proposal to build a five-story addition as too costly and lately has focused on renovating space it owns, now leased by a state agency. The board is scheduled to meet Wednesday.

The tech park is sponsored by the city, the University of Arkansas for Medical Sciences and the University of Arkansas at Little Rock.