Fort Chaffee sees strong growth in annual report
FORT SMITH — Fort Chaffee continued to make improvements to the River Valley in 2022, with Executive Director and CEO Daniel Mann saying the Fort Chaffee Redevelopment Authority is the strongest it’s been in its 25-year history.
“Success with Chaffee Crossing boundaries continues to exceed expectations,” Mann said in the authority’s annual report, released at the end of January. “Looking back over the past quarter century, we can confidently say FCRA has been committed to building successful public-private partnerships every single day, and we have worked diligently to maximize the investment of those proceeds for public benefit.”
In 1995, the U.S. Department of Defense’s Base Realignment and Closure Commission recommended closing Fort Chaffee, an Army base opened in 1941. After the closing, the government opted to lease 65,000 acres to the Arkansas Army National Guard for training. The remaining 7,000 acres were turned over to the community for redevelopment.
The Arkansas Legislature formed the Fort Chaffee Redevelopment Authority in 1997 to oversee development of the land. The authority uses revenue generated from land sales to reinvest in infrastructure and public use amenities, and has also reduced land prices or conveyed property at no cost to expedite and enhance development for public benefit.
The report stated Chaffee Crossing has attracted an estimated $2.4 billion in projected capital investments since 1997, leading to the creation of 3,602 jobs with future projections at 4,571 or an 18.5% increase. The largest percentage of these jobs created are industrial at 37%, residential at 34% and commercial and government both at 8%.
According to data provided by the Sebastian County Assessor’s Office, Chaffee Crossing tax collection since 2011 has added $25.9 million to state, county and municipal funding for roads, public utilities, emergency services and public amenities. Personal property taxes for 2021 and 2022 exceed $60 million, with total personal property taxes since 2011 exceeding $100 million.
The report noted Chaffee Crossing had fewer acres sold in 2022 than in prior years, with over 1,000 acres still available.
GROUNDBREAKING
One of the first groundbreakings in the new year was for a multifamily residential property called The Prairie at Chaffee Crossing. It will offer studio, one-bedroom and two-bedroom
apartments at 1800 Frontier Road in Barling, adjacent to the new Arkansas 255 corridor under construction and across the street from the Arkansas Colleges of Health Education.
The 180-unit complex will have one- and two-bath combinations, and amenities included in phase one of the 14-acre development will include an on-site office, a clubhouse, fitness center, swimming pool and dog park. Griffin Construction of Fort Smith is the contractor, and Ghan & Cooper Multifamily will manage the property.
Jana Mundy, vice president of property management for Griffin Properties of Fort Smith, said phase one is expected to be open in the spring of 2024.
Ghan & Cooper owner Rodney Ghan echoed the sentiment, noting the project’s proximity to other area developments.
“When we bought the property in 2015, we felt sure it would be a good investment because people would want to be near the growth in Chaffee Crossing,” Ghan said. “With all the new businesses, educational opportunities and amenities now in place, it will be even more appealing. This will be a wonderful place to live, and it will only get better with time.”
Mann said there are 42 residential neighborhoods of all types in Chaffee Crossing, with multifamily housing options accounting for 4,200 or 62%.
“So from a multifamily standpoint that’s an increase of about 9% since 2021,” Mann said. “So what we’re starting to see from the development from a residential standpoint is higher density development. I think that’s very attractive for young professionals coming into our market, new families through the Foreign Military Sales Pilot Training Center as well as students and faculty for the Colleges of Health Education.”
The Arkansas Colleges of Health Education had several advances in 2022 as well, including launching an occupational therapy degree program in January, graduating the second class of 150 physicians from the Arkansas College of Osteopathic Medicine in May, completing the 8-acre Celebration Garden and Wellness Park and starting construction on several on-campus student housing units.
The authority gave 68 acres to the campus for recreational amenities that will include a trail connecting the Celebration Garden and Wellness Park with the overall Chaffee Crossing trail system and historic and entertainment district, the report said.
The historic and entertainment district saw a flurry of activity with The Barracks at Chaffee project, a $30 million renovation of 32 former military buildings for multiple uses. Plans include over 100 residential units including apartments and Airbnbs, several restaurants and breweries and over 30 retail and commercial spaces.
ROAD DEVELOPMENTS
Chaffee Crossing is also about to see two major road developments including the new section of Interstate 49 connecting it to Interstate 40 at Alma and the widening and expansion of Arkansas 255.
The Arkansas Good Roads Foundation, the authority and the Arkansas Department of Transportation co-hosted a meeting in the summer to inform the Arkansas State Highway Commission about the economic impact the extension of I-49 will have.
The new section of I-49 will be built in phases and is expected to be four lanes and nearly 14 miles long, costing an estimated $800 million, according to the Department of Transportation. A new 7,800-foot bridge over the Arkansas River is priced at $250 million.
Lorie Tudor, director of the Transportation Department, said at the meeting the department has $10 million set aside for the project. She said the river bridge is the first phase of construction and will begin in 2024. The entire project is expected to be completed by 2030.
Joe Quinn, executive director of the Arkansas Good Roads Foundation, said Fort Smith has a unique confluence of rail, river, interstate and air travel, and the highway expansion would put the city in the heart of the American supply chain. The covid-19 pandemic was a reminder of how important that supply chain and the immediacy of goods are, he said.
Curt Green, I-49 coalition president and foundation executive board member, said without the expansion, truck drivers currently travel from New Orleans to Kansas City by traveling east through Tennessee or west through Texas and Oklahoma.
“So western Arkansas is not benefiting hardly anything, because U.S. 71 is such a bad highway that truckers just don’t want to get on it,” Green said. “Even though there’s a lot of trucks on it, compared to what it could be, it’s very small.”
Mann said the authority’s team, along with critical partners, legislators, community leaders and developers, had maintained a consistent level of momentum despite difficult economic conditions.
“We have accomplished a great deal together, but our work is not finished,” he said. “As we turn to 2023, there is no doubt that great things are in store. We are attracting the attention of investors from outside the immediate market and realizing all-time high property values. The foundation we have built will certainly have a positive impact on the health of the entire Western Arkansas region and result in economic growth for many generations to come.”