New Downtown Developments Announced in Springdale, AR
New Springdale Bank and Multi-Use building redevelopment announced
Springdale, AR (June 16, 2022) — Moses Tucker Partners today announced the sale and pending reimagination of the First Security Bank complex at 100 W. Emma Ave in downtown Springdale.
The Emma Building Group has said plans for a new downtown multi-use building include residential, retail, restaurant, and office use. Currently the property consists of the 30,000 square foot First Security Bank building, 5,000 square foot Bank Annex and 11,000 square foot Barrack Building fronting Turnbow Creek.
“Turnbow Creek and Shiloh Square have become the city square in Springdale. The new development will enhance the interaction of the buildings with the public space” according to Tom Lundstrum, a partner in Shiloh Capital.
Occupancy is expected in late 2022 and pre-leasing has already begun. Cromwell Architects has leased 5,000 square feet of office space on the 2nd floor and will be the first tenant in the building as well as the architects on the project. “This is an exciting adaptive re-use project in an iconic mid-century modern building. It's significant in terms of growth and community development for downtown Springdale and for us as well, with enough space to more than double the size of our office from 9 to 20 employees”, said Josh Danish, Regional Director NWA, Cromwell Architects.
Paul Esterer, Principal & Managing Director, Zack Kifer, Principal and Vice President of Brokerage and Jeff Snyder, Brokerage Director and Designated Executive Broker with Moses Tucker Partners represented the Buyer and Seller in the transaction and will serve as Property Management and Leasing Firm for the Property.
“We look to continue the success of Moses Tucker Partners as a commercial real estate advisor and leader in revitalizing downtowns throughout the state of Arkansas” said Zack Kifer, Principal and Vice President of Brokerage, Moses Tucker Partners.
The Emma Building Group is a team of investors with ties to the local area and Springdale specifically. Current downtown Springdale properties are “Little Emma” apartments and the “Fuels & Supplies” building. Both are fully leased. “Big Emma” apartment development is scheduled to open in late 2023 at the intersection of Emma and Park with balconied views of the newly renovated Luther George Park.
Shiloh Capital, LLC is a private investment firm, based on Emma Avenue in Springdale, specializing in the design, implementation and conforming operation of Qualified Opportunity Zone (QOZ) enterprises and investments.
“These are exciting times in Springdale”, says Don Harris, a partner in Shiloh Capital and investor in the Emma Building Group. The Emma Building Group team continues to be bullish on the future of downtown Springdale. Our current properties, including Little Emma apartments and the Fuels & Supplies Building have received strong interest from residential and commercial tenants. Later this year we hope to begin work on a second multifamily development on the South side of Emma Avenue near Luther George Park. Being part of the team renovating a reimagined First Security Bank property in its location adjacent to Turnbow Park is another positive step forward downtown”.
First Security plans to renovate the remaining building located at 110 and 112 W Emma into a new downtown branch. The new Downtown Springdale branch will not only allow First Security Bank to better serve customers, but also make way for even more progress in Downtown. “We have been fortunate to see growth and progress in Downtown Springdale in recent months,” Adam Rutledge, NWA Market Leader for First Security Bank said. We want to continue to do our part.”
First Security began helping with the improvement in Downtown Springdale by turning the old buildings behind the branch into retail space. Phat Tire Bike Shop, Engel & Völkers, and Con Quesos currently occupy the spaces.
According to Rutledge, seeing the bank’s long-term vision of associating with the right partner to invest in the Downtown Building took time to come to fruition but was worth the wait. “I have no doubt that Springdale and its residents will benefit”.
SCM Architects are the architects on the project and construction of the new branch building is expected to be completed by third quarter 2023.
CR Crawford Construction is the construction company for both projects.
ABOUT MOSES TUCKER PARTNERS
Moses Tucker Partners is a full-service commercial, property management and development real estate operation, offering services including, but not limited to, tenant representation, landlord representation, real estate and economic consulting services, investment sales and capital markets, property and facilities management.
Moses Tucker Partners offers a full spectrum of real estate services for clients throughout Arkansas. The firm’s headquarters is in downtown Little Rock, with offices in Bentonville. Moses Tucker Partners is the second largest commercial brokerage and management firm in the state, with 8.2 million square feet of commercial space under management in Arkansas and approximately 100 employees among two offices.
ABOUT FIRST SECURITY BANCORP First Security Bank was chartered to do business in the State of Arkansas in 1932. Based in Searcy, Ark., the privately held First Security Bancorp has the most complete and diverse product offering of any Arkansas-based financial services holding company. First Security Bank is a state member of the Federal Reserve system and the fifth largest state-chartered bank in Arkansas. Proud to be financially strong supported by the strength of more than $1.4 billion in total capital and over $8.5 billion in assets, First Security Bancorp has the ability to meet financing needs from $1 to $100 million – right here in Arkansas. Our local network of 78 community banking centers, 95 ATMs and over 1,000 employees across the state offer solutions for the financial needs of individuals, businesses and the public sector. First Security Bank is a place where commitment, experience, education and community service combine to create a customer-oriented banking institution that is second to none.
At First Security Bank, our customers receive all the benefits of a local bank that’s based in Arkansas with the strength and service of a large – yet private – financial services holding company. First Security Bancorp subsidiaries include both First Security Bank and Crews and Associates. With First Security Bank and Crews and Associates, we can offer a wide range of banking services including trust, wealth management and mortgage, as well as investment banking and public financing.
Equal Housing Lender. Member FDIC. Investment products offered are: Not a deposit, not FDIC insured, may lose value, not guaranteed by the bank, not insured by any federal government agency.