$1.1M NLR lot sale to builder OK’d

A Conway-based developer agreed to buy a North Little Rock-owned parking lot for $1.1 million with plans to build a mixed-use development with retail stores, condos, apartments and offices.

The North Little Rock City Council approved the sale at a meeting Monday night, with the close of the sale coming at a later date.

The city hopes that the parking lot, located at 200 E. 2nd St., will become a linchpin that will revitalize the part of downtown around Simmons Bank Arena, east of Main Street.

The vote comes two weeks after the city council balked at the proposal on concerns that the developer’s plans for the lot were not detailed enough. At the council’s last meeting on July 11, council members asked developer Greg Nabholz, for more details, including a potential mock-up of the plan.

“I don’t see any proof of concept,” Council member Ron Harris told Nabholz during the July 11 meeting. “Show me something that I can kind of sink my teeth into and show to my citizens.”

At Monday night’s meeting, Nabholz presented a digital mock-up of his proposal: a six-story and three-story building that could be home to condos, loft apartments and offices with retail space on the ground floor. A promenade will divide the two buildings. Nabholz said the digital mock-up was not the final design but more of a conceptual idea for the property.

“Whether it’s condos or loft apartments or you could have office space on the second-floor — everything is going to be designed for maximum flexibility.”

Members had previous concerns about whether the developer would start construction or instead sit on the property.

“If we sell it, I want a plan and something to start. I don’t want a maybe,” Mayor Terry Hartwick said at the July 11 meeting. “Everybody on this council says sell it and develop it, but don’t sell it and sit on it.”

The contract gives Nabholz Properties, of Conway, until July 15, 2023, or five months after permits are approved, to start construction. The development also must be at least 25% completed within two years of closing; otherwise, the city has the option to purchase it back.

The parking lot sits in a part of downtown — between East Broadway and Riverfront Drive — that city officials are looking to develop. The lot serves as parking spaces for city employees and for Simmons Bank Arena.

Nabholz mentioned that building a hotel with a large conference room on the site is a possibility, something city officials have wanted for years. The city will also look to sell off the City Services building located at 120 Main St. and the former Greyhound bus station, which will soon be demolished.