Momentum Jonesboro, the economic development fundraising plan targeting job growth in northeast Arkansas, is on pace to reach its $3.7 million goal in May, as officials hoped.

But the city isn't waiting on the final tally to begin work.

Designed to create 2,500 jobs that pay $42,000 or more a year — with the related economic benefits that entails — Momentum Jonesboro is a five-year plan that has already secured $2.2 million in private capital from 31 different companies.

"The business sector that is participating in Momentum Jonesboro I think is excited about the plan," said Mark Young, president and CEO of the Jonesboro Regional Chamber of Commerce. "It is taking our existing efforts to a new level and we're excited about what the future holds."

The fundraising initiative, devised by the private partnership development organization Jonesboro Unlimited, is focusing on three primary areas: marketing and staff to court selected industries, workforce development and improving Jonesboro's quality of life standards.

Young said efforts are already underway on all fronts, including workforce development, which is targeting five industries based on existing talent, resources, economic factors and past relationships.

Those industries, Young said, are agriculture business, advanced manufacturing (which includes food processing, equipment manufacturing and pharmaceuticals), logistics, health care and professional services.

"We've started the implementation process of the strategic plan," Young said. "And so … as part of that, we have just recently launched a new web site that was part of that strategic plan. In addition to that we have task forces that are working in each of those areas I've mentioned before."

Workforce development, Young said, will focus primarily on education and the strategy ranges from pre-K schools up to Arkansas State University plus local trade and technical schools like ASU-Newport, which has a campus in Jonesboro. The Momentum Jonesboro task force, for example, is delving into a plan that would chart a student's advancement in the field of information technology from eighth grade through college graduation.

"Part of it is looking at the skills we need in those targeted industries, part of it is ensuring we have the talented workforce to succeed today, three years from now, five years from now and 10 years from now," Young said.

Young noted that northeast Arkansas has always been a strong region for agriculture in the state, while the city's utility price structure has traditionally lent itself to manufacturing and food processing. The designation of Interstate 555 and improvements to local roads and highways set the table for success with logistics and distribution firms, Young said, while professional services like information technology, engineering and accounting are ripe targets in today's economy.

Pharmaceutical manufacturing is less established in the northeast Arkansas region, but health care plays a large role. St. Bernards Healthcare — of which Momentum Jonesboro General Chair Chris Barber is CEO — is the city's largest employer with more than 2,800 workers.

Additionally, Young said, Arkansas State has partnered with the New York Institute of Technology to implement a doctoral program in osteopathic medicine, giving ASU its first medical school.

"If you look at the assets our community already enjoys, we serve as a health care hub for the region," Young said.

While Jonesboro's unemployment rate of 2.8 percent (U.S. Bureau of Labor) is well below the national average of 4.7 percent, 2015 U.S. Census Bureau data shows the median household income was $41,688, 25 percent below the national average (and also below the state average). More than 23.7 percent of Jonesboro residents were at or below the federal poverty line.

Such performance figures helped provide the impetus and goals for momentum Jonesboro, Young said.

"If you look at the average wage in Craighead County it's roughly, approximately that, so everything we want to focus our attention on is above that," Young said.

"If you look at the targeted industries that we have, each of those areas that we are targeting and being very intentional about pay above that particular threshold."

December unemployment was down in Arkansas from a year ago, according to Bureau of Labor Department figures released Wednesday.

The bureau reported overall unemployment in Arkansas at 3.8 percent, down from 4.6 percent a year ago but up from the 3.5 percent recorded in November.

Overall unemployment rates were down in 236 of the nation's 387 metropolitan statistical areas, higher in 111 and unchanged in 40.

Unemployment dropped in each of Arkansas' six metropolitan areas from December 2015. Fayetteville-Springdale-Rogers showed a decrease from 3.2 percent to 2.7 percent, and in nearby Fort Smith, the rate dropped from 5.1 percent to 4.3 percent.

There were 27 MSAs in the United States with unemployment below 3 percent, and five had rates of 10 percent or more. Other than Fayetteville-Springdale-Rogers, none of Arkansas' other areas were below 3 percent, but all but one of the state's MSAs were below the 4.5 national average (not seasonally adjusted), which was down from the 4.8 percent recorded in December 2015. 

December unemployment in the Hot Springs MSA dropped from 5.1 percent in 2015 to 4.3 percent; the Jonesboro MSA fell from 4.1 percent to 3.2 percent, and the Little Rock-North Little Rock-Conway MSA dropped from 4.0 percent to 3.3 percent. 

Only the Pine Bluff MSA unemployment rate was above the national December average, but it was also down from November, dropping from 6.3 percent to 5.2 percent. 

The rate in the Texarkana MSA rose slightly from 4.5 percent to 4.6 percent, while Memphis dropped from 6.1 percent to 5.3 percent.

There were 192 areas with a jobless rate below the average of 4.5 percent while 186 had rates that were higher and nine had rates equal to the national average. 

The lowest unemployment percentages in the nation were found in Ames, Iowa, and Burlington, Vermont. Both were at 2.1 percent.

The highest unemployment percentages were found in El Centro, California, (18.8 percent) and in Yuma, Arizona (15.3 percent).

Tommy Keet, president of JTJ Juice Bars LLC, is bringing a new sandwich concept to Little Rock.

Keet has paired Paninis & Company with his existing I Love Juice Bar location to provide fresh sandwiches and salads with house-made dressings for customers dining in or taking out.

Located within I Love Juice Bar in the Midtowne Shopping Center, Keet has partnered with Boar's Head meats and cheeses to offer that company's products. Paninis & Company will also offer vegan, vegetarian and gluten free options.

The I Love Juice Bar franchise was founded in 2013 by husband-­and-­wife team Vui and John Hunt in Nashville. In four years, the franchise has grown to include locations in 16 states. Keet's Little Rock location is the only I love Juice Bar franchise in the state.

Paninis & Company's menu includes three starter options, seven sandwiches and two salads, according to its website. Customers can also create their own sandwich from a variety of different toppings and breads. The restaurant is open Mon.-Fri. from 10 a.m. to 7 p.m., Sat. from 10:30 a.m. to 6:30 p.m. and closed Sun.

Airbnb announced Monday that it will begin to collect and remit taxes in Arkansas on behalf of the company's hosts and guests. 

Under the agreement, the online room and vacation home rental service will collect and pay taxes to Arkansas for short-term lodging at residential properties.

Collection of the 6.5 percent Arkansas Gross Receipts Tax, the 2 percent Arkansas Tourism Tax and the local Sales & Use Tax began Wednesday. Guests will be charged the appropriate taxes, the company said.

"Our community of hosts want to pay their fair share and we want to help ... Agreements like this one allow communities to rightfully benefit from the economic impact of home sharing while also making it easier for Airbnb hosts, ­the vast majority of whom are middle class people sharing their own home, to comply with local tax laws," the company said in a news release.

Airbnb said Arkansas hosts earned $4 million in 2016 and the typical host earns $3,800 a year.

The number of guests traveling to the state using Airbnb is also growing, the company said. In 2016, there were 34,000 inbound guest arrivals in Arkansas using Airbnb, a 249 percent increase over 2015.

Montine McNulty, executive director of the Arkansas Hospitality Association, said the agreement is a step in the right direction. She said it helps level the playing field and the service gives consumers more options.

McNulty also said cities that charge an advertising and promotion tax need to get together to make sure Airbnb is also paying that, as well as complying with all other applicable regulations. 

The company said it is collecting and remitting hotel taxes on behalf of hosts and guests in more than 220 locations worldwide. 

Terraforma LLC of Maumelle announced Friday that it has purchased, through Smarthouse Way LLC, 5.6 acres along the Arkansas River at the foot of the under-contruction Broadway Bridge from the city of North Little Rock for $2.6 million.

The company plans to use the land for a mixed-use entertainment district, which could include a hotel, offices, condos and restaurants along a boardwalk facing the Arkansas River, according to Doug Meyer, Terraforma's managing member.

Taggart Architects Inc. of North Little Rock has produced an initial design.

Meyer said views from the property of the Little Rock skyline are "amazing." He said the Broadway Bridge will be a "one-of-a-kind landmark" that adds to the overall effect.

Meyer said the next step for Terraforma is to market the property, listed with Newmark Grubb Arkansas of North Little Rock, to an anchor tenant seeking a building that will bear its name. He said there isn't a set timeline for development.

Meyer said the real estate development firm is taking its time to avoid any mistakes, working closely with the North Little Rock mayor and his assistant to make sure that, whatever is done with the property, it gets the city's seal of approval. He's heard that money from the sale may go toward the Argenta Plaza project. 

"We're wanting to put together just the right deal … We're looking at it from the perspective of what's best for the overall site," Meyer said. "We kind of want to have a 24/7-type feel to it."

He added that two parties have expressed interest in being tenants but declined to disclose their names. 

Todd Larson, executive director of the North Little Rock Economic Development Corporation, said Terraforma has a "fantastic plan" for the property. 

"Our city government and the Economic Development Corporation look forward to helping make this vision a reality," he said.

The site, currently identified as the Argenta Waterfront District, was also a Brownfields site, which means it was remediated and given a clean bill of health, Meyer said. The firm bought out the contract between the city and the Brownfields program. Meyer said the property is not in a floodplain and is ready to be marketed and developed.

Terraforma also owns 300 and 301 Main St. in Little Rock. The company renovated 300 Main for its tenant, marketing firm CJRW.

Meyer said Terraforma has gravitated toward downtown revitalization. Meyer serves on the Metrocentre District and Downtown Little Rock Partnership boards, and his wife owns Bennett's Military Supply in downtown Little Rock.

J. Fletcher Hanson III, principal and executive managing member of Newmark Grubb, said the company is "excited to align with Terraforma" as the project's listing and advisory firm.

Melanie Blacklock, Stephen Lane and Michael McGrew of Clark Contractors in Little Rock have been certified as LEED-accredited professionals by the U.S. Green Building Council.

Blacklock works as a building information manager, Lane is a senior project manager, and McGrew is the chief development officer and project manager.

Kathy Beaston has been hired as the chief financial officer of Moses Tucker Real Estate in Little Rock. She was once the director of financial operations at the Bill, Hillary & Chelsea Clinton Foundation.

Kathy Thompson, Deborah Eason, Emily Burke and Cheryl McFalls have joined Colliers International in Little Rock.

Thompson is now property manager at One Financial Center. She has 26 years of property management experience in the banking industry, most recently at Arvest Bank.

Eason has joined the accounting department as an accounts payable and accounts receivable clerk. Burke is now an assistant property manager. She was previously an assistant project manager for Doyne Construction.

McFalls has been hired as lease administrator. She previously was an office manager at Arkansas Urology.

See more of this week's Movers & Shakers, and submit your own announcement at ArkansasBusiness.com/Movers.

The sale of a 60-unit assisted living project in Maumelle weighed in at $7.15 million.

CHG Senior Living RE Stonehaven LLC, an affiliate of Cornerstone Healthcare Group of Dallas, purchased Stonehaven Assisted Living at 101 Olympia Drive.

The seller is Stonehaven Assisted Living LLC, led by James Thomas. The deal is financed with a $5.2 million loan from First Security Bank of Searcy.

The 7.59-acre development previously was tied to a July 2005 mortgage of $4.3 million held by Farmers Bank & Trust of Camden.

Stonehaven Assisted Living acquired the site for $500,000 more than 11 years ago from Osborne Development Ltd., led by Cindy Bixler.

Trampoline Transaction
The future site of an extreme aerial sports facility in west Little Rock tipped the scales at $1.87 million.

CT BTS LLC, an affiliate of The McLain Group of Fort Smith, bought five acres at the southeast corner of Col. Glenn and Talley roads.

The sellers are Virginia Fleming Unser and Ginger Owens. Construction of the 3rd Realm project for CircusTrix is backed with an 18-month loan of $3.9 million from Chambers Bank of Danville.

The property was assembled in two intrafamily transactions with Emily Ann Fleming Dickinson, $2,000 in November 1974, and $18,000 in December 1978.

Best Value Deal
A 53-room motel in northwest Pulaski County changed hands in a $1.48 million deal.

Shanti Sai LLC, led by Harshadbhai Patel, acquired the America’s Best Value Inn at 14325 Frontier Drive.

The seller is Parkway Motel Inc., led by Kantilal Patel. The deal is funded with a $753,564 loan from Centennial Bank of Conway.

The 2.01-acre development previously was linked with a December 2011 mortgage of $645,082 held by First State Bank of Warren and a January 2010 loan of $595,000 from the U.S. Small Business Administration.

The location was bought for $280,000 in July 1998 from Ansuya Patel.

Momi Purchase
A vacant Wendy’s in Little Rock rang up a $651,000 sale.

Momi Investment LLC, led by Avtar Momi, purchased the 2,960-SF fast-food facility at 7312 Cantrell Road.

The seller is Cantrell Road Partners LLC, led by Stuart Hankins and Frank Fletcher. The deal is financed with an eight-year loan of $621,000 from Merchants & Farmers Bank of Dumas.

The 0.47-acre development was acquired in three deals totaling $130,000.

The sellers were Louise Keaton Trust No. 1 and Oscar and Dorothy Kochtitzky, $35,000 each in August 1977; and Walthour-Flake Co., led by Dickson Flake, $60,000 in August 1978.

Village Acquisition
A 42-unit condominium project in southwest Little Rock is under new ownership after a $600,000 deal. Quail Redevelopment LLC of Addison, Texas, bought Dreher Village at 8601 Dreher Lane from City National Bank of Los Angeles.

City National recovered the development at a $550,000 foreclosure sale in April 2015 from Little Rock Group LLC, led by Steven St. Clair.

The property previously was tied to a September 2007 mortgage of $1 million held by Imperial Capital Bank of La Jolla, California, and a January 2010 mortgage of $1.7 million held by Southwest Bank of Tustin, California.

Salute Sale
A 3,136-SF liquor store in west Little Rock drew a $470,000 transaction.

TaytayJack LLC, led by Paul Bowersock, acquired Salute Fine Wines & Spirits at 10700 W. Markham St. The seller is Gray-Van Inc., led by Larry Grayson.

The 0.36-acre development previously was linked with a November 2014 mortgage of $414,131 held by Arvest Bank of Fayetteville.

Gray-Van bought the project for $625,000 in April 2005 from Lunar Management Co., led by Martha Morrow.

Home Instead
A 3,462-SF office building in downtown Little Rock sold for $450,000.

Skills For 21st Century LLC, led by Matt McClure, purchased the 909 Cumberland St. project to house his Home Instead Senior Care offices. The seller is Little Rock Historic Properties LLC, led by Mark Brown and Jill Judy.

The deal is backed with a five-year loan of $455,000 from Stone Bank of Mountain View.

The 0.23-acre development previously was tied to a February 2014 mortgage of $178,400 held by Central Bank of Little Rock.

The property was acquired for $42,000 in October 2013 from Karan and David Hearn.

Dental Development
A 1,658-SF clinic in the Heights area of Little Rock changed hands in a $400,000 deal.

HDC Holdings LLC, led by Christopher Houk, bought the Heights Dental Clinic at 1919 N. Fillmore St. The seller is K Smith LLC, led by Kathleen Smith.

The deal is funded with a 10-year loan of $400,000 from Simmons Bank of Pine Bluff.

The 0.09-acre development was purchased for $150,000 in January 2005 from Don Downs.

Maumelle Parcel
A 0.52-acre commercial site in Maumelle rang up a $265,000 sale.

Prachi Investment Inc., led by Dipesh Patel, acquired the property near the northwest corner of Maumelle Boulevard and Town Centre Drive. The seller is Sears Construction Development & Leasing LLC, led by Todd Sears.

The deal is backed with a one-year loan of $198,750 from Arvest Bank. The property previously secured a June 2013 mortgage of $215,000 held by First Security Bank.

The land was bought for $227,000 in December 2007 from Bob Fewell.

Office Buy
A 2,349-SF office building in downtown Little Rock is under new ownership after a $260,000 deal.

807 West Third Street LLC, led by Pat James and Matthew House, purchased its namesake project from David and Linda Hargis.

The deal is funded with a 15-year loan of $260,000 from BancorpSouth Bank of Tupelo, Mississippi. The 0.1-acre development previously was linked with a July 2008 mortgage of $100,000 held by Centennial Bank.

The property was acquired for $175,000 in July 1996 from the Catlett & Catlett Building Venture, led by Leon Catlett.

Overlook Manor
A 6,385-SF home in Little Rock’s Overlook neighborhood weighed in at $1.35 million.

Duane and Angela Birky bought the house from the Lee Bodenhamer Trust.

The deal is financed with a 25-year loan of $1.2 million from BancorpSouth Bank.

The location was purchased in December 2006 as part of a $1 million transaction with Moosehead Advertising Co., led by Patricia and Gary Green.

Bretagne Manor
A 6,245-SF home in the Bretagne Circle neighborhood of west Little Rock’s Chenal Valley development drew a $710,000 transaction.

Samuel and Kelly Bledsoe bought the house from the Ramey Joint Revocable Trust, led by Frank and Linda Ramey.

The deal is backed with a one-year loan of $639,000 from Red River Bank of Alexandria, Louisiana.

The location was purchased for $106,000 in May 1997 from Scott and Linda Zust.

Club House I
A 2,745-SF home near the Country Club of Little Rock sold for $620,000. MW Living Trust, led by Megan Wooster, acquired the house from Gregg and Paige Day.

The deal is funded with 30-year loans of $417,000 and $141,000 from Bank of Little Rock Mortgage Corp.

The Days bought the residence for $585,000 in November 2015 from David and Shay Matthews.

Heights Home
A 2,734-SF home in Little Rock’s Country Club Heights neighborhood changed hands in a $595,000 deal.

Charles Martin and Chloe Ward purchased the house from Charles and Beth Porter.

The deal is financed with a 30-year loan of $417,000 from Eagle Bank & Trust of Little Rock.

The Porters acquired the residence for $500,000 in November 2014 from Mark Meador and Wanda Meador.

Club House II
A 3,004-SF home near the Country Club of Little Rock rang up a $583,000 sale.

M.L. Shannon bought the house from Laura Landreaux. The deal is backed with a 30-year loan of $466,400 from U.S. Bank of Cincinnati.

The residence previously was tied to a May 2010 mortgage of $353,500 held by Wells Fargo Bank of Sioux Falls, South Dakota.

Landreaux purchased the property for $560,000 in July 2007 from Michael Shelby and Amy LaFrance Bancroft.

Mirabel Residence I
A 3,950-SF home in the Mirabel Court neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $570,300 transaction.

Richard Rogala Jr. and his wife, Sharon, acquired the house from Byron Holmes Construction Inc.

The deal is funded with a five-year loan of $417,000 from Malvern National Bank. The residence previously was linked with a February 2016 mortgage of $452,000 held by Central Bank.

The location was bought for $79,914 a year ago from Turner & Sons Co., led by John Turner.

Midland House
A 5,262-SF home in Little Rock’s Midland Hills neighborhood drew a $568,000 transaction.

Christopher and Amy Benton purchased the house from Michelle Cauley. The deal is financed with a 30-year loan of $538,203 from IberiaBank Mortgage of Lafayette, Louisiana.

The residence previously was tied to a June 2012 mortgage of $100,000 and a July 2013 mortgage of $411,250 held by IberiaBank Mortgage.

Cauley acquired the property for $465,000 in June 2011 from James Pawelak.

Ranch Valley Abode
A 3,471-SF home in Little Rock’s Ranch Valley neighborhood sold for $567,000.

Charles and Elizabeth Porter bought the house from Robert Neighbors Jr. and his wife, Rebecca.

The deal is backed with a 30-year loan of $405,000 from Simmons Bank. The residence previously was linked with a December 2015 mortgage of $125,000 held by BancorpSouth Bank.

The Neighbors family purchased the property for $190,000 in July 2011 from Michael and Ginger Townsend.

Woodland’s House
A 3,609-SF home in Woodland’s Edge neighborhood of west Little Rock changed hands in a $558,000 deal.

Konstantinos Arnaoutakis and Marie Mesidor acquired the house from Jill Compardo. The deal is funded with a 25-year loan of $530,100 from Regions Bank of Brimingham, Alabama.

The residence previously was tied to an August 2014 mortgage of $417,000 held by Simmons Bank.

The location was bought for $75,000 in September 2013 from Rocket Properties LLC, led by Ron Tyne and Lisenne Rockefeller.

Mirabel Residence II
A 3,675-SF home in the Mirabel Court neighborhood of west Little Rock’s Chenal Valley development rang up a $515,000 sale.

Richard and Tracy David purchased the house from J. Martin Homes Inc., led by Gregory Cates. The deal is financed with a 20-year loan of $425,000 from Doris David of New Roads, Louisiana.

The residence previously was linked with a December 2015 mortgage of $428,000 held by First Security Bank.

The location was acquired for $82,000 13 months ago from Deltic Timber Corp. of El Dorado.

Oaks Residence
A 2,796-SF home in The Oaks neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $515,000 transaction.

Richard and Patricia Macy bought the house from the Rodney Chandler Living Trust. The deal is backed with a 30-year loan of $386,250 from Bank of Little Rock Mortgage.

The residence previously was tied to a January 2015 mortgage of $371,000 held by IberiaBank Mortgage.

The location was purchased for $85,000 in May 2012 from One Bank & Trust of Little Rock.

Seven-Digit Construction

Movie Tavern    $9,800,000
11300 Bass Pro Parkway, Little Rock
VCC LLC, Little Rock

New House    $1,650,000
25 Spring Valley Lane, Little Rock
Kevin Hughes Construction Co., Little Rock

Office Addition-Renovation    $1,200,000
321 Maple St., North Little Rock
PDC Construction Inc., Little Rock

The developers behind the planned John Daly’s Steakhouse in Conway are now pushing for a June 1 opening date. The restaurant, at 912 Front St., is named for and honors the colorful pro golfer who once called Dardanelle home.

The project also includes four 1,000-SF lofts, providing living space for tenants and dubbed The Lofts at 912.

“We’re full steam ahead on construction,” Adam Waldron, CFO of the S.A.M. Group of Conway, says of the $3 million-plus project.

We’re told the west Little Rock mansion made famous by the late Jennings Osborne officially has a new owner: John Johnson.

You might recall that Johnson had to wait before taking formal ownership of the 11,700-SF residence in west Little Rock until February 2017 because of restrictions imposed on the seller: the city of Redfield.

The property was given to Redfield as a gift in December 2013 by S&K Arkansas Properties LLC, led by Kourosh Malek.

The gift came with strings, however. Redfield couldn’t sell the house for less than 90 percent of its appraised value until at least 36 months had passed.

Malek bought the house for $292,000 at auction in August 2012. The auction of assets was prompted by the Osborne family’s financial travails, which spilled into public view after the death of its philanthropic and Christmas-lights-loving patriarch in July 2011.

The walled residence on Cantrell Road once appraised at more than $1.5 million. But vandals and neglect took their financial toll until Johnson entered the picture as caretaker and now owner.

As expected, the 21-year-old daughter of a Camden real estate agent has been indicted along with two other family members in connection with allegations of creating a fake will for a survivor of the Deepwater Horizon explosion who died in an auto accident in January 2015.

Jordan Alexandra “Alex” Peterson, and her aunt and uncle, Marion “Diane” Kinley and John Wayne Kinley Jr., all face counts of conspiracy to commit wire fraud along with Peterson’s mom, Donna Herring, according to the superseding indictment in U.S. District Court in El Dorado. The 16-page indictment was filed on Jan. 11 but not made public until Jan. 27.

In November, Herring was indicted by a federal grand jury in El Dorado on charges of wire fraud, aggravated identity theft and money laundering. The indictment was under seal until December.

In addition to the conspiracy charge, the Kinleys face one count each of wire fraud and aggravated identity theft. Herring also now faces a count of conspiracy to commit wire fraud.

The indictment seeks the forfeiture from the four defendants of several pieces of property and more than $700,000 in cash that the government says belonged to the estate of Matthew Seth Jacobs.

The allegations include that Herring created a fake will after Jacobs died in January 2015. The will left nearly all of Jacobs’ assets to Herring’s daugher.

The Kinleys allegedly signed the fake will, indicating that they witnessed Jacobs sign the forged will.

It wasn’t until after the assets of Jacobs’ estate were distributed to Herring’s daughter at the end of 2015 that questions surfaced about the authenticity of the will.

All four defendants have pleaded not guilty. Their trial is set for April 3 in U.S. District Judge Susan Hickey’s courtroom in El Dorado.

Talk of Costco Wholesale Corp. circling the Little Rock market persists.

Some linked the company scouting a store location near the northwest corner of Interstate 430 and Col. Glenn Road plus dirt work on the property as an indication that a deal was done. However, we’re told the equation doesn’t add up to a Costco development.

The dirt work has nothing to do with Costco, which recorded sales of more than $118 billion at the end of its Sept. 30 fiscal year. The dirt work in west Little Rock is merely improving the property with free fill material hauled from the Lowe’s construction site at the northwest corner of Kanis and Bowman roads.

For now, Costco officials are in a Catch-22 with the Little Rock market, unable to match an acceptable price with an acceptable location.

They like the midtown location at the northwest corner of Interstate 630 and University Avenue, but the price for the old Sears site is too steep. They like the price of sites farther west but the locations aren’t ideal.

The Arkansas Realtors Association said Monday that home sales rose 8 percent in December, and year-to-date sales were up nearly 12 percent.

Realtors in the 43-county area surveyed by the association reported 2,731 home sales, up from 2,521 in December 2015.

More: See the complete report.

Of the top five most active home markets for sales, Benton County was the busiest, with 527 homes sold, up 9 percent from the same month last year. Pulaski County moved 411 homes, up nearly 7 percent; Washington County sold 302 homes, up 38 percent; Sebastian County sold 158 homes, up 16 percent; and Saline County sold 149, down 5 percent.

Benton County also reported the highest average selling price, $215,861, up 3 percent from the same month last year.

Year to date, 35,124 homes sold, up nearly 12 percent from the comparable period. Benton County sold the most, 6,167, up nearly 16 percent from the comparable period.

Two different convention center construction projects continue to move forward in Jonesboro.

The Jonesboro Hyatt Place Hotel and Convention Center broke ground at its site on Browns Lane Access Road, in the city's hotel district near Interstate 555, in August; its projected completion date is spring 2018. 

The Embassy Suites Hotel and Red Wolf Convention Center on the Arkansas State University campus is approaching its ground-breaking date and also targets next spring for completion.

"I don't want to box myself in with a 'This is our opening day,' " said Chris Keller of CFK Hospitality of Effingham, Illinois, the company behind the Hyatt project. "We're looking at potentially April next year."

In July, Hilton Worldwide approved plans to build the Embassy Suites Hotel and Red Wolf Convention Center on the ASU campus. The location is on Red Wolf Boulevard near the university's football, baseball and basketball venues.

Groundbreaking for the ASU project will take place within 60 days, according to Tim O'Reilly of O'Reilly Hospitality Management of Springfield, Missouri. He expects to be complete in 14-15 months. 

O'Reilly said the $50 million facility will have a 203-room hotel and 30,000 SF of meeting space.

"We're 95 percent done with drawings at this point," O'Reilly said. "It's a real deal and it's happening and we're excited about it."

Phase I of the Hyatt project will have 147 guest rooms and more than 50,000-SF of meeting space at a cost of around $35 million, Keller said. He said Phase II, which includes a second hotel, would run the cost to around $56 million.

"I'm very confident in the project itself and I think it will speak for itself and draw a customer base," Keller said.

Jonesboro spent years seeking a convention center, and now it's about to have two. 

After a series of false starts and financing issues, including a failed city sales tax proposal in 2006, ASU began work on an on-campus project. The Keller and O'Reilly groups emerged as finalists for the ASU project in late 2013, with Keller initially winning the job.

But deadlines for a final proposal and financing approval passed and the university moved forward with the O'Reilly group. The Keller group continued to pursue other projects in Jonesboro, eventually landing at the site near I-555.

The Hyatt project is expected to benefit from its location, which includes proximity to the interstate and other hotels on 42 acres of undeveloped land being sold as Centre Park, with lots designated for office, medical and retail space.

Keller said the Hyatt Place Hotel and Convention Center will begin bookings in the fall and, while business travelers and weddings seem to be a good fit, he stressed the facility is open to any and all events.

"It's wide open across the board," he said.

The Embassy Suites Hotel and Red Wolf Convention Center will likely attempt to draw academic-oriented conferences and functions and athletic events like basketball tournaments. But O'Reilly said the facility will not limit itself.

"I know our target is everything," he said. "Every piece of business we can book."  

The university's fledgling hospitality degree program will also find space in the center.

"We will partner with O'Reilly Hospitality to implement a new academic program in hospitality management," ASU Vice President of Strategic Communications Jeff Hankins said in an email. "And this will enable us to recruit students interested in this growing professional field. The development will also provide new jobs for our students and the Jonesboro region."

"We don't have a specific curriculum established at this point," O'Reilly said. "But we've had pretty in-depth conversations about internships, rotating culinary programs and rotating management programs."

It remains to be seen if the city, with a projected 2017 population of 75,016, and surrounding area can support two convention center projects. Feasibility studies have shown that one center could generate as much as $50 million in the local economy in one year.

NEW YORK — The nation's largest retail trade group is predicting that annual retail sales will increase between 3.7 percent and 4.2 percent this year.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

The Little Rock Technology Park Authority Board learned Wednesday that it will be asked to approve a conversion of the fourth floor at 417 Main St. to meet increased demand from smaller operations for short-term leases and furnished space.

The project included renovations to 415 and 417 Main St. in Little Rock. It's set to open in March.

Executive Director Brent Birch said demand by startups and entrepreneurs has outpaced that of more established companies that need larger, unfurnished space and longer lease terms of three to five years.

He said he expects leases for all the facility's turnkey spaces on the third floor to be signed next week. The board approved rental rates in April. 

The idea then is to reconfigure the fourth floor to match the third. Birch said a special meeting would be required for the board to approve the renovation plan once he gets a price from contractor East Harding Construction of Little Rock.

Birch said it would cost less to have the floor converted now, while contractors and subcontractors are on site, rather than later.

Once approved, the conversion should take four to five weeks, Birch said. 

"The longer term would be ordering the furniture, getting it delivered and installed," he said. "The amount of construction needing done is not monumental by any means."

The park so far has named 12 tenants to lease space at the new facility, including Ritter Communications. 

Board members also heard that Phase I of the park is expected to fall below its $17.1 million budget. 

Chairman Kevin Zaffaroni said that was probably the result of the park having enough contingency funds built into its budget, the expertise of the people involved in it, some demolition having already been done and "maybe a little bit of luck."

Birch said the savings means the park might not have to borrow as much as it had originally planned.

In other business, Arkansas Children's Hospital and the University of Arkansas at Little Rock will each contribute another $25,000 each to the Little Rock Technology Park for two years, adding to the $125,000 they had already provided.

Birch told Arkansas Business that the University of Arkansas for Medical Sciences and the city of Little Rock also contributed $125,000 each, but the Tech Park has not spoken to them about continuing their sponsorships.

The city board is expected to distribute another $1.36 million in sales tax collected for the park at its Feb. 21 meeting.

Two Main Street redevelopments  — one on each side of the Arkansas River — were announced this week by Moses Tucker Real Estate Inc. and Newmark Grubb Arkansas.

Moses Tucker said its $3 million redevelopment of the Arkansas Democrat Lofts building at 615 Main St. in Little Rock is finished. The building is 100 percent leased, with Three Fold Noodles & Dumpling Co. set to move from its location to 215 Center St. to the 3,500-SF ground floor.  

The other development is underway in North Little Rock’s Argenta Arts and Entertainment District.

John Chandler is renovating the EO Manees building at 317 Main St.

Plans are to finish those renovations in August, Newmark Grubb said, and the firm will lease the 10,000 SF of office and retail space. The monthly rental rates range from $2,560 to $3,855 for 1,935 to 4,987 SF.

The Little Rock building is mixed-use as well, with eight loft-style apartments on the second floor that start at $1,000 a month, according to Director of Marketing Morgan Baden. They are one- and two-bedroom units with exposed brick walls and 14-foot ceilings.

Also, the Raimondo Winery in Mountain Home (Baxter County) had planned to move into the space that will house Three Fold. But Baden said the business backed out of that deal. Arkansas Business called Raimondo on Thursday and will update this story.

The architect for 615 Main St. was Cromwell Architects Engineering Inc. Central Construction was the contractor, and Arvest Bank financed the project.

Renovations to the Argenta building began in January. Plans call for approximately 4,987 SF of retail space on the first floor and approximately 4,640 SF of office space on the second floor. There will also be an elevator.

The building had been occupied by Thomason Furniture, which is now operating in the adjacent building at 315 Main St, according to a news release.

Chandler has also completed several other mixed-use projects in North Little Rock’s downtown, including the Koehler Bakery Buildings at 711-715 Main St, 314-315 Main Street and the Faucette Building at 421-429 Main St.

An approximately 1,980-SF retail/office space is available at 715 Main St., and approximately 2,500 SF of space is retail/office space is available at 709 Main St.

Leasing Agent Fletcher Hanson of Newmark Grubb said in the release, “With past occupancy being extremely tight in the Argenta District, these new projects provide businesses with a long awaiting opportunity that did not exist prior to the redevelopment. We expect spaces to lease quickly and look forward to the create of new customer experience throughout the district.”

December home sales and prices were up in Arkansas compared to the previous year, shutting the books on 2016 and continuing to reflect the state's recovery from the housing market collapse of 2006-2007 and the recession.

"About 2013 things started to pick up and it's really just been an upward trend of real, double-digit growth ever since," said Michael Pakko, chief economist and state economic forecaster with the Institute for Economic Advancement (IEA) at the University of Arkansas-Little Rock.

According to the Arkansas Realtors Association report released this week, the number of homes sold in Arkansas was 2,731 in December, an increase of 8.3 percent over December 2015. Total 2016 sales were 34,033, an increase of 8.1 percent over the previous year.

More: See the complete December report.

"This is really the third or fourth year, I guess, of housing market recovery, I guess you'd call it, where after the collapses of 2006 and 2007 and the recession we really went through a period of really slow sales," Pakko said.

In the 43-county area the ARA regularly surveys, the average December home price increased from $155,501 in 2015 to $172,727 in 2016. For the year, the average price jumped from $160,356 to $170,372. Statewide valuations increased by nearly 15 percent over the year.

Pakko noted that the upward trends continue to be seen most readily in the rapidly growing northwest region and the state's other, more highly populated areas.

The most units sold in December were in Benton, Pulaski, Washington, Saline and Sebastion Counties, driving a statewide sales increase from 2,521 in 2015 to 2,731 in 2016. Annual unit sales were highest in the five counties as well, contributing to the statewide unit sales increase from 31,470 to 34,033.

Pakko said areas showing the most growth during boom times were naturally the likeliest candidates for a downtown during the housing market bust. So it stands to reason they would rebound the strongest during the recovery, though no area in Arkansas was hit as hard during the housing bust as places like Florida, Atlanta and California.

"It was really very localized and here in Arkansas and northwest Arkansas that's where it happened the most," Pakko said. "The bigger they are the harder they fall and the bigger they bounce back."

Benton, Cleburne, Izard, Saline and Washington counties showed the highest average prices for the month, while Benton, Cleburne, Pulaski, Saline and Washington counties had the highest average prices for the year.

Pakko said the monthly figures are actually a reflection of contracts and transactions signed in November and that few deals are finalized during December and the holiday season.

"One thing I can say with almost complete certainty is the January numbers will be much weaker," said Pakko, who added that the strongest months are usually June, July and sometimes part of August.

A 70-room hotel in North Little Rock tipped the scales at $3.9 million.

Andy & Andrew Hotel Investments LLC, led by Ashok Desai, purchased the Comfort Inn & Suites at 3915 McCain Park Drive. The seller is Shree Jala Bapa Associates Inc., led by Jitendra Patel.

The deal is backed with a five-year loan of $4 million from Arkansas Federal Credit Union of Jacksonville.

The 0.9-acre development previously was linked with a February 2006 mortgage of $3 million, a March 2009 mortgage of $300,000 and an August 2010 mortgage of $50,000 held by First Arkansas Bank & Trust of Jacksonville.

The site was bought for $140,000 in June 1997 from Lilac LLC, led by Andy Collins.

Multifamily Buy
A 33-unit apartment project in Little Rock weighed in at $1.22 million.

Parker Investments Group LLC, led by Ricky Parker, acquired Cantrell Valley Apartments at 7201 Kentucky Ave. The seller is Jarrett Property Management EYBJ LLC, led by Emery Jarrett.

The 0.85-acre development is now helping secure a $3.1 million loan from Chambers Bank of Danville.

The project was purchased for $438,000 in May 1994 from W.P. Gulley Jr.

Madina Purchase
A 17,082-SF office-warehouse in west Little Rock rang up a $1.1 million sale.

Madina Institute Inc., led by Muhammad Nino, bought the 12123 Kanis Road project from James and Terry Barnes.

The deal is funded with a 15-year loan of $1.1 million from BancorpSouth Bank of Tupelo, Mississippi.

The 1.14-acre development was acquired for $572,000 in March 2005 from Mary Fitton, Robert Aguiar and J-D Leasing LLC, led by Fitton.

Sonic Order
A Sonic in North Little Rock changed hands in a $960,000 transaction.

D.L. Rogers Corp. of Grapevine, Texas, purchased the 3610 Camp Robinson Drive project from Hard-Mark Land Co. of Oakland, Mississippi.

The 0.78-acre development previously was tied to a November 2015 mortgage of $655,000 held by Southern Bancorp Bank of Arkadelphia.

The location was bought for $165,000 in December 1989 from Andy’s of America Inc., led by Garland Streett.

Branch Acquisition
A 1,426-SF bank branch in Little Rock is under new ownership after an $850,000 deal.

First Community Bank of Batesville acquired the former Allied Bank project at 4900 Kavanaugh Blvd. from Today’s Bank of Huntsville.

Today’s took ownership of the branch in November in the aftermath of its negative bid of $6.1 million to buy Allied.

Allied purchased the property for $650,000 in January 2010 from 4900 Kavanaugh LLC, led by Gene Cauley.

Chandler Investment
An 11,000-SF building in downtown North Little Rock sold for $700,000.

EO Manees Building LLC, led by John Chandler, bought the 317 Main St. project. The seller is Thomason Furniture Co., led by Joe Thomason.

The 0.17-acre development previously helped secure an October 2001 mortgage of $483,000 held by Centennial Bank.

The property was acquired in July 1973 as part of a $75,000 deal with the estate of Edward O. Manees.

Islamic Land Deal
A 3.96-acre parcel in west Little Rock drew a $575,000 transaction.

Islamic Center of Little Rock Inc. purchased the land at 14900 Kanis Road from Christopher Olsen.

The property previously was linked with a March 2009 mortgage of $272,627 held by BancorpSouth Bank.

Olsen bought the land for $185,000 in August 2004 from Laverne Jones.

Treetops Home
A 2,185-SF condo in the Riverdale area of Little Rock rang up a $750,000 sale.

The James Boliver Conner Revocable Trust acquired the 10th-floor Treetops unit from William and Peggy Marshall.

The residence previously was tied to an April 2015 mortgage of $152,423 and an October 2016 mortgage of $841,653 held by Simmons Bank of Pine Bluff.

The Marshalls purchased the property for $750,000 in August 2014 from the Jackson T. Stephens Jr. Marital Trust.

Country Club House I
A 2,546-SF home in the Country Club Heights neighborhood changed hands in a $737,000 deal.

Martin Silverfield bought the house from Richard and Paula O’Brien.

The deal is financed with a 30-year loan of $589,600 from Regions Bank of Birmingham, Alabama.

The O’Briens acquired the property for $443,000 in April 2015 from JWB Co., led by Buddy Benafield.

Bretagne Manor
A 4,706-SF home in the Bretagne Circle neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $729,000 transaction.

Joe and Sylvia Potter purchased the house from James and Lynda Yuen.

The Yuens bought the residence for $737,000 in January 2002 from the Joe E. Hughes Construction Co.

Downtown Condo I
A 2,379-SF condo in downtown Little Rock’s River Market Tower sold for $650,000

Steve and Alicia Rucker acquired the 12th-floor unit at 315 Rock St. from the Fisher Family Trust, led by Cynthia and Robert Fisher Jr.

The deal is backed with a 30-year loan of $450,000 from Regions Bank. The residence previously was linked with a June 2014 mortgage of $520,000 held by One Bank & Trust of Little Rock.

The Fishers purchased the space for $449,000 in May 2013 from River Market Tower LLC, led by Jimmy Moses and Rett Tucker.

Downtown Condo II
A 1,948-SF condo in downtown Little Rock drew a $630,000 transaction.

Paolo and April Lim bought the 13th-floor unit at 300 Third from Jeremy and Hadley Lewno.

The deal is funded with 30-year loans of $417,000 and $87,000 from Bank of Little Rock Mortgage Corp.

The Lewnos acquired the property for $415,000 in October 2012 from FNBC Bancorp Inc. of Ash Flat.

FNBC recovered the condo in September 2010 after obtaining a $582,319 judgment against BDR Investments LLC, led by Jim Swink.

Arbors Abode
A 4,115-SF home in The Arbors neighborhood of west Little Rock’s Chenal Valley development changed hands in a $618,750 foreclosure sale.

Regions Bank recovered the house from Gary Hendershott. The residence previously was tied to a December 2012 mortgage of $635,355 held by the bank.

Hendershott bought the property for $950,000 in August 2006 from Phase III Inc., led by David Pickering Jr.

Country Club House II
A 2,118-SF home near the Country Club of Little Rock rang up a $515,000 transaction.

Karen Johnson purchased the house from Paul Donagher and Vanessa Weiss.

The residence previously was linked with a November 2012 mortgage of $376,999 held by Wells Fargo Bank of Sioux Falls, South Dakota.

The property was acquired for $494,000 in May 2008 from Susan Jones and Charles Smith.

Maisons Residence
A 4,965-SF home in The Maisons neighborhood of west Little Rock’s Chenal Valley development sold for $510,000.

William and Tiffany Greenfield bought the house from the J&A Living Trust, led by Derek Fisher.

The deal is financed with a 30-year loan of $408,000 from One Bank. The residence previously was tied to an October 2005 mortgage of $472,000 held by Wells Fargo Bank.

The trust purchased the property for $590,000 more than 11 years ago from Coburn Construction LLC, led by Roger Coburn Jr.

Steve Daniels, a senior reporter with Crains Chicago Business, reported last month on how developers of Chicago's "splashiest commercial real estate projects" are getting their loans and financing from an inconspicuous source: Bank of the Ozarks of Little Rock.

Daniels spoke with the bank's CEO George Gleason about the amount of risk being taken to fund nearly a billion dollars worth of commercial projects in the Windy City.

The Arkansas lender has locally based competitors chattering privately about its being willing to “stretch” to beat larger rivals or ones with local relationships.

Gleason is forceful in rebuttal. “We never reach,” he says. “We are very conservative. If someone says we reach on a transaction, I think that’s very unlikely. I see every credit.”

Of about 3,000 real estate loans the bank’s commercial real estate team has made in the past 14 years, two resulted in losses, he says.

Where Bank of the Ozarks unquestionably takes risks is in its exposure to single projects. It almost always is the sole lender on a deal that even massive banks like Chase will ask other banks to share in. Bank of the Ozarks is the sole financier of the $203 million loan just announced for the 76-story One Grant Park apartment tower, 1200 S. Indiana Ave., developed by Miami-based Crescent Heights. It also is supplying the entire $233 million loan to John Buck Co. to construct CNA’s new building at 151 N. Franklin St.

You can read the complete story in this week's print edition of Arkansas Business or online at Crain's Chicago Business.

A little update now on the case of Dr. Hiren D. Patel, doctor at the center of a controversy over dueling convention centers on both sides of Texarkana.

Patel owns Texarkana Hotels LLC that in turn owns the combination 27,000-SF, $18 million Arkansas Convention Center and Holiday Inn on the Arkansas side. The center and hotel opened in 2013, about a year after a convention center on the Texas side of the city.

Texarkana Hotels filed Chapter 11 bankruptcy in March in the Eastern District of Texas. It claimed between $1 million and $10 million in assets and liabilities and between one and 49 creditors.

Among those creditors is Midsouth Bank of Lafayette, Louisiana. Midsouth filed a foreclosure petition in Miller County Circuit Court in October 2015 against Patel, his wife and Texarkana Hotels, saying the Patels had defaulted on more than $10 million in loans used to build the convention center.

Now, Texarkana Hotels has entered into a $6.6 million purchase agreement with James J. Naples, according to a Jan. 30 Bankruptcy Court filing, and will be seeking the court’s approval of the sale. If approved, the sale will close by March 15.

Naples also bought the Country Inn & Suites, owned by Patel and his wife, Dineschandra, through their Krishna Associates LLC. That company filed for Chapter 11 bankruptcy reorganization in November, when it listed $5.3 million in debts and $3.2 million in assets. The filing halted the foreclosure sale of Country Inn & Suites.

Naples paid $2.9 million for the hotel, with the money going to Midsouth.

Midsouth was also seeking payment from the Patels, who personally guaranteed the debts, but that has been slowed by their personal bankruptcy filing.

Patel’s lawyer, Bill F. Payne of Dallas, hadn’t called back by press time.