Remember that $896,756 arbitration award for unpaid work and legal expenses against Main Street Lofts LLC et al that we told you about in April?
Little Rock’s AMR Construction LLC, general contractor on the project, is back on track to convert that to a judgment in Pulaski County Circuit Court.
You might recall that a July hearing on the matter was postponed in deference to a would-be white-knight sale to an investment group led by Sam Alley, CEO of Little Rock’s VCC general contracting firm.
That proved to be wishful thinking.
The recent legal activity indicates the foreclosure train should regain momentum regarding the outstanding debt secured by the dormant, unfinished three-building, 125,000-SF redevelopment at 510-524 Main St.
Two lenders also have financial skin in the game: Riverside Bank of Sparkman (Dallas County), which holds a $3.2 million mortgage claim on two of the Main Street Lofts buildings and a $2 million mortgage claim on the M.M. Cohn Building; and the Pulaski County Brownfields Revolving Loan Fund Committee, which holds a $916,000 mortgage.
The Main Street Lofts to-do list includes completing ground floor space planned for the Arkansas Symphony Orchestra, 30 upstairs apartments and doing something with the 62,688-SF M.M. Cohn Building at 510 Main St.
Among the Main Street Lofts ownership group now on the financial firing line are alleged developer Scott Reed and his Reed Realty Advisors compatriot, Brian Corbell, and local investor Wooten Epes.