Downtown Condo Living Is No Longer Just For Big Cities No longer a “big-city” phenomenon, downtown condominium living is transforming in public perception from a cheaper housing alternative in urban markets to a deliberate lifestyle choice in more compact, vibrant communities. Wikipedia cites the primary attraction to condo ownership as “the ability to obtain affordable housing in a highly desirable area that typically is beyond economic reach.” While this statement accurately reflects the conventional sentiment that condos are merely a “stepping stone” for young couples with small children until they can afford to upgrade to traditional standalone homes, new trends indicate an altogether different outlook. The Appeal Of The 24-Hour Community While the proportion of condo buyers represented by young families has decreased steadily over the years, groups such as empty nesters, retirees, buyers looking for second homes and young professionals, particularly single women, remain hungry for luxurious, low-maintenance residences supported by the living concept of the “24-hour community.” In an urban, mixed-use neighborhood, there is constant activity during the week, at night and on weekends, and condo owners buy into a particular neighborhood. They consciously choose the lifestyle associated with a specific community and actively perpetuate a safer, more stable and more sustainable living environment. Many can walk, bike or ride public transportation to work, resulting in fewer cars on the road and less gas consumption. While big cities such as Chicago, New York City, Los Angeles, Miami, Vancouver and Toronto are still major condo users, smaller centers such as Arkansas’ very own downtown Little Rock and downtown Fayetteville are quickly becoming hot spots for the lifestyle-driven. Even with an abundance of land and lower-cost housing options available, people are choosing to live in downtown areas where there are high concentrations of things to do and places to see. “People love the excitement and energy of a dynamic urban core with all of the recreational amenities, restaurants and cultural institutions within walking distance,” says fifth-generation Arkansan and Little rock native Rett Tucker. Building Neighborhoods That Will Be Around In 100 Years Tucker and his founding partner Jimmy Moses are the principals of Moses Tucker Real Estate, the established leader of downtown Little Rock’s jaw-dropping $1-billion renaissance. The last decade has seen such notable investments as the $80-million Alltell Arena, $40-million ballpark, $25-million trolley system, America’s 12th Presidential Library and expansion of the state convention center. “We only focus on the downtown market,” Tucker continues, “where we’re trying to build a neighborhood that will be around 100 years from now.” Working with Moses Tucker Real Estate for over nine years in sales, leasing, investment and development, Jamie Moses describes the company’s philosophy as one that embraces the idea of creating “a residential environment that will inspire retail, commercial and office—all of the assets to make a healthy neighborhood.” The company renovated the historic Tuf-Nut blue jean factory into urban loft apartments on the southern edge of the River Market District, completing the building in August 1999. “We had immediate interest from renters and people wanting to live downtown,” says Moses. “All 31 units leased up very quickly, reaching 100% occupancy within two months. That was our first litmus test.” The Right Ingredients Moses likens developing a quality condominium project to baking bread. “You have to have all of the right ingredients,” he insists. “Construct buildings that have intrinsic value through materials and amenities. You have to be located in or approximate to a neighborhood that is a vibrant area
where people can conveniently access groceries, a gym…where your lifestyle can coexist with the place where you live.” During the five years that followed the highly successful opening of Tuf-Nut Lofts, Moses Tucker Real Estate took on varied downtown condominium projects, all of which were met with equal excitement: Capital Commerce Center (completed July 2002): seven-story, mixed-use development with restaurant, office space and 16 condos. Sold out. First Security Center (completed October 2004): 14-story, mixed-use development with hotel, bank, office space and 24 condos. Sold out. The Cliffs (completed May 2006): Apartment conversion to 73 condos. 85% sold. Rainwater Flats (completed June 2005): 3-story, garden-style condo project with 20 units. Sold out. Recent projects include 300 Third Tower, an 18-story condominium tower that opened in April 2007, and River Market Tower, a 20-story condominium tower opening in May 2009. With concierge service, swimming pool, dog walk, fitness center, on-site secure parking, rooftop party room and terrace, 300 Third Tower not only contains retail, a restaurant, a grocery and a hair salon on the first floor but also is 90% sold. With 22% of the units already pre-sold, River Market Tower will boast all of the same amenities that are available at 300 Third Tower, plus a tennis court, basketball court and urban park with a fire pit and gardens. Ted and Leslie Belden, part of Fayetteville’s strong local ownership group, recently invested in a unit at 300 Third Tower in downtown Little Rock. “We liked the building because it is attractive, well built and focused on residential,” shares Ted Belden, Managing Partner of Old Buildings, LLC. “There’s a penthouse room on the 21st floor to which all residents have access, and covered on-site parking was also key.” Location, Location, Location The Beldens, Richard Alexander, Rob Merry-Ship, John Nock, Craig Underwood and Bill Underwood are equal partners in Underwood Plaza in downtown Fayetteville. The only condominium project directly on Dickson Street, The Lofts at Underwood Plaza is slated for completion in August 2008 and will be the tallest building on Dickson Street at a full nine stories. As for the project’s “ingredients,” Belden relates, “Underwood Plaza will have five-level enclosed parking garage, a roof deck for resident use, an exercise room and excellent-quality construction. Being right on Dickson Street and a half-block from the University of Arkansas campus makes the building very attractive. It’s got location, location, location.” Breathtaking views are available in all directions from Underwood Plaza: Boston Mountains to the south, the downtown and White River valley and mountains to the east, Old Main and the University to the west and the Ozark Plateau and beyond to the north. Shortly after Underwood Plaza received its building permit, the City of Fayetteville passed an ordinance limiting building heights to six floors or 84 feet, whichever is less. Consequently, the “once-in-a-lifetime” views unique to Underwood Plaza will never be compromised. Sixty-somethings Tom Seay and his wife are giving serious consideration to Underwood Plaza as they plan their relocation due to the project’s ideal location. “We want to downsize from our current home, and we are looking for an alternative place to live,” remarks Seay. Originally from Hot Springs, Seay likes that Underwood Plaza offers convenient access to all of the social,
cultural and educational activities that take place in and around the University and Walton Arts Center. A Certain Energy, A Vibrancy Attorney Neal R. Pendergraft of Reece Moore Pendergraft, LLP, has lived in Fayetteville since 1981. “I always thought it would be fun to work on Dickson Street,” he confesses. “There is a certain energy, a vibrancy, that comes from being close to the University. You can get steaks up the street or opt for Italian food, sushi or burgers. You can enjoy live rock ‘n’ roll in the evenings.” Pendergraft says that he and his colleagues enjoy the simple pleasures afforded by their building’s central location, like just sitting on the balcony and watching the activity up and down the Dickson streetscape. With four acres and a home in North Fayetteville, Pendergraft is in his fifties and has teenaged kids. “There will be a time when they go to college, and I won’t want to mow four acres. From what I’ve seen, Underwood Plaza will by far be the nicest condo project in Fayetteville and maybe even the area, and it will fit in well with the Fay Jones building next door. It’s the only place I’d consider when the time comes to make a move.” Living The Very Best—And In The Middle Of Everything According to Curtis Presley, Project Manager of Underwood Plaza for Crossland Construction Company, Underwood Plaza is indeed a piece of Fayetteville history. The building features an open courtyard, abundant balconies and windows, solid concrete mat foundation, brick with iron oxide spots, smooth cast stone, genuine slate and copper accents, demonstrating what Presley describes as a “wealth of traditional materials, richly articulated structure and vernacular presence” within the context of Dickson Street, the downtown and the campus. The shift in the national downtown condominium living trend is ever apparent as both the construction at Underwood Plaza progresses and the list of interested buyers grows steadily from week to week. Presley sums up the phenomenon in Fayetteville quite neatly, “The condo environment appears to be focused in the original urban center of town with the attraction being the lifestyle that comes with living in the middle of everything.” Updates on Fayetteville history in the making are available at www.underwoodplaza.com/blog/.