Dickson Street Takes The High-Rise Road The Lofts at Underwood Plaza to reshape Fayetteville’s skyline will all due respect By Jeannette Balleza “No one wants to live on Dickson Street.” While the statement may seem a bit naïve or even borderline absurd these days, the sentiment was relatively prevalent just a few years ago. The UARK Bowl on West Dickson beat the odds after its successful transformation into upscale condominiums in 2002. Now, with a crane crowning the construction site for the Legacy Building and a sign heralding the coming Fayetteville Depot Project, downtown Dickson Street, the nucleus of Fayetteville’s growing cultural and entertainment district, is fast becoming Northwest Arkansas’ pick for luxury living. It may be only a matter of a few more groundbreakings before skeptics of old begin trading in their doubts for contracts on some of the area’s prime real estate. One such groundbreaking will not only signify the beginning of Dickson’s Street tallest edifice to date, The Lofts at Underwood Plaza, but will also mark a powerful collaboration among some of the community’s standouts: Bill and Craig Underwood and Alexander Merry-Ship & Alt Real Estate Group (AMA) with Nock Investments and Ted and Leslie Belden. The partnership and the eight-story development itself represent a melding of ideals rooted deeply in mutual respect. Trailblazers in their respective fields, the project’s key players are long-time co-admirers, pursue excellence as a core professional value and share a demonstrated passion for Northwest Arkansas in general and downtown Fayetteville in particular. A Doting Partnership “The two guys who have held the stay have been on one end Carl Collier and Bill Underwood on the other,” remarked developer Rob Merry-Ship, the “M” of AMA Real Estate Group. “They had the biggest investments and stuck it out,” he continued, “That’s why I’m so proud to be working with Bill Underwood.” William G. Underwood, the first gemologist in Arkansas, founded Underwood’s Fine Jewelers on Dickson Street in 1957 with a mere $1,000 loan, long before the pivotal opening of the Walton Arts Center in 1992. He commented, “We are very pleased with the partnership. AMA has shown exceptionally good taste in what they’ve accomplished.” Likewise, Craig Underwood echoed his father’s esteem for Fayetteville’s original downtown condominium specialists, “They’ve got a great track record for doing things the right way.” In this instance, the “right way” involves a mixed-use complex spanning 118,890 square feet and an inconspicuous yet roomy parking garage. The Lofts at Underwood Plaza will occupy the space adjacent to the current Underwood’s footprint-style building, touting 150 feet of Dickson Street frontage. Although the Lofts will be the first project to match in physical height the partners’ lofty aspirations for the future of Fayetteville, neither AMA nor the Underwoods are strangers
to high-profile, high-impact development. While AMA gained hefty recognition for its work with the University of Arkansas to reinvent what is now The Inn at Carnall Hall, the group has left its signature on and around the downtown district time and again, revitalizing such landmarks as the Ozark Theater, The UARK Bowl and the Lafayette Street Project (formerly St. Joseph’s Church and School). The Underwoods were responsible for refurbishing the old Powerhouse building over a decade ago, now the location of dining mainstay Powerhouse Seafood Restaurant, and they were also the driving force behind the popular residential community, The Cliffs at Crossover. A Predilection for Quality “Your best value is to go with quality,” advised Craig Underwood. “Take the old adage, ‘When you buy quality, you only cry once.’ While costs may be higher on the front end, quality will perform and produce for you.” The Underwoods consider quality control serious business; they travel all over the world, from South Africa and Switzerland to Japan and Bangkok, in search of only the finest gems in their native environments. Named the “Best Single-Store Jewelry Store in America” in 1991, Underwood’s Fine Jewelers has garnered many of the highest accolades available to industry leaders due to its golden inventory and dedication to superb quality. The Underwoods are outstanding entrepreneurs in the jewelry profession, and by the same token they are turning their Midas touch and business philosophy to the lot next door with this new venture. The future site of The Lofts at Underwood Plaza is the “catbird seat of all locations” according to Bill Underwood because it sits directly on Dickson Street, the “natural tie between the community and the University.” One of the forerunners in what will most likely become heavy westward development from the railroad tracks to the University in the near future, the Lofts will not only redefine the Fayetteville skyline but, the project leaders hope, will also pass down the precedent for conscientious construction that will maintain the integrity and character of downtown Fayetteville. “It’s certainly cheaper to build a tower straight up without much forethought, but we are conscious and cognizant and receptive to retaining the spirit that draws people to Dickson,” Bill Underwood stated. “We tasked Rob Sharp with coming up with a design that would be an asset.” Sheree Alt, partner and principal broker for AMA, concurred, “Our mission has never been urban sprawl. We’ve never wanted to take a pasture and turn it into housing.” She continued, “The rewarding factor is in taking something old and transforming it into something alive and new.” The Lofts at Underwood Plaza will be, of course, loft-inspired and very open, providing top-floor residents with a 360-degree vista of Fayetteville. The design by architect Robert Sharp pays tribute to New Orleans with plenty of outdoor terraces; retail shops will populate the bottom floor. Commercial offices will be available on the second floor, and
floors three through eight are reserved for residences. “It’s nice to be able to build a beautiful building, and it’s a fun project to do,” Bill Underwood said with a nod. A Community Revered As for Northwest Arkansas, Bill Underwood, an Oklahoman by birth, holds a definitive stance. “Fayetteville is absolutely the best place to live—top-drawer in my estimation,” he stated emphatically. “As residents, we have an obligation to preserve and foster that. We as a family and business owners have always been willing to promote positive construction and growth in the community.” His son further asserted, “The project will add to the overall flavor of Dickson Street, bringing new businesses and helping the economy.” Work on The Lofts at Underwood Plaza is yet another step in AMA’s grand vision for renewing Fayetteville. “Bringing residential is priority. There is a whole new desire to live downtown now,” remarked Merry-Ship. “Once there is a volume of people living downtown, everything else comes. After all, Fayetteville is one of the prettier spots in the Northwest quadrant.” Plans for the Lofts allow for a 15-month construction period from start to finish. Pricing is not yet available, but interested parties can contact Alexander Merry-Ship & Alt Real Estate Group to join the “first-to-know” list. As for the non-believers who still see Dickson Street as just a place to party rather than a viable, attractive place to live, the principals of AMA and the Underwoods, with all due respect, beg to differ. Their advice when facing adversity? Take the high-rise road. Jeannette Balleza is a writer and entrepreneur living in Fayetteville. She owns Scribe Marketing, Inc., and is available at jeannette@scribemarketing.com.