In the heart of the central business district of downtown Little Rock sits the 24-story tower Bank of America Building. The third tallest building hovering above the skyline in Little Rock, the Bank of America Plaza recently acquired a new owner. Keith Richardson, a local developer of residential areas around the city is reported to begin scheduling repairs and renovations to ensure the continued use of the office building.
Updating mechanical systems, work to the buildings exterior and common spaces as well as future rebranding are a part of the future plans for the space. According to an earlier report from Arkansas Business, the 200 West Capitol Investment LLC, led by Richardson had purchased the building for $8 million.
First Security Bank of Searcy was the seller. The bank recovered the building at a foreclosure sale in April after suing the previous owner, California investor group 200 West Capitol LLC, for defaulting on an $8.4 million loan. The foreclosure came after the building’s largest tenant, the Wright Lindsey Jennings law firm, reportedly sued over repairs and maintenance in the building that had allegedly been neglected.
Richardson owns more than 2,000 units of market-rate apartments in central and northwest Arkansas.