Moses Tucker Partners has announced Thursday the sale of the First Security Bank complex, located at 100 W. Emma Avenue in downtown Springdale, along with its pending reimagination. Plans for a new downtown multi-use building will include residential, retail, restaurant and office use, according to The Emma Building Group.
“Turnbow Creek and Shiloh Square have become the city square in Springdale. The new development will enhance the interaction of the buildings with the public space,” Tom Lundstrum, a partner in Shiloh Capital, said.
With occupancy expected in late 2022, and pre-leasing just starting, Cromwell Architects has leased 5,000-square-feet of office space on the second floor of the building. In addition to being the first tenant in the building, Cromwell Architects will also be the architects working on this project.
“This is an exciting adaptive re-use project in an iconic mid-century modern building. It’s significant in terms of growth and community development for downtown Springdale and for us as well, with enough space to more than double the size of our office from 9 to 20 employees,” Josh Danish, regional director of NWA Cromwell Architects, said.
Principal & Managing Director, Paul Esterer; Principal and V.P. of Brokerage, Zack Kifer; and Brokerage Director and Designated Executive Broker Jeff Snyder, all of Moses Tucker Partners, represented the buyer and the seller in the transaction and will serve as property management and leasing firm for the property.
“We look to continue the success of Moses Tucker Partners as a commercial real estate advisor and leader in revitalizing downtowns throughout the state of Arkansas,” Kifer said.
Composed of a team of investors, The Emma Building Group has ties to local areas and Springdale specifically. The current downtown Springdale properties include Little Emma apartments and the Fuels & Supplies building, both of which are fully leased. The Big Emma apartment building, located at the intersection of Emma and Park, is scheduled to open in late 2023 and will have balcony views of the newly renovated Luther George Park.
“These are exciting times in Springdale,” Don Harris, a partner in Shiloh Capital and investor in the Emma Building Group, said. “The Emma Building Group team continues to be bullish on the future of downtown Springdale. Our current properties, including Little Emma apartments and the Fuels & Supplies Building have received strong interest from residential and commercial tenants. Later this year we hope to begin work on a second multifamily development on the South side of Emma Avenue near Luther George Park. Being part of the team renovating a reimagined First Security Bank property in its location adjacent to Turnbow Park is another positive step forward downtown.”
First Security also plans on renovating the remaining building into a new downtown branch. The new downtown Springdale branch, located at 110 and 112 W. Emma Avenue, will allow the bank to better serve customers while making way for more progress downtown.
“We have been fortunate to see growth and progress in downtown Springdale in recent months,” Adam Rutledge, NWA Market Leader for First Security Bank, said. “We want to continue to do our part.”
In helping with the improvement of downtown, First Security helped in turning the old building behind the branch into retail space, where Phat Tire Bike Shop, Engel & Völkers and Con Quesos currently occupy the spaces. Seeing the bank’s long-term vision of associating with the right partner to invest in the downtown building took time, but according to Rutledge, it was worth the wait.
“I have no doubt that Springdale and its residents will benefit,” Rutledge said.
SCM Architects will serve as the architects on this project and construction of the new branch building which is expected to be completed in 2023. C.R. Crawford Construction will serve as the construction company for both projects.