Conway leaders announced this morning a major mixed-use development on 150 acres in central Conway. It will include a shopping center, apartments and offices. Pre-publicity described it as the biggest single development in the city’s history.
The Conway Development Corporation is a partner with developer Jim Wilson and Associates of Montgomery, Ala.
Built out, the promoters say it could create $2 billion in sales over 10 years and $34 million in tax collections.
(Note to Little Rock: This is where your sales tax revenue goes.)
It’s all to be known as the Central Landing.
(Some will remember Jim Wilson from his effort — unsuccessful — years ago to develop the Summit Mall in Little Rock.)
In 2017, central Arkansas residents will have a new destination for shopping, dining, hotels and much more. Thursday, before a crowd of 200 area business leaders, the Conway Development Corporation and Jim Wilson Associates of Montgomery, Ala., announced plans to develop jointly more than 150 acres of commercial real estate in the heart of Conway, Ark.
Will Wilson, president and CEO of Jim Wilson & Associates, said the project has the potential to solidify Conway’s position as a regional shopping destination, spur redevelopment in aging commercial areas, and contribute new tax revenue and payroll to the local economy. City officials estimate the project will create an additional $2 billion in retail sales and $34 million in additional sales tax collections for the city over a 10-year period.
“Together, with the CDC, we have an exciting new vision for the former airport site,” Wilson said. “We have a 40-year history in the commercial real estate business. It has been perfect preparation for a project just like this one. Conway is a great place, a vibrant town; we see great potential here.”
Conway Development Corporation president Brad Lacy thinks the Conway market is ready for the record-sized project. “For the last several years, Faulkner County has been recognized as one of America’s fastest growing counties for population and job growth. We are already an established, regional product in many ways. Central Landing will give us the setting to offer new amenities, not only to Conway, but central Arkansas.”
A site plan revealed at the announcement featured a lifestyle component anchored by large retail stores and enhanced with specialty stores, restaurants, offices and multifamily properties. The retail phase of the project will be up to 750,000 square feet.
“This project is a once-in-a-lifetime opportunity for our community,” Lacy said. “The scale, quality and variety of development Central Landing brings to Conway will truly set us apart.”