Fort Smith, AR — Fort Chaffee Redevelopment Authority (FCRA) staff and board members have dreamed of developing the Chaffee Crossing Historic District into an urban, walking district and now those dreams are coming true. FCRA board members approved an offer today from Diades Investments, LLC to purchase five warehouse buildings located in the 7400 block of Ellis Street, Fort Smith, Ark. The buildings will be converted into a multi-use property to include retail, office and restaurant space.
Built in 1941-1942, the WWII-era warehouses face the Chaffee Crossing Historic District which is listed on the National Register of Historic Places. TheDiades group plans to begin renovation of the buildings into retail and commercial space that retains as much of the original architecture and atmosphere as possible. Work is expected to begin in June 2016 and be completed by the end of first quarter 2017. Construction of a restaurant in one of the warehouses is under consideration. Work on that project may also begin in 2016. Various uses and potential tenants are being explored for the remaining retail spaces.
FCRA executive director Ivy Owen says this is something the FCRA trust has been hoping would happen for many years. “We are very excited about this project. It is exactly what we imagined for the Chaffee Historic District. We just needed the right people who shared that vision to make it a reality. We couldn’t be happier to be working with such a farsighted developer who sees the commercial,retail and food service potential in this district but also one who wants to protect the historical heritage of the buildings.”
TheDiades Investments purchase is the second purchase of a historic district building in the past twelve months. Healthpointe Insurance Services purchased a single story administrative style building on Ellis St. in early 2015. Owner Jennifer Parks says her company will complete renovations and move into that building within the next 30-60 days.
An architectural rendering of the plans for the warehouse renovations and a map of the Historic District area showing the location of the structure are included with this release.
For more information, please contact:
Ivy Owen, FCRA executive Director, 479.452.4554, email@example.com