Private developers and the city of Little Rock have been investing in recent years to revive a stretch of Main Street but not all projects in the so-called Creative Corridor are taking off. George Waldon, with Arkansas Business, reports that two mixed-use commercial and residential properties being developed by Scott Reed – K Lofts and Main Street Lofts – are behind schedule and owe contractors more than a million dollars.
“The ground floor was going to be commercial. In this case, with a lot of interesting non-profit tenants like the Arkansas Symphony Orchestra, the Rep, as well as a mix of some other folks like the Cranford Company and some artists,” said Waldon.
“But for whatever reason, things got off track schedule-wise, there’s some outstanding debts, the contractor on that project which was also on K Lofts had to step away because Scott was so far behind on paying the monthly draws on the construction and so both projects are kind of at an impasse.”
Read Waldon's report in Arkansas Business.