An LLC led by developers Bryan Hosto and Hank Kelley purchased the former Ace Glass Construction Corp. building in Little Rock's East Village for $1.5 million.
HK Value LLC bought the 31,000-SF building at 405 Shall Ave. and will market it for lease. Meanwhile, Ace Glass plans to move to a 38,000-SF building at 3101 Dugan St., purchased in June for $1.27 million as part of a tax-deferred property exchange.
In a news release, Kelley called the Shall Avenue property a "desirable location for many businesses or organizations." He and Hosto are considering redevelopment ideas.
"This is an excellent location in the hottest part of the East Village area and will eventually contribute nicely to the redevelopment already underway ...," Hosto said.
The Shall Avenue transaction was handled by Lauren Frederick of Haybar Properties and Gary Smith of Flake & Kelley Commercial.
The redevelopment is the latest in the East Village area, which developers have identified as the next phase of downtown Little Rock's resurgence. The heart of the area is along Shall Avenue and East Sixth Street, east of Interstate 30 and just south of Heifer International's world headquarters.
Last year, Cromwell Architects Engineers of Little Rock purchased a 22,000-SF warehouse at 1212 E. 6th St. for $472,500. The firm plans to make the warehouse its new headquarters.
Other companies already operate in the area. Lost Forty Brewing has operated in a warehouse at 501 Byrd St. since December 2014. Phil Brandon’s Rock Town Distillery opened craft liquor production and taste-testing tours in leased quarters at 1216 E. Sixth in September 2010. Rebel Kettle Brewing & Tap Room, which opened in March 2016, produces batches of beer at 822 E. Sixth St.
FULL ARTICLE HERE.