LITTLE ROCK, Ark. (News release) – Little Rock’s oldest skyscraper is getting ready for new life after selling for $5.7 million on Nov. 2.
LRMU, LP, a Virginia limited partnership, purchased the vacant 170,957-square-foot building at 103 E. 7th Street from Lake Hamilton Corporation. Casi Runnells and Isaac Smith of Colliers International | Arkansas represented the buyer in the transaction.
The new ownership group plans to convert the 92-year-old building into 152 studio, one- and two-bedroom apartment units ranging in size from 539 square feet to 1,093 square feet with office and retail space on the first floor.
In addition, plans are in place to remove the skywalk connecting the Donaghey Building to the Arkansas Department of Human Services, a tenant of the Donaghey North building across East 7th Street. Construction is expected to begin in the 2nd quarter of 2018 with an anticipated completion date of November 2019.
“The Donaghey Building is one of downtown Little Rock’s most historic buildings and we are so proud to have played a part in its revitalization,” Casi Runnells, broker at Colliers International | Arkansas, said. “With frontage on both 7th Street and Main Street, the Donaghey finds itself in the middle of the Creative Corridor development and an easy walk from nearly all of downtown.”
“Restoring the Donaghey Building back to its former glory has been our goal all along,” David Roos, Principal at LRMU, LP, said. “We feel that the combined location, history, and downtown atmosphere will make this building a treasure once again for Little Rock’s current and future residents.”
Once complete, the Donaghey Building will feature amenities such as a fitness center, a laundry room, meeting rooms and outdoor patio with a lawn. Parking for the building will be provided in the parking garage at the corner of East 7th and Scott Streets.