Arkansas

FCRA touts progress in 2022 at Chaffee Crossing

 

2022 was a record year for the Fort Chaffee Reconstruction Authority, according to the organization’s annual report released Wednesday (January 25). The report notes that real estate sales in 2022 were $3.8 million and 66 acres of land were returned to taxable property.

Properties sold in 2022 generated $4.3 million in property taxes. The report says $25.9 million has been received in property taxes since 2011.

“In its 25th year of existence, FCRA has achieved record levels of capital investment, job creation, housing units, and completion of infrastructure and beautification projects. We were very pleased to track the data, which represents more than $2.4 million of projected capital investment,” said Daniel Mann, FCRA Executive Director and Chief Executive Officer. “New tax revenue coming to Sebastian County and the cities of Fort Smith and Barling means additional funds are available for street, sewer, water, infrastructure and utility projects. It also means that Fort Smith, Greenwood and Lavaca school districts are getting more money.”

According to the annual report, industrial development is the leading sector for FCRA with a projected capital investment of $891 million, followed by residential construction ($810 million) and commercial/retail construction ($17.5 million).

In 2022, two new industrial developments were announced at Chaffee. Van Trust Real Estate (VTRE) received approval to purchase 61 acres for an 825,000-square-foot warehouse and distribution center, and Colorado Springs-based Ax and Oak Whiskey Distillery purchased a 49,000-square-foot site. – a square foot of a former military laundry for a whiskey distillery and tasting room. On August 19, the FCRA board approved the sale of 60.89 acres on Mahogany Avenue and Fort Chaffee Boulevard in Chaffee Crossing to VanTrust Real Estate (VTRE Development) for $40,000 per acre, or approximately $2.4 million for a warehouse project.

VTRE, the City of Barling, and FCRA will share the cost of installing traffic signaling, extending communications, and beautifying streets in addition to the project. The FCRA approved the sale of Building 339 and 5.32 acres to Ax and the Oak Distillery for $675,000.

The latest housing development to be built in the Chaffee Crossing area is a 180-unit housing development known as The Prairie at Chaffee Crossing. Designed by Rodney Gun and Rick Griffin of Fort Smith. Ghan & Cooper Multifamily will manage the property.

“When we bought the property in 2015, we were confident that it would be a good investment because people would want to live close to the Chaffee Crossing development. With all the new businesses, educational opportunities and amenities, it will become even more attractive,” Gan said.

There are now 42 residential blocks of all types in Chaffee Crossing. The total number of apartments exceeds 4,200, of which 62% are in apartment buildings. Other highlights for 2022 highlighted in the annual report include: • 44 residential blocks with 4,221 units planned (up 8%); • Current number of direct jobs 3,601 with projected 4,571 jobs (up 18.5%); • New venue for the event. , duplexes and commercial premises in the Chaffee Crossing Historic District; • Plans for new trails; and • A new dog park will be developed by the FCRA, City of Fort Smith and Sebastian County.

“We are all very pleased with the progress made at Chaffee Crossing over the past year. Despite the external threat of high interest rates, we expect 2023 to be even better,” Mann said.

Of the approximately 7,000 acres given to local communities for redevelopment after the U.S. Department of Defense Base Reorganization and Closing Commission (BRAC) recommended the closure of Fort Chaffee in 1995, 1,064 acres of property for sale and 393 acres of public space for parks and parks, according to FCRA , green spaces – approximately 20% – were still available at the end of December.

The Arkansas Legislature formed the Fort Chaffee Redevelopment Authority in 1997 to oversee land development with the main goals of getting property back on the tax rolls, replacing the 700 jobs lost since Fort Chaffee closed, creating housing estates with quality of life and recreational amenities. Attraction.

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