A California real estate development company is planning a massive multi-family development on Walton Boulevard in Bentonville.
City planners have approved plans for a $51 million complex called Lumen. It’s a Burrwood Living project, based in Orange Beach. The company is focused on multi-family, lifestyle and office developments in secondary markets in the Midwest.
The 6.5-acre site is east of Walton Boulevard, bordered by Chick-fil-A to the north and Panda Express to the south. The footprint extends east of Walton to the northwest corner of Bentonville Cemetery. Burrwood assembled the land over the past 18 months in separate transactions with a combined value of $2.75 million.
The footprint includes two structures that will be razed, including a former Acambaro restaurant and a building recently leased to Enterprise Rent-A-Car.
Paul Esterer, director and president of the northwest Arkansas division of Moses Tucker Partners in Bentonville, represented Burrwood in the land assembly.
“Lumen is the largest development on the west side of downtown and the most impactful project on Walton Boulevard in a long time,” he said. “This is the first major multi-family project to hold an address in Walton. This signals what I believe to be a renaissance for Walton Boulevard.
Burrwood representatives told the Northwest Arkansas Business Journal that the 281,684-square-foot Lumen will include retail stores and dining spaces. This is in addition to 252 residential units with amenities such as a resort pool, deep spa, dog park, cafe, fitness studio, rooftop terraces, fire pits, dining enclaves, secure car parks and bike wash and storage.
Art Kennedy, Burrwood’s director of development, said Lumen is a “lifestyle resort” that will have multiple unit designs, including micro-studios, standard studios, and various one- and two-bedroom options.
“Lumen will provide the Bentonville community with a true downtown living experience,” Kennedy said in a statement. “We believe coastal transplants will find Lumen’s premium amenities and build quality familiar and make it the perfect landing spot for their next chapters. As far as “Class A” multi-family projects go, this one is special. »
Kennedy said construction will begin in the coming weeks and pre-leasing will begin in the spring of 2023. Conco Construction of Wichita, Kansas is the general contractor. Chasen Garrett Architects in Fort Smith is also working on the project.
“This project was tailor-made for Bentonville,” Garrett said. “Burrwood Living placed the community of Bentonville at the center of its vision when we first met. Their goal was to be a good steward and community member with the project. We were fortunate to participate in the implementation of this vision for our client and the community. »
Equity Bank in Wichita, Kan., provides the financing.
Burrwood Living spokeswoman Rose Williams said the company also controls the former 7-acre Heartland Motel site at 1002 S. Walton Blvd., but no imminent development plans exist. This property changed hands last summer for $2.2 million.