The Fort Chaffee Redevelopment Authority (FCRA) Board of Trustees agreed during its recent meeting to repurchase two tracts of land. The property is zoned mixed use industrial/office, said Daniel Mann, FCRA executive director.
The first tract, 30.55 acres beside Glatfelter at 8201 Chad Colley Blvd., and Old Dominion Freight at 8101 Flagstone Road, will be purchased back from Harmon Arkansas Properties for $45,000 an acre, or approximately $1.373 million.
“They were going to put a large warehouse on the location. They are coming up for an extension next month. The owner chose to exercise a clause in contract and asked us to repurchase the property,” Mann said.
The owner of the property has not completed any improvements on the property, though they have done feasibility studies and conceptual designs, which they agree to supply the trust, Mann said.
Trustee Chuck Peacock raised questions during the meeting on whether the military ever dumped any chemicals on the tract of land when it was owned by the military as part of Fort Chaffee. Mann said it had not.
“If there is any (chemical dumping) there, the federal government would be responsible for clean up,” he said.
The board agreed to repurchase the land with Peacock voting against the action.
The board unanimously agreed to repurchase 17.96 acres on Massard Road/Chad Colley near the Interstate 49 exit, owned by Massard I49 Properties LLC. The property was originally purchased in 2011. In 2015, FCRA allowed the owners to sell approximately two acres of the original 20 acre plot, Mann said.
“They have no prospects, no activity, etc., and have asked us to repurchase this piece of 17.96 acres for $1.5 million,” Mann said.
He said FCRA does have the cash in reserved funds to purchase both properties.
“They sold the acre at $880,000. The $1.5 million is a very good price for us,” Mann said.
Mann said FCRA does not have any buyers seeking the property, but they will market it at fair market value.