Springdale park now buyer’s market
Posted on Saturday, October 4, 2008
SPRINGDALE — Thanks to a down real estate market, the city has a chance at a bargain rate on one of five large tracts for a park on the east side.
With $ 1. 8 million at its disposal, the city is eager to make a deal on property that, just a few years back, was way out of its price range.
Sealed park proposals were opened Friday, and of the five landowners who offered a sale, none listed their property at more than $ 35, 000 an acre.
By comparison, the city paid $ 95, 000 an acre for 40 acres on which to build Arvest Ballpark. The steep price for the Arvest land was due in part to its proximity to Interstate 540 and U. S. 412. Still, the big gap between Friday’s price per acre and that of recent years has a lot to do with the struggling real estate market, said those associated with the parks proposals.
“It’s the first time in many years that we’ve had this many pieces of land to consider,” said interim Parks Director Rick McWhorter.
City Finance and Administration Director Wyman Morgan was more to the point.
“No one was even interest- ed in selling us land,” Morgan said.
Gary George, chairman of Legacy National Bank and chief executive officer of George’s Inc., offered 101 acres south of U. S. 412 in an area groomed for residential development. Realtor Phil Taldo offered 87 acres — all of it platted for subdivisions — just west of the George property.
Real estate agent Seth Mims and proprietor Glenn Parsons proposed 55 acres with an option for another 145 on Webber Mountain — once targeted for a subdivision — while Chuck Hurlbut, representing Harold Parsons, presented 120 acres east of the mountain. And finally, Mark Courdin and his associates offered 143 acres on Monitor Road.
In brief, the offers made Friday are: Legacy: 101 acres at $ 26, 000 per acre, with a donation of 26 acres Courdin / Graham / Campbell: 143. 1 acres at $ 35, 000 per acre Harold Parsons: 120 acres at $ 35, 000 per acre, with a donation of 40 acres Mims / Parsons: 55 acres at $ 31, 700 per acre, with option for additional 145 acres, a $ 50, 000 grant to Springdale School District, donation of 25 acres and a trail easement Taldo: 86. 9 acres at $ 32, 500 per acre, with an option for 20 additional acres During the market’s peak, Taldo estimates his land could have sold for as much as $ 50, 000 an acre, not the $ 32, 500 he’s willing to sell it for today. But in difficult times, a deal is a deal.
“If you don’t sell something every now and then, then you don’t do any business,” Taldo said. “That’s exactly why these properties are coming up.” The Parks and Recreation Committee compiled a list of park amenities that includes 16 soccer fields, seven ballparks for children and one for adults, six tennis courts and a perimeter trail.
“There’s a lot that can be worked out with each of these pieces,” McWhorter said. “It’ll make the decision interesting and difficult.” The City Council convenes Oct. 9 to consider the proposals, but a final vote is not expected then. Until a decision is made, the landowners will have to sell their proposal to elected officials.
Mims said Webber Mountain, which he calls a “geological paradise,” is the best location for several reasons. The mountain features a grassy summit, wooded slopes, picturesque rocky outcrops and views to the east, west and south. Cutbacks along the mountainside offer excellent opportunities for bike and foot trails.
“This would be the premium park in Northwest Arkansas,” Mims said. “This is our chance to really modify the [city’s ] image. We’re good at business, but this makes Springdale green.” Meanwhile, Taldo said that his deal is the best. Based on the core specifications listed in the Comprehensive Master Plan for Parks and Recreation, the Taldo piece is poised to score big points when it comes under council consideration. Taldo’s land is closest to existing neighborhoods as well as to the Fayetteville trails link at Lake Fayetteville.
The property easily can be hooked into existing utilities, and the Taldo piece already is located on Don Tyson Parkway, the $ 38 million corridor linking Butterfield Coach Road, Old Missouri Road (Arkansas 265 ), Turner Road, Thompson Street (U. S. 71 Business ) and 40 th Street.
“Those things tip the scale, in my opinion,” Taldo said.
The Legacy piece benefits from its location at the southern terminus of Tyson Parkway. A retention pond, which is expensive to build, could be put on the land to relieve flooding in the Clear Creek drainage basin, according to city engineers. Perhaps the shiniest lure for the city is that the Legacy land, at $ 26, 000 per acre, is the cheapest.
The Courdin land is situated on a rolling, lightly wooded area next to Monitor Elementary School, but according to an early assessment by the Department of Planning and Community Development, has “minimal” nearby residences. On the other hand, the Planning Department labeled as “good” the property’s flat spaces, and said the Courdin offering has “large space for multiple activity areas.” Hurlbut, who represents the Harold Parsons land, said the hills and valleys there distinguish the property as a serious contender. Bleachers could be built into the slopes to form an amphitheater, and from a perch high on a hill, spectators could watch tennis matches or softball games unfolding below.
“It’s something that would work,” Hurlbut said.
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