FAYETTEVILLE (KFSM) -- The Fayetteville City Council is in the early stages of considering developing a parcel of land on the south end of the parking lot along West Avenue across from the Walton Arts Center.
The agenda for Tuesday's (July 5) City Council meeting states the City Council will hear a resolution to clarify and extend the time-frame to solicit proposals for development of the parking lot.
A current proposal from Reindl Properties Inc. illustrates a combination of a residential building next to a mixed-use building and incorporates the greenway trail into the design.
The parcel of land is already next to a piece of property owned by Reindl Properties and the company offered $337,440 to buy it from the City of Fayetteville.
The parking lot was constructed in the early 1990s to accommodate the Walton Arts Center, which opened in 1992. In 2004, the City of Fayetteville adopted a Downtown Master Plan and the parking lot was identified as a prime location for a parking garage and commercial and retail buildings.
Since then the city has constructed a parking deck behind the Walton Arts Center on Spring Street and the Walton Arts Center began a $23 million expansion and renovation project.
Many raised concerns on the issue of construction eliminating parking downtown. Developers said they didn't think it would be an issue.
“We are going to bring our own parking for our own building. It will be underground parking,” said Brian Reindl, owner of Reindl Properties.
The company hired by the city appraised the 2.85-acre parking lot as being worth $5,478,000.
The City Council will also consider proposals to sell smaller parcels of the parking lot.