JONESBORO, AR (KAIT) - A historic building in downtown Jonesboro will be brought back to life, thanks in large part to the new opportunity zones.
We first reported back in April of Governor Asa Hutchinson’s plan to establish areas that would offer tax breaks for potential investors.
Gov. Hutchinson named the downtown area an opportunity zone in the hopes of encouraging growth.
And now a plan that was already in the works will be an even bigger project.
Jetton General Contracting and Cooper Mixon Architects teamed up to renovate the old Stuck building on Union Street.
The original plan was a historic renovation.
But after talking to A-State students and city officials, developers saw the real demand for micro-lofts downtown.
“Under a truly historical renovation, we could only get 12 micro-lofts up within that roof line,” said Andrew Berner, president of Jetton General Contracting. “So this allowed us to raise the roof line, expand the walls, and do a significantly larger project with it being an opportunity zone.”
Now the building will house over 60 micro-lofts, offices, and retail space.
Developers say it will be a new kind of urban living experience for A-State students that is still at an affordable price.
It's a way to form an even greater connection between A-State and downtown Jonesboro.
“I think everyone has thought that connection is a real obvious one,” said John Mixon, principal architect for Cooper Mixon Architects. “But one of the problems is that there’s not really living within reach in downtown for students and for that price point.”
This project is supposed to fill that gap.
Developers are in the design phase of the renovation right now.
Once everything is approved, construction will start early next year. Completion is expected by the first quarter of 2020