NEWPORT, AR (KAIT) – The old Walmart store in Newport will look different in the near future once renovations are complete, according to a news release from the Newport Economic Development Commission.
A news release Friday confirmed the sale of the old building to SimonCRE, a commercial real estate developer. The developer will purchase the 85,000 square foot building and turn it into a shopping center.
The release stated Tractor Supply, Dollar Tree, Goodwill and other retail stores will move in. Construction is set to begin soon, and is expected to be finished by the end of 2014.
It's not known how much the building will cost, but the projected cost is in the millions.
"Nationally big box stores average being empty from 5 to 7 years before being repurposed," Jon Chadwell, Executive Director of the Newport Economic Development Commission stated in the release. "We are very pleased that this store is finding a new use in less that a year after Wal-Mart moved to their new supercenter"