JANUARY 4, 2006 - Posted at 12:05 p.m. CST, updated at 1:21 p.m. CST
JONESBORO, AR - Bruce Burrow of MBC Holdings, LLC, revealed plans late this morning for the firm's latest retail development, Fairpark, which will be built on Fairpark Boulevard just south of Lowe's in Jonesboro.
The $15 million retail center will be anchored by a 70,000-square feet Kohl's Department Store. When completed, the center is expected to create more than 175 new jobs and contain approximately 100,000 square feet.
"Site work has begun on the property," said Burrow. "We are looking forward to bringing another first-class retailer to the market." Burrow is a partner in MBC Holdings, LLC, with co-developer Marty Belz of Memphis.
An additional 30,000 square feet is available for lease. Burrow stated that negotiations are underway with other national retailers considering the additional space. "This project continues to show the strength of our region and that Jonesboro is the center of commerce in northeast Arkansas," said Burrow. "With the opening of The Mall at Turtle Creek this spring and with our other potential projects in the development phase, this year will be one of the strongest retail years northeast Arkansas has ever seen." MBC's Mall at Turtle Creek is scheduled for a grand opening in March, although two of its stores (JC Penney and Target) opened late last year.
The Fairpark project is expected to open in late 2006. Its location is in close proximity to a proposed hotel and convention center planned by Springfield, Missouri-based hotelier John Q. Hammons.
Earlier this year, MBC Holdings became one of the largest property owners in downtown Jonesboro with its purchase of two historic landmarks, the former Citizens Bank property and the McAdams Trust Building.