Fountaine Bleau Properties to build $70 million luxury apartments at mixed-use development
CONWAY, Ark. – The first project at the Central Landing development on the site of the former Conway airport will break ground this summer. Central Arkansas developer and Burkhalter Technologies Inc. CEO John Burkhalter today announced plans to build a $70 million development that incorporates 339 luxury apartments into 18.7 acres of the mixed-use development.
“Conway’s economy is strong and growing. We believe the Conway area market is ready for an upscale apartment home community that provides the amenities, services, and standard of living that professionals can expect from a Fountaine Bleau property,” said Burkhalter. Central Landing is a perfect location for this style of luxury apartment home living. We look forward to being a part of this vibrant and engaging community.”
Burkhalter Technologies Inc. CEO John Burkhalter and his family stand on the future site of the $70 million Fountain Bleau luxury apartments.
The Central Landing development is a more than 150-acre redevelopment of Conway’s former airport site. In December of 2017, the Conway Development Corporation purchased the site from the city of Conway. “Since closing on the Central Landing property earlier this year, we’ve been balancing an urgency to develop with a desire to develop well,” said Jamie Gates, executive vice president of the Conway Development Corporation. “Today’s announcement accomplishes both goals by bringing luxury housing and economic firepower to the project.”
Since relocating the airport, the city has invested more than $15 million in related transportation infrastructure. Conway Mayor Bart Castleberry said that the announcement was a positive sign of things to come. “The 6th Street overpass, Central Landing Boulevard, and the extension of Bruce Street are already changing the way people move around the city. Today’s announcement shows that those projects also change the way our city develops.”
On June 15, the IRS and the Department of Treasury confirmed the Central Landing development and surrounding census tract as an “Opportunity Zone.” Opportunity Zones are a new community development program established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage strategic long-term investments that benefit the community. The Opportunity Zones program provides a tax incentive for investors to re-invest their unrealized capital gains into business activities taking place within the zone.
“The Opportunity Zone designation is going to attract investment into Conway from around Arkansas and beyond,” said Gates. “It’s a great economic development tool for the community and a great opportunity for investors.”
About Fountaine Bleau
Fountaine Bleau is an Arkansas-owned, $170 million leading multi-family development company that builds, manages, and owns luxury apartment home communities. It is a dynamic and growing company specializing in high-end, modern apartment homes that are resident-focused and fosters an upscale, welcoming, and comfortable community lifestyle. Fountaine Bleau luxury properties are currently located in central Arkansas.
About the Conway Development Corporation
Organized in 1959, the Conway Development Corporation attracts jobs, retains businesses, and generates economic development in Conway and Faulkner County. The CDC invests time, energy, and resources to bring about strategic, long-term progress that benefits the entire community.