Opinion: Daddy Warbucks

Quick, fast changes reflect wavering real estate market

Sometimes the warp speed of changes in the management and ownership of property in NW Arkansas puts one’s head spinning.

These past few weeks have seen several developers and banks clashing over loans and the legal filings, and at best, it’s been confusing. Recently, Dixie Development, hired the big guns of Flake & Kelly commercial to manage a pair of its signature properties – Nelsons Crossing and a four-story office building off Joyce Blvd., which, one source tells Daddy W., has less than 50 percent occupancy. The question Daddy W. has is: Are they only managing the property or are they heading for something bigger than just property management?

Another move that captured everyone’s attention was John Nock faithfully pledging that he and his partner, Richard Alexander, will pay ALL the associated late fines and fees owed to the city because of the now (again) delayed hotel and condo project across from the Federal Courthouse that is all wrapped up with city money from a Tax Increment Financing deal. The city is owned this money. Let’s see if it ever collects a dime. Anyone remember how the developers were lighting a fire under the seats of the city council to push this thing through in a big hurry when they were wanting the property? It was all urgent and hurry up back then.

Nock made more news last week when he joined forces with Hank Broyles to buy out (or ease out) Brandon Barber’s BLB Holdings. The new team of Nock and Broyles will try to market (and fill) the Spring Street loft condos, a $13 million dollar deal, a stone’s throw from Dickson Street, right next to the railroad tracks.

And what’s happened to the proposed condo and apartment development near the train tracks off Sixth Street? They were supposed to be up and livable this fall, but construction has stopped and it looks like all they’re doing out there is farming mosquitoes. Weeds now cover the streets and utility areas and a pond is sitting stagnant. What’s up?

And, will the UA’s overtures that it would ante up to buy the current Fayetteville High School campus, prompt a move by the school board to build a new high school somewhere else? Money talks you know.

Only one thing can be sure – change is coming – some faster than others. Sometimes you really do need a scorecard to see who all the players of the moment
really are.

MORE TIME
Looks like the U.S. District Court judge erred in not giving former Wal-Mart No. 2 man Tom Coughlin the proper sentence for his misdeeds against the world’s largest retailer. How harsh will a re-sentencing be? Will there be an appeal? Stay tuned.

KING CHICKEN
Daddy W. is hearing that some really b-i-g news will be coming down the pike soon from Tyson Foods. Watch and be ready with the investment dollars, folks. This could be a big move for the poultry giant.

WINE AND BEER
Brian Adams has applied for a wine and beer permit for Whole Hog Cafe No. 4 at 3009 N. College Ave. We will watch for the opening and hope they do some dry BBQ. Too much sauce in Bentonville. Hopefully this Whole Hog will swing more like Little Rock’s Whole Hog.

MORE WINE AND BEER
Jack Stewart Jr., of Jack’s Fine Foods at 262 N. School St., behind the
Dickson Street Bookshop, has applied for a wine and beer permit for his new restaurant, which is said to specialize in fresh locally grown foods.

AND MORE WINE AND BEER
Zu Ling Chou has applied for a permit to sell wine and beer at Hunan Manor Chinese Restaurant at 1147 Taho Place in Fayetteville, just off Wedington Drive near Harps.

PRIVATE CLUB
The much anticipated Ruth Chris Steakhouse in Rogers—at where else but Pinnacle—has applied for a private club permit in dry Benton County. Frank Suchara of Arkansas Chops Inc., doing business as Ruth Chris Steakhouse has applied for the license.

KONGO COMING
Jose Octavia Arguelles has applied for a private club permit to sell alcohol at a club called “Kongo” at 1408 Thompson in Springdale.

FINALLY
Maxine’s Tap Room reopened over the Labor Day weekend— actually on Aug. 31. Much can be said about the old Maxine’s, but only heroic efforts by Maxine’s niece who will be operating the business, actually saved the place from the wrecking ball. Let’s hope this legendary bar rebounds with all the glory of its former years.

MENS AT MASONS
Yes, men’s clothing will be sold at the new and expanded Mason’s Fine Clothing in Bellafonte on Joyce Boulevard. Mason’s, a longtime upscale female clothier, will now carry menswear at its new 9,500 square foot digs.

NEW DUDS IN ROGERS
Harold’s, a recognized name in clothing with some pretty stiff prices, is making a home in Rogers—again, at Pinnacle. The clothier has men’s and women’s gear at Beverly Hills prices.

JUNE A&P LEADERS
The June advertising and promotion tax dollar estimates from Fayetteville restaurants are in. The top five restaurants in order are: Olive Garden, Red Lobster, Golden Corral, Chick-Fil-A and TGI Friday’s, followed by Penguin Ed’s BBQ, McDonald’s, Noodle’s, Logan’s
Roadhouse and the Catfish Hole.

HOTEL A&P
Topping the charts for hotels for June are: The downtown Cosmopolitan at number one, followed by the Clarion Inn, Hampton Inn, The Inn at Carnall Hall and the Holiday Inn Express. The Holiday Inn Express just, finally got its new front entrance opened after an extended construction and makeover project this summer.