Foreclosures, lawsuits and more people moving in
Daddy W. can only suggest that all of the NWA business community needs to watch these mega foreclosures and lawsuits involving these condo projects in Fayetteville’s backyard. Keep a diligent eye on these developers who seem in no hurry to finish their projects in the middle of town. There’s a lull in progress as the stock market slides and gas prices fluctuate back and forth toward a rock solid $4 a gallon. These lawsuits may shed more than light on bad lending practices. They may show NWA business folks just how out of control, wildly out of control, these economic predictions have been for all of NWA.
Has the boom bubble burst? That’s what every one wants to know.
The U.S. Census figures can tell us that more and more people are moving into NWA every month, but are these movers employable or are they people who have been displaced, unemployed down-state or in other states, who are simply hiking into the land of milk and honey that NWA has long been touted as being by local, regional and even national publications. NWA, while focused on infrastructure, which we do need, must be more focused on planning and sound economic growth. Keep an eye on the missteps of these condo giants. That will help us all live a better, stronger economic future.
The application for a wine bar has been filed by Maricopa Inc., doing business as Winekeller at 509 W. Spring Street, Suite 230 in Fayetteville. Jason R. Evins is the applicant. Can this be the long awaited wine bar we’ve all been hearing about? Stay tuned.
Elite coffee drinkers in Lowell and at dual locations in Rogers — one, imagine this, near the prime Pinnacle location —will be closed by Starbucks in an effort to cut back its bottom line. The one on North College Avenue. near the NWA Mall was spared this time around.
The big hole in the ground in downtown Fayetteville, just keeps on getting bigger. There is now talk that the last of the $25,000 a month payments are done. But shouldn’t those developers keep on paying as we have to keep looking as the unkempt hole and its weed and mosquito farm? Watch our Mayor quickly back track on this issue. Also notice some of the names on this project and names on another mosquito farm on Sixth Street pop up when the South Pass project goes to the city. How can we even think about trusting these Ya-Hoos?
The big private chicken takeover in Benton County (Peterson Industries being enveloped into Simmons Foods) is now like an egg on toast — a done deal. The Siloam Springs processor will keep much of the workforce and the plant at Decatur. Somehow this, like all mergers, makes one wonder if a bit of history is also disappearing.
IT’S ABOUT MONEY
There has been some sniping back and forth between the North Arkansas Symphony Orchestra and the Walton Arts Center folks. Looks like money is at the root of the evil. More to this as it plays out.
A downstate weekly publication was amazed to learn that Fellowship Bible Church of Little Rock was NOT the state’s largest congregation. That honor still belongs to First Baptist Springdale, 10,000 members strong. Followed closely by Fellowship Bible of NWA with more than 7,000 members, if anyone is counting. And believe me businessmen are always counting.
SUPPER CLUB IS OPEN
The Spavinaw Supper Club, that little hideaway with world-class food, near Gentry, has reopened. The Club, once owned by poultry magnate Lloyd Peterson, has great food, a great rustic atmosphere and is worth the drive.
Already we have seen business owners start ramping up for the Aug. 30 Flying Leathernecks to fly into Fayetteville opening the 2008 Razorback football season. With only five games in Fayetteville this season (Alabama, Florida, Ole Miss and Tulsa for homecoming) the restaurant traffic will be brisk and hotels full. Woo Pig.
The woes continue for the new owners of the former ANB financial empire. It seems the new owners may have been duped by the FDIC folks on how big a hit they were about to take regarding the bank’s assets. The final tally isn’t in, but it will make big financial news once it is known just how bad the ANB’s financial condition really was.
The big home and property auction Daddy W. mentioned a couple of week ago, some $15 million of property will be sold by Northwest Arkansas Real Estate Auction United Country Real Estate at 10 a.m. Saturday at the John Q. Hammons Center. More than 170 different bank-owned and foreclosed properties in 45 different locations throughout northwest Arkansas and southwest Missouri will be sold.