LITTLE ROCK, Ark. (KTHV) -- The Creative Corridor continues to make progress with the new sale of the MM Cohn building in downtown Little Rock.
The property was sold for $2.13 million to Deep Creek LR LLC, an Arizona based company. The Arkansas Symphony Orchestra was slated to make the building, located on Main Street, their new home.
Business owners in the area have conflicting views. Some said they won't believe any progress has been made until they see it, while others consider the property to be beautiful and hope to see real progress made soon.
"There has been a lot of action and activity occurring here in the last three years,” said Gabe Holmstrom, Executive Director of Downtown Little Rock Partnership.
Little Rock's Main Street Creative Corridor is still thriving despite some setbacks, and the old department store, which has been vacant for years, is next on the list.
"They sold clothing to several generations of Arkansans,” said Holmstrom. He’s all too familiar with the many transactions the property has experienced. "Real investors buy things and sell things for a variety of reasons,” he said.
Main Street Lofts purchased the property in August 2012 for $1.5 million, but now Deep Creek is the new owner of 510 Main Street.
“They're not going to be a long-term holder. Flake and Kelly has the property listed for sale, and they're currently accepting offers. They hope to have something done by the end of the month with a new owner,” said Holmstrom.
And although it may be an eye sore to some, the building is in an area that is steadily thriving, which leaves just a matter of time before the property breathes new life.
“Three and half years ago there were no restaurants along Main Street. We've got three restaurants now, and I think there's another three in the works,” Holmstrom said.
Other projects happening right now downtown include the K Lofts building in the 300 block of Main Street. It will hold 33 residential units according to Holmstrom. And Three Fold Noodles and Dumplings Company is moving their restaurant to the 600 block of Main Street.
Deep Creek LLC was unavailable for a comment.
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