As NWA continues to grow, hungry developers are wondering where to invest in the next game changing project. So we looked into real estate projects that not only create construction jobs, but that also create long term jobs after construction is complete. Take a look at these 5 surprising developments that bring workers and wealth to a region.
- Mixed Use Developments:
While it will likely never completely go away, the shininess of C2 zoning that gained traction in the 1960s-80s has long lost its luster. And good riddance! It’s not only an eyesore to have a sea of asphalt surrounding a single use building- it’s inefficient and costly.
Cue in: mixed use developments. Often a few stories high, and characterized by retail, office, and healthcare on the ground level and parking and living space in the upper floors, these developments not only garner a slew of jobs pre-completion, like urban planners and transportation specialists in the public sector, and designers, contractors, and engineers in the private sector, but more importantly, they create long term jobs after construction is complete. Property managers, tenants who want to live close to amenities, and various businesses eager to serve those residents come to occupy the space. By building up instead of out, added density paves the way for local revenue opportunities.
And we have just that opportunity hitting Fayetteville’s 71B Corridor. This past year, Fayetteville approved the rezoning of College Ave to allow for mixed use developments. According to Jessica Lewallen, founder and architect at Gemstone Design Studio, mixed use developments have the potential to totally change the landscape in Fayetteville. “They start to provide the density needed to build out a robust and reliable alternative transit network, which in turn helps reduce traffic issues, all while providing easy access to affordable housing and unique amenities.
- Senior Housing:
It’s no secret hospitals and large healthcare facilities bring in jobs in medicine, admin, and support. However, a related and often overlooked sector is assisted living. Not only are these complexes often large scale, providing jobs related to construction, but they offer a range of jobs in diverse and unexpected fields.
Of course, you will have administrators and medical professionals, but you will also have groundskeepers, cleaners, maintenance workers, and cooks, as well as fitness instructors, physical therapists, drivers, and event planners. Fayetteville based Butterfield Trail Village, is a great example of how vibrant an ecosystem senior housing can be. With over 200 employees and 44 acres, there is a lot going on in this space. In addition to various housing options, the community offers laundry service, a wood shop and art studio, and even its own farmer’s market. The Butterfield lifestyle offers all kinds of activities from “arts/entertainment, fitness classes and group travel, to educational pursuits, recreational outings or just fun evenings with neighbors.” And according to Marketing Director Kelly Syer, much of their success is "based on providing services and amenities that continuously evolve as senior interests evolve. That—and the fact that [they] offer a continuum of healthcare options to meet the needs of... residents at every stage.” Indeed, smart developers are creating facilities- with services like these and the jobs that go with them- to help seniors live out their golden years to the fullest.
Locals Coffee
Locals Coffee recognized a need to provide specialty coffee with speed, accessibility, and convenience. They believe everyone should consider the opportunity to lift one another up in anything they do. They work with local vendors to provide local products, such as Pink House Alchemy, Onyx, Savoy Tea and more.
- Warehouses:
With headquarters for Walmart, JB Hunt, and Tyson, our region dominates in logistics. And while these big time players continue to churn out warehouses and distribution centers, smaller players factor in as well. Vendors from all sectors need manufacturing space, and that space is often filled, not only with products, but with people moving those products. Processors, quality control managers, heavy equipment operators, drivers, and machinists are needed to run these facilities smoothly.
What’s more, commercial brokers have seen the demand for such spaces increase in recent years, as companies seek affordable spaces for such centers. Of particular interest: the 412 Corridor from NWA towards Tulsa. Vendors want spots in areas that are easily accessible, on commonly traversed routes, and competitively priced.
- Luxury Resorts:
When people think of luxury resorts, they often think of ski or beach resorts. And while NWA does not have mountains with the freshest powder or oceans with the most inviting shores, we do have 2 resources that can bring a lot of opportunity: rivers and biking trails.
Ecotourism is on the rise. As noted on a recent article in Yahoo Finance, the ecotourism industry is expected to grow from USD 196.2 billion in 2023 to USD 561.9 billion by 2032.
And when you combine this trend with a dash of fancy, you get jobs. Consider all the workers needed for a luxury stay: hospitality workers, cleaners, managers, but also those who work at the restaurants, spa, pool, and bars, not to mention all the work that goes into initially designing the experience to bring people the nature and fitness experience they crave- from trail builders to river restoration experts, operating a successful luxury resort requires a lot of employees to serve peoples’ recreational needs.
“There’s a lot of opportunity and a lot of beautiful land,” says broker Duane Wright ALC of Collier & Associates, who noted areas around Little Sugar Creek in Bella Vista and Indian Creek in Southern Missouri are prime spots for such resort experiences.
- Tech Campuses
How did Silicon Valley become Silicon Valley? Until the mid 20th century, San Jose CA was mostly agricultural. And yet Hewlett-Packard, and then later Intel and Apple changed its fabric forever.
Believe it or not, we actually have a thriving, albeit much smaller, tech scene here in NWA. And it’s only poised to get bigger. Right to Start Ambassador Jeannette Collins sees a lot of growth potential as a technology epicenter: “With places like Arkansas Research and Technology Park in South Fayetteville, Northwest Technical Institute in Springdale, University of Arkansas Institute for Integrative and Innovative Research breaking ground in downtown Fayetteville, Integrated Design Lab on the NorthWest Arkansas Community College main campus in Bentonville, plus the expansive 350-acre Walmart HQ Campus under development in Bentonville, there is an emergent foundation to help nurture a thriving tech innovation community here.”
The jobs that tech campuses provide are many and varied. From the myriad opportunities that come with start ups, to the continued growth that is then fueled by experimental niches that tech brings, it’s no doubt building these campuses across NWA will likely generate a dynamic job scene of programmers, marketers, investors, and forward thinking techies.
Author: Claudia Vilato, Realtor with Collier and Associates.
Office: (479) 274-0662
Cell: (305) 781-0062
NWA Real Estate Market Update
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