Beaty Capital Group Inc. , a family-owned investment firm based in Rogers, is proposing a 16-story, 207-room entertainment allocation in Rogers’ Pinnacle Hills neighborhood.
According to a large-scale progression plan filed with the city, the 1. 57-acre site is at 3529 S. Pinnacle Hills Parkway. Ruth’s Chris Steak House is here. The upscale dining spot opened in 2007 but will move later this year to a larger venue. underneath a nearby structure.
Clinton Bennett, principal of Bennett Commercial Real Estate at Rogers, said Beaty Capital Group owns the asset contract. Chops Properties LLC, led by Andy Woodman, is the owner.
Lance Beaty, the founder and chief executive of Beaty Capital Group, confirmed the development plans in an interview with the Northwest Arkansas Business Journal on Monday (March 11). Beaty Capital Group primarily focuses on real estate and investments in smaller markets in the central United States. The company develops, manages, promotes and produces live music and entertainment on a national touring scale through its TempleLive brand.
“In this type of development, there are 100 things that have to take place for it to come to fruition,” Beaty said. “We’re on No. 21. We’ve been through the zoning. Now we’re going through large-scale. Based on our initial meetings, we feel pretty optimistic that this is a project that fits at that site.”
Beaty said the progression plan reflects the scale of conversion of the northwest Arkansas real estate market. He also pointed out another assignment from Pinnacle Hills to underscore this point. Georgian developer SJC Ventures is building an 80,498-square-foot mixed-use center called Pinnacle. Springs. The 12 acres are located on the northwest corner of New Hope Road and South Promenade Boulevard. Whole Foods Market is the anchor tenant.
“I fly out all over the country every week and meet people flying in from all over the country to do deals,” he said. “We just decided to anchor [a TempleLive venue] right here in Northwest Arkansas.”
Beaty said the Rogers project represents an investment “north of $150 million.” It’s a partnership with New York City-based Dream Hotel Group. They are working on a similar project in Cleveland.
BCG has three former Masonic temples in Arkansas, Kansas, and Ohio where TempleLive hosts concerts and shows nationwide. The three sites combined employ about 120 people, according to Beaty.
The company acquired the historic 53,000-square-foot Masonic Temple in downtown Fort Smith in November 2014 in a $2. 5 million deal. The three-story construction at 200 N. 11th St. It was built in 1928 and has assembly halls and a theatre with a capacity for 900 people. It reopened as TempleLive in August 2017 after approximately $5 million in renovations.
The Wichita Scottish Rite Center, in the heart of downtown Wichita, Kan., was acquired by BCG in early 2019. Terms of the private transaction were not disclosed. The Wichita facility was first constructed between 1887 and 1888 for the Young Men’s Christian Association and sold to the Scottish Rite Freemasons in 1898. The building was expanded in 1907 and 1956.
Beaty Capital Group the Cleveland Masonic Temple in 2017 for $725,000.
According to Beaty Capital Group’s Rogers Progression Plan – TempleLiveNWA/Dream Hotels – the company’s proposed mixed-use allocation totals approximately 305,000 square feet and will feature a 2,200-seat concert venue. Beaty said the hotel will feature a pool and a rooftop bar. On a lower floor is planned an undisclosed national restaurant. He said it would be one of two places to eat available at the hotel. The other is on the fourth floor, anchored in a pedestrian street.
Beaty said the real estate deal with Rogers is expected to close by the end of the summer. Once the approval is finalized, it expects to begin structuring in the first quarter of 2025.
Daniel Ellis of engineering firm Crafton Tull in Rogers is leading the hotel plan. Studio 6 Architects in Fort Smith is also handling the project. After any comments or revisions to the plan, it will be presented to the city’s planning commission later this year.
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