by Max Brantley
A project is underway to convert the Rainwater Building at 519 E. Capitol Avenue into 12 one-bedroom "luxury" apartments. An earlier plan by a previous owner to convert the building to condos never got off the ground, but Chris Moses, developer of the project, cites high interest in downtown apartment rentals as a driving force in this project. Rents should be competitive with similar projects downtown, he said, about $1.10 a square foot. As a historic property, it will qualify for state and federal tax credits.
Rainwater Apartments, LLC, led by Chris Moses, has purchased the historic Rainwater Building located at 519 E. Capitol Avenue and is slated for a major renovation. The building is listed on the National Register of Historic Places and is one of the more architecturally significant apartment buildings in Little Rock. The historic Rainwater Building was built in 1914 as apartments, and was originally designed by Thomas Harding.
Development plans call for the conversion of the historic structure into 12, one-bedroom luxury apartments, which will be among the nicest apartments in the area. The units will range in size from 800 to 900 square feet. Additionally, the project will offer hardwood floors, granite countertops, stainless steel appliances and gated & secured parking. Construction will start later this month and should be complete by early summer.
The demand within the River Market District for upscale apartments is at an all time high. Overall occupancy rates for multi-family properties are over 98% within the area. Similar properties, such as Tuf Nut Lofts, have a two month waiting list for new prospects. “It is exciting to see the demand for housing in the River Market District grow. We will continue to develop all forms of housing opportunities downtown, so long as the demand exists,” said Chris Moses, Development Manager with Moses Tucker Real Estate, Inc.
Over the last ten years, Moses Tucker Real Estate has developed over $200 million in various product types within the River Market District, including the River Market Tower, 300 Third Tower and the First Security Center. In 2005, Moses Tucker was also involved in the successful development of Rainwater Flats, which is located next door to the proposed Rainwater Apartments.
The project team consists of the following:
Owner: Rainwater Apartments, LLC
Developer: Moses Tucker Real Estate, Inc.-Chris Moses
Architect- Cromwell Architects & Engineers- Michael McCallum
Contractor: Central Construction Group- Cody York
Lender: Central Bank- Megan Powell
For more information contact Chris Moses at 501-376-6555.