Major BA Development Placed on Hold

Fayetteville, Ark.-based Dixie Development, a regional real estate developer, has placed on hold its plans to build an upscale commercial project in Broken Arrow.
The company, which announced last October intentions to build a $200 million “lifestyle center” named Albany Hills, paid $12.2 million to Stone Wood Village LLC, owned by Phil Roland, for 39 acres just west of Elm Place and the StoneWood Hills development.
Dixie had planned to build a multi-phase commercial development on the site, which was to include retail, restaurant and entertainment space.
The company was also under contract to acquire an additional 66 acres west of the recently purchased property for a second phase of the development. According to Mike Parrish of Parrish Co. Realtors, the deal was expected to close this spring.
The additional acreage would have put the project at 105 acres and would have allowed for 1 million SF of retail space.
Parrish recently confirmed to the Broken Arrow Ledger that Dixie still owned the property.
In March, the Ledger interviewed Dixie spokesperson Susan Idlet, who is no longer employed by the company. Another former officer, Jeff Johnson, project manager and director of leasing for the company, also confirmed that he was “no longer employed by Dixie Development.”
According to a May 30 report from the Northwest Arkansas Times, Dixie Development laid off 30 construction workers in May “in response to changing market conditions.”
“We’ve overbuilt,” Dixie Development owner Ben Israel reportedly said.
Israel told the paper then his company was not going to be as active in Northwest Arkansas in the near future because there was too much commercial space and instead “would focus on developing in other areas such as Broken Arrow, the site of the company’s largest project.” ?

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