This is the first of a two-part series.
Go Forward Pine Bluff CEO Ryan Watley said the city is experiencing a mix of progress and challenges across its development projects.
Projects like the Sixth and Main Plaza, the go-kart track and several downtown initiatives are moving forward but face hurdles ranging from internet connectivity to financial considerations.
Regarding Southeast Housing, an initiative from former Mayor Shirley Washington, Watley explained the complexities involved in multimillion-dollar projects.
Independent reporting for Pine Bluff & Jefferson County since 1879.
“These multimillion-dollar projects, particularly in our market, require a diverse play, diverse capital stack. … You’ve got to do it from different approval levels,” Watley noted, emphasizing the difficulty in securing funding due to varying requirements and revenue justifications.
“There continue to be people interested in developing that project. But that’s what they’re working on, someone to find (revenue streams) to justify the return.”
The project had to navigate concerns about being in a flood zone, which hindered securing certain revenue streams.
The Urban Renewal purchased the land and turned it over to the city. The current phase involves attracting a developer with financing.
Mayor Vivian Flowers said plans for housing development in the Southeast area, previously stalled due to flood zone issues, remain uncertain.
“I just am not clear that that is a program or a project that is going to come to fruition,” said Flowers, indicating a hold as the city awaited grant information.
The hotel project near the Convention Center is progressing well, with an anticipated completion date of summer 2026. Watley confirmed that it is a “non-recourse” project, meaning the city will not bear financial responsibility if it fails.
“The profits have shown to justify payment, so whatever they make, they’re making over and above … and that was projected out almost several years,” he clarified.
Watley also highlighted the importance of capital stacking, explaining how multiple funding sources like the city’s contribution and a U.S. Department of Agriculture guarantee were crucial for the project’s realization.
“When we talk about capital stacking, the city gave the tax head the $3 million. But if someone said we’re not going to do the USDA guaranteed, we wouldn’t have been able to do the project,” he stated.
The Sixth and Main Plaza, which has received its certificate of occupancy, is facing delays due to internet installation.
“Bigger hurdles that were weighing on the technicians for the internet to schedule their installation … We can’t operate without the internet,” Watley explained.
He expressed frustration over the lack of a definite installation date, saying, “I can’t say (the projected opening date), but I’m at the mercy of the internet company.”
Despite these delays, Watley assured that all spaces in Sixth and Main remain occupied and tenants are on board.
“As of today, all the spaces remain occupied. I’m in constant contact with the tenants,” he stated.
Flowers said the opening of the Sixth and Main project had been pushed back to the fall, and that there is an expectation for the city to pick up maintenance costs after 2026.
She also expressed interest in the private sector acquisition of some projects.
“I kind of look at that like I look at the River Market,” she said.
“That’s something that is sort of an incubator for businesses and placemaking.”
During a recent City Council meeting, Watley addressed the council, raising concerns about funding and operational costs.
Watley reminded the council of the pending projects and the financial implications associated with them. Watley stated Simmons Bank’s naming rights for Sixth and Main cost $80,000.
“And so all that is playing into the funds that are available to operate these projects,” he said.
A grocery store was previously planned for the location, but plans changed.
A “mini grocery” was considered, but no vendor has been solidified, according to Flowers.
“There was no vendor identified, but I will say that I have heard there is interest from a business or two,” Flowers explained regarding discussions from late 2024.
Sunday: Updates on a planned go-kart track, how to utilize the former Pines mall and Urban Renewal funding.
