Bank of America Building Acquired by Local Real Estate Developer

At the heart of downtown Little Rock’s central business district is the 24-story Bank of America Building. The third tallest building soaring above the Little Rock skyline, the Bank of America Plaza recently acquired a new owner. Keith Richardson, a local developer of residential areas around the city, reportedly began planning repairs and renovations to ensure the office building’s continued use.

Updating mechanical systems, work on building exteriors and common areas as well as future rebranding are part of the future plans for the space. According to an earlier report by Arkansas Business, 200 West Capitol Investment LLC, headed by Richardson, purchased the building for $8 million.

First Security Bank of Searcy was the seller. The bank recovered the building in a foreclosure sale in April after suing the former owner, California-based investor group 200 West Capitol LLC, for defaulting on an $8.4 million loan. The foreclosure came after the building’s largest tenant, Wright law firm Lindsey Jennings, reportedly sued for repairs and maintenance at the allegedly neglected building.

Richardson owns more than 2,000 market-priced apartment units in central and northwest Arkansas.

Also Read: Arlington Resort Hotel Gets a Makeover in the Spa Town

Previous Alliance Global increases capital expenditure to P60B
Next The two CT casinos generate $175 million in online gaming and sports revenue