innovate arkansas

A limited liability corporation led by Chris Moses has purchased the Rainwater Building at 519 E. Capitol Ave. in Little Rock and will renovate the property into luxury apartments.

The building, which is listed on the National Register of Historic Places, was built in 1914 as apartments, and was originally designed by Thomas Harding.

The LLC, Rainwater Apartments, purchased the building from Rainwater Holdings LLC for $305,000.

Development plans call for converting the structure into 12 one-bedroom luxury apartments, with units ranging in size from 800 to 900 SF. The project will offer hardwood floors, granite countertops, stainless steel appliances and gated and secured parking.

Construction is scheduled to begin later this month with an eye toward a summer completion.

Moses said he expects rent to be in the $1.10 per SF range. As a historic property, Moses said, the project will qualify for state and federal tax credits. 

In the news release, Moses said demand in the River Market District for upscale apartments is "at an all-time high."

"It is exciting to see the demand for housing in the River Market District grow," said Moses, who is development manager with Moses Tucker Real Estate Inc. "We will continue to develop all forms of housing opportunities downtown, so long as the demand exists."

Moses said overall occupancy rates for multi-family properties are more than 98 percent in the area. He said similar properties, such as Tuf Nut Lofts, have a two-month waiting list for new prospects.

Moses Tucker Real Estate has developed more than $200 million in various product types within the River Market District in the last 10 years, including the River Market Tower, 300 Third Tower and the First Security Center.

In 2005, Moses Tucker developed Rainwater Flats,  located next door to the proposed Rainwater Apartments.

The Rainwater Apartments team includes Cromwell Architects & Engineers, Central Construction Group and Central Bank.