Leader Blues

Wednesday, June 01, 2005

TOP STORY>> Upscale apartments planned at Greystone

IN SHORT: Cabot is set to annex an area across from the expensive subdivision, which would also see new commercial development, including possibly a new grocery store.

Leader staff writer

Cabot could soon be getting a housing development like none it has seen before.

A Little Rock company, Orion Capital Partners, has bought 50 acres across from Greystone, the city’s upscale golf course subdivision, and will build apartments that will not detract from the exclusive neighborhood.

Brock Martin, with Orion Capital Partners, said this week that some of his tenants will likely be connected in some way to Little Rock Air Force Base, but many will likely be permanent Cabot residents who simply need a temporary home.

“I predict that we will have a number of people who’ll rent from us while they build their houses at Greystone,” he said.

Martin said the apartments will have nine-foot ceilings with crown molding and covered parking. The complex also will include a fitness center and a common area with computers that Martin said he likes to call a homework center.

Some of the property will be set aside for commercial use. Brock said he had spoken with Bill Minton and Jack King, Greystone developers, about what the residents in the area need, and the consensus is that a grocery store is what is needed most.

It has not been decided how many apartments will be built in the first phase of development of the property.

“We’re doing our market research now,” he said.

The company has apartments like the ones it intends to build in Cabot in Little Rock and northwest Arkansas.

Cabot Mayor Stubby Stumbaugh confirmed Tuesday that he talked with Martin a month ago about the subdivision. He said his only concern is that the spot on Hwy. 5 where the entrance will likely be located already is one of the most dangerous in the area. And more traffic will make it even more dangerous, he said.

Stumbaugh says a traffic light is needed there, and the developers will likely have to pay at least part of the cost of installing one.

The property is not currently inside Cabot city limits, but it is on the agenda for the planning commission meeting next Tuesday to start the annexation process.