Arkansas Research and Technology Park
Enterprise Center Development
IDEA Partnerships and Clayco Realty Group, developer
Chris Cedergreen, architect
Howard Smith NMTC Associates, financing
Clayco Construction, construction manager
Stock & Associates, civil engineers
PROJECT COST— VENTURE I
Enterprise Center opened in 2010. The building is sited and designed to coordinate with five existing buildings to help form a collaborative campus environment.
In 2021, IDEA Partnerships arranged a self-amortizing (20 year) nonrecourse refinancing that allowed the property to be transferred to UATDF for a combination of discounted purchase price and charitable donation.
IDEA Partnerships was selected in 2007 as the development partner of the University of Arkansas Technology Development Foundation (UATDF) for a new multi-tenant office/laboratory building (MTB) in the Arkansas Research and Technology Park (ARTP). IDEA Partnerships, with Clayco Realty Group, financed, developed, owned, and operated the building until 2021.
UATDF’s mission is to stimulate a knowledge-based economy in the State of Arkansas through partnerships between the University of Arkansas and the private sector. UATDF manages ARTP and provides a variety of value-added features to the companies located there. UATDF and IDEA Partnerships collaborate closely on the operations and marketing/leasing of Enterprise Center.
Enterprise Center is a 65,000 SF speculative multi-tenant building with central atria and collaborative space for affiliates in the building and the park. The building is LEED Silver certified, and includes state-of-the-art energy savings systems, and a solar array. Its “laboratory enabled” features allow great flexibility to economically offer speculative laboratory space. The original financing was a complex structure of developer equity, commercial debt, New Market Tax Credits, and state and federal funding.