Fayetteville Retirement Community Owners Begin Expansion
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Rogers’ investment company, Beaty Capital Group Inc., has launched a multi-phase project to expand Big Village at Clear Creek, a 125-unit retirement community at 1998 W. Grand Blvd. in Fayetteville.
Beaty paid $37 million in July 2021 for the 20.5-acre development near Sam’s Club, west of the Interstate 49/Fulbright Expressway interchange.
The first phase of Grand Village was completed in March 2020. It consists of 109 independent living apartments in the main three-storey building surrounded by 16 cottages.
The ongoing second phase will add a seven-plex, 10,600 square foot residential unit. First Horizon Bank in Fayetteville is supporting the construction with a $1.91 million loan.
The third phase of the project, approved by city planners last year, will add 33 additional chalets and a 2,500 square foot lodge. The cabins are approximately 1,500 square feet.
Land leveling is expected to begin this spring. Engineering Services Inc. is the civil engineer.
Christa Clark, Beaty’s chief investment officer, said the Phase III cost was $12.5 million.
“It’s the best independent living community in the whole market,” said Beaty President Lance Beaty. “Like many operations, the pandemic has presented challenges, but our dedicated staff and residents have worked well together. As a result, we have increased the occupancy rate to 83% [from 73%] since July. Phase II is fully pre-let and we have a waiting list for Phase III.
“We look forward to growing and continuing to provide a premium independent living experience for our residents. The community is like a cruise ship at dock – there’s always something going on for the residents, great food offerings, and there’s a real sense of community.