Did you know that the total purchase price for the approximately 54 acres around the Outlets of Little Rock and Bass Pro Shops in southwest Little Rock was about $12.4 million?
Gateway Otter LLC, which bought about 20 of the 54 acres, and Gateway Creek LLC, which will own the rest of the site, told the U.S. Securities & Exchange Commission that they were going to raise a total of $12.5 million.
Isaac Smith, the executive officer for the companies, said the money would be used to pay for the land.
Smith, who is also principal and executive vice president at Colliers International Arkansas, told Whispers last week that the ownerships of the LLCs are exactly the same, but declined to say who those owners were. The SEC filing only listed Smith’s name as an officer. The filing, however, said that 10 investors have already invested in the offering.
Smith said he was excited about the developments at the location, which is expected to include a Movie Tavern, a dine-in movie theater. Construction is projected to start this year and the cinema could be open in 2017.
“Movie Tavern will be one of the landmark anchors at Gateway Town Center, joining Bass Pro Shops, the Outlets at Little Rock and Dave & Buster’s to truly make this an entertainment destination for Arkansans and anyone passing through,” Smith had said in a news release last week.