The historic Boyle Building at Capitol Avenue and Main Street has been listed for sale for $5.995 million by the Chi Hotel Group, which purchased it in March 2014 for $4.5 million with plans to develop a hotel.
Stuart Mackey of Hathaway Group, who’s the agent on the listing, answered my question about whether this could be taken as a formal indication that the Chi family, whose holdings include a number of Little Rock restaurants, had dropped redevelopment plans.
The Chis love the building and only want to see the best for it. What I”ve been tasked to do is selling the building.
Built in 1909 to the design of architect George Mann, the building has 107,298 square feet in 12 floors and a basement. It has no adjacent parking. The Chi family bought the building in 2014 from a development group headed by Scott Reed, who’d acquired it along with other largely vacant properties on the Main Street corridor for $1.5 million. His projects have since been assumed by others and the street has seen some significant growth with restaurants, condos, the Little Rock Tech Park and other positive changes. But the Boyle Building and the Donaghey Building at Seventh and Main, the biggest structures on the street, have not yet seen promised redevelopment. (You can see here some interior shots taken in the early stages of the Chis redevelopment discussions about the Boyle Building.) The Chi family once talked of an $18 million Aloft hotel project, but more recently had considered a plan to convert some of the building for apartments.
“It’s a great old building with wonderful potential,” Mackey said. “We just have to wait a little while longer to see what that’s going to be.”