Talk of expanding the eStem Charter School campus in downtown Little Rock has manifested into a $1.35 million transaction.
A subsidiary of Arkadelphia’s Southern Bancorp has acquired the old Federal Reserve property at 123 W. Third St. and will lease it to eStem, which operates out of leased quarters in the neighboring Gazette Building.
Plans call for the 45,000-SF building to undergo renovation expected for completion during the next 12 to 15 months. The property is envisioned to house upper-grade classes.
Little Rock’s East-Harding Inc. and Wisell Evans & Rasco will oversee the general contracting and architectural choirs on the project.
Two components of the financial package will include historic tax credits and new markets tax credits.
The effort isn’t a first for Southern Bancorp.
Its affiliates also aided educational projects with conventional public schools and charter schools in Phillips County and construction of a new charter school in Jacksonville, Lighthouse Academies of Arkansas.