$20 Million luxury apartments coming to North Little Rock

NORTH LITTLE ROCK (KATV) — A $20 million project is coming to North Little Rock.

On Wednesday, a group of developers broke ground to begin the first phase of what’s being called the Esplanade District.

As part of the 2017 federal Tax Cuts and Jobs Act, Governor Asa Hutchinson approved 85 opportunity zones throughout the state. Those zones provide tax incentives for private investment in low-income communities and allow investors to defer or eliminate taxes on capital gains.

"The opportunity zones are based upon federal law and federal tax credits or tax savings,” said Gov. Hutchinson. “The legislature and I signed into law the state incentive as well you not only get the federal tax break, but you get a state tax break as well and so we're really enhancing the attractiveness of the opportunity zones."

Arkansas-based Monde Group plans to develop a mixed-use neighborhood on a 41-acre plot on River Road.

“This property is one of the largest newly-formed opportunity zones in Arkansas and will be a shining example of what this legislation was designed to create,” Blake Jackson of the Monde Group said.

”It's going to be a showcase for our state, starting with residential living that's going to be so convenient to downtown,” Gov. Hutchinson said.

As part of the first phase, the Esplanade luxury apartment homes will feature 92 one-bedroom and two-bedroom units.

The Monde Group is expected to spend about $20 million, but the costs of future phases are unknown at this time. Future phases include restaurants, bars, specialty shops with condominiums, single-family residences and a boutique hotel.

"These developers are very accomplished, they're experienced and they're bringing a very first-class product to our side of the river so we're really excited about it,” said NLR Mayor, Joe Smith.

The apartment complex phase is expected to be completed by early 2021.