The City of Little Rock recently revealed a $3 million allocation for the Phase 2 development of the Little Rock Technology Park.
Branded as a 21st-century idea factory, the Little Rock Technology Park opened Phase 1 in February 2017 in the heart of downtown Little Rock with $22,000,000 in funding from a 3/8 sales tax passed by the citizens of Little Rock. The disbursements allowed the Little Rock Technology Park Authority (LRTPA) to purchase properties in the 400 block of Main Street and renovate 415 and 417 Main Street.
“The Little Rock Tech Park Board is excited to build on the success of Phase I and bring Phase II of the facility to the community,” said John Burgess, Chairman of the Little Rock Technology Park Authority Board. “We are grateful to the City of Little Rock for their partnership and this significant funding commitment which brings our vision for Phase II closer to reality.”
In its six years of existence, the Little Rock Technology Park has attracted companies from New York, Atlanta, St. Louis, Plano, New Orleans and India. Success stories include Apptegy, Abaca, Sequretek, ValuePro, BOND.ai, SW Tech Partners, Alleviant Health and Few. The facility also houses The Venture Center, an entrepreneurial support organization known worldwide for its award-winning FinTech accelerator programs. They also provide educational and networking programming on the sixth floor of Tech Park.
“Phase Two of the Little Rock Technology Park will be a true showpiece for the entire state and further solidifies the capital city’s support for early-stage technology companies to start and scale in Little Rock,” said Little Rock Mayor Frank Scott, Jr.
At almost full occupancy, there are currently 49 companies within the facility as of today including 19 minority/women-owned business enterprises.
After reaching extended periods of full capacity pre- and post-pandemic, the entity is now poised to expand into the LRTPA-owned building known as Five Main Place, located at 421 Main Street. The building was previously leased to the State of Arkansas which exited in July 2022. Interior demolition has already begun with a timeframe of 8-10 weeks. The entire renovation is expected to be completed in the spring of 2024.
Phase 2 will feature a state-of-the-art 1,500-square-foot conference center with adjoining meeting rooms, restoration of the historic lobby, podcast studio, open floor plans with flexible space, new HVAC, updated restrooms and break rooms with an improved streetscape. The estimated cost of the project is $9.6M.
The combined phases allow Little Rock and the state of Arkansas to compete on the regional and national stage for the burgeoning tech economy. In addition to attracting companies to the Central Arkansas market, the facility will help retain and provide opportunities for Arkansas entrepreneurs and technologists now and in the future.
“Since opening in 2017, the Little Rock Technology Park has been a tremendous success, supporting companies that have created over 1,000 high-paying technology jobs across metro Little Rock,” said Jay Chesshir, President and CEO of the Little Rock Regional Chamber. “Phase Two provides us with an opportunity to take our entrepreneurial ecosystem to the next level, elevating Little Rock as a premier location to start, grow, or locate operations.”
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