Little Rock to Transform River Market with $25M Investment

This article was published by KATV.

LITTLE ROCK, Ark. (KATV) — The Little Rock Board of Directors on Tuesday approved a key agreement that moves forward plans to redevelop the River Market District for $25 million.

During a special-called meeting, the board unanimously approved a resolution authorizing the city manager to enter into a memorandum of understanding with New + Found Management and Development LLC. The agreement allows the St. Louis-based firm to proceed with the development phase of a River Market renovation.

City officials and tourism leaders said the River Market project represents the first major overhaul of the facility since it opened more than 20 years ago.

“When we did it 20-plus years ago, it was a $4.3 million project,” said Director Kathy Webb. “Times have changed, and now we have a great partner.”

Will Smith, principal of New + Found, told the board his company specializes in adaptive reuse projects and has experience transforming historic industrial sites into food and entertainment-centered destinations. He cited the redevelopment of a former foundry in St. Louis that now attracts more than 2 million visitors annually.

“Our intent is to have all local Little Rock entrepreneurs,” Smith said. “This is about providing a platform for local food operators to grow their businesses and support their families.”

Smith outlined a plan to fully reimagine the River Market, including enclosing the outdoor pavilions to create year-round, climate-controlled spaces. The western pavilion would be integrated into a food hall with about 15 kitchen spaces operated by local vendors. The eastern pavilion would become a multipurpose event venue available for conventions, weddings and private events in partnership with the Little Rock Convention Center.

Mayor Frank Scott Jr. said the vote marked a turning point for downtown development.

“A lot of times we celebrate the ribbon cuttings, but it’s important to recognize when the ball gets rolling,” Scott said. “When we look back five or seven years from now, this is the day it started.”

No construction timeline or cost estimate was presented during the meeting. The memorandum of understanding allows planning and design work to move forward before final agreements are brought back to the board for approval.