Conway’s aging Coastal Centre, a sprawling mall anchored at U.S. Highway 501 and 16th Avenue, has long been due for a makeover. With spaces left vacant for years and the local community yearning for updated amenities, new owners are stepping in to transform the mall’s potential into action. Rise Partners, a commercial real estate firm with roots in North Carolina and Tennessee, recently acquired the property and plans to breathe fresh life into Conway’s largest retail hub.
A Long-Awaited Change for Conway’s Key Shopping Center
For years, Conway officials and residents have watched Coastal Centre become a shadow of its former self. With a Belk, a Pizza Hut, and a handful of smaller retailers, the mall has held onto its established tenants but struggled to fill major vacancies, including a large space once occupied by Kmart. Despite past efforts by former owner Gator Investments to attract new businesses, the mall continued to lose its appeal.
City Administrator Adam Emrick highlighted the importance of the site, noting its central location and substantial retail footprint. According to Emrick, revitalizing Coastal Centre is crucial for Conway:
- It represents the heart of Conway’s commercial landscape.
- It contains the city’s largest concentration of big-box retail.
- It has the most vacant buildings in all of Conway.
With substantial demand for both retail and affordable square footage in the area, Conway leaders have been eager to support a transformation of the site. For them, filling these empty spaces means much more than new shopping options; it’s a critical move to prevent decay, reduce crime, and bring vibrancy back to this prominent location.
Rise Partners’ Vision: More Than Just Retail
On October 25, Rise Partners announced its acquisition of Coastal Centre, calling it a “strong redevelopment opportunity” and teasing future plans. While the firm has not disclosed a specific timeline, the project has sparked discussions about Conway’s potential for a larger mixed-use development. Possible ideas include a combination of new stores, entertainment options, and possibly residential spaces, reflecting a broader trend toward creating versatile spaces that fulfill diverse community needs.
Earlier this year, former mall owner Gator Investments discussed adding five to seven stores to the location. Potential retailers on the list included popular names like:
- Ulta Beauty
- Marshalls
- Michael’s
But as Gator’s negotiations progressed, Rise Partners stepped in, ultimately leading to the property’s sale. Discussions between Rise and Conway city officials about new ideas are underway, although specific details are still under wraps.
Expansion and Incentives: How Conway Plans to Support New Retail Growth
The Rise acquisition isn’t the only growth plan in Conway’s pipeline. The city has been evaluating a potential annexation of land near its eastern border to accommodate another shopping center, which could include:
- New restaurants
- Offices
- A home improvement supercenter
- Hundreds of apartments
The annexation, if approved, could provide a broader array of services for the local community and generate significant tax revenue for the city. Incentives could also play a role in attracting major retail brands, with options such as tax breaks and infrastructure support on the table. While these incentives for Rise Partners have yet to be confirmed, city officials are exploring all possibilities to promote a dynamic commercial and residential environment.
Conway’s Commercial Landscape: A Balancing Act Between Tradition and Progress
In many ways, Coastal Centre reflects Conway’s identity—an established town seeking to modernize without losing its charm. City leaders have been balancing the desire to attract big-name retailers with the need to preserve the town’s community-focused spirit. The addition of new retail options could bring jobs, reduce out-of-town shopping trips, and establish Conway as a shopping destination in its own right.
Looking forward, Rise Partners’ investment represents a pivotal step in Conway’s journey toward economic rejuvenation. Community members, along with city leaders, are optimistic that the mall’s transformation will bring both local convenience and enhanced appeal for visitors. The excitement surrounding Rise’s plans and the potential annexation project mark a moment of momentum for Conway’s retail future.
