A new chapter is beginning for Conway’s Coastal Centre, the city’s largest but aging retail hub. Commercial real estate firm Rise Partners has acquired the property, announcing plans on October 25 to redevelop the sprawling mall. This move brings fresh hope to a community eager to see the prominent site, located at U.S. Highway 501 and 16th Avenue, transformed from a symbol of decline into a vibrant center for shopping and community life.
A Long-Awaited Change for a Conway Landmark
For many years, residents and city officials have watched Coastal Centre struggle. Despite being home to established tenants like Belk and Pizza Hut, the mall has been plagued by major vacancies, most notably the large space once occupied by Kmart. The previous owner, Gator Investments, made efforts to attract new businesses, but the mall’s appeal continued to fade over time.
City Administrator Adam Emrick emphasized the site’s critical role in the city’s economy. According to Emrick, the mall is significant because:
- 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.
For city leaders, revitalizing this property is about more than just shopping; it is a crucial step to prevent urban decay and bring energy back to a central location.
Rise Partners Steps in with a New Vision
Rise Partners has called the acquisition a “strong redevelopment opportunity,” signaling a major shift from previous plans. While specific details and a timeline have not yet been released, the firm’s involvement has sparked conversations about a modern, mixed-use development. This approach could blend new stores with entertainment and even residential spaces, creating a more dynamic and versatile destination for the community.
This new vision comes after former owner Gator Investments had considered adding five to seven new stores. Popular retailers like Ulta Beauty, Marshalls, and Michael’s were on the list of possibilities. However, Rise Partners acquired the property before those plans could be finalized, opening the door for a more comprehensive transformation.
City Support and Broader Growth on the Horizon
The redevelopment of Coastal Centre is part of a larger push for economic growth in Conway. City officials are also considering the annexation of land near the eastern border to make way for another large shopping center. This proposed development could further expand the area’s offerings.
This separate project has the potential to include a wide array of new facilities, which would serve the growing community and boost the local economy through tax revenue. Officials are also exploring incentives, such as tax breaks and infrastructure support, to attract major retail brands to the city. While no specific incentives for Rise Partners have been confirmed, the city is committed to fostering a pro-growth environment.
Balancing Modernization with Community Charm
The transformation of Coastal Centre is symbolic of Conway’s broader goals. The city aims to attract modern, big-name retailers while preserving its unique, community-focused identity. Successfully redeveloping the mall would not only provide more jobs and convenient shopping options for residents but also help establish Conway as a retail destination in its own right.
Community members and city leaders are optimistic about the future. Rise Partners’ investment is seen as a pivotal moment, marking a new wave of momentum for Conway’s economic and retail landscape. The project promises to breathe new life into an old landmark, ensuring it serves the community for years to come.
