Capstone Building Corp. Breaks Ground on The Emerald Development
Birmingham, Ala. – Capstone Building Corp. has officially commenced construction on The Emerald, a significant multifamily development in Centerton, Arkansas, valued at $45.1 million. This project marks a milestone for Capstone as they continue their 30-year legacy in multifamily construction.
The 256-unit, 312,414-square-foot development, located at the intersection of East Centerton Boulevard (Arkansas Highway 102) and Womack Road, is slated for completion in the summer of 2028. The design incorporates retail spaces within the apartment buildings, enhancing the community experience.
Development Partners
The development is a collaboration between:
- The Kalikow Group (Westbury, N.Y.)
- EYC Companies (Charleston, S.C. and Raleigh, N.C.)
Capstone serves as the general contractor, with S. Robert Andron acting as the project architect and Chris Bakunas as the civil engineer.
Project Features
Chad Carpenter, senior estimator at Capstone, expressed enthusiasm about the project, emphasizing the importance of their partnership with The Kalikow Group and EYC Companies. The Emerald will feature:
- Nine residential buildings
- A clubhouse and a pool
- Pickleball courts, fire pits, and gathering areas
Units will showcase luxury vinyl tile flooring, tiled backsplashes, stainless steel appliances, and granite countertops.
Site Details
The 9.16-acre site was purchased for $2.65 million in May 2023 by an affiliate of The Kalikow Group, led by president and CEO Edward Kalikow.
Financial Overview
Arbor Agency Lending LLC, based in Uniondale, N.Y., provided a 42-year loan of $52.68 million in August to support the project’s financing.
This development is anticipated to significantly contribute to the growing community of Centerton, providing quality housing and amenities for future residents.
