Northark to Purchase Regions Plaza for $1.2 Million

    In what President Jeff Olson called a “turning point” for the institution, the North Arkansas College Board of Trustees voted Thursday to purchase the Regions Bank building and tower at 303 N. Main in Harrison for $1.2 million.  Under the terms of the agreement, Regions will remain in the bank portion of the building for up to a year while it builds a new facility.

    The go-ahead for Dr. Olson to sign the purchase contract with Regions Financial Corporation came on a red letter day for the college, which also reported a maximum eight-year renewal of national accreditation for its highly acclaimed registered nursing program and another record enrollment of 2,152 students taking credit classes, the most ever for a spring semester.

    In the deal with Regions Bank, North Arkansas College is buying a 65,000-square-foot building that includes the current bank and its five-story office tower located on one full block near downtown Harrison.  The purchase also includes a parking lot at the corner of East Ridge and North Walnut.

    After Regions Bank moves to its new location, Northark plans to renovate the current bank portion of the building to create a center with breakout rooms and a central conference facility large enough to host banquets and other community events.  Some college programs will be able to move to offices in the tower section of the building before the 2005 fall semester starts in August.  

    Dr. Olson said the purchase will solve urgent space needs and presents significant opportunities for expanded services to the community.

    “It will be a two or three year process before we can fully occupy the building,” he said.  “However, this action today satisfies our immediate space needs.  We have programs and classes with critical space requirements and this will solve that problem.”

    Some college related programs, such as the North Arkansas Partnership for Health Education, will eventually move to the downtown facility when their current leases expire.

    “We are renting space in the community and will eventually be able to move those offices into the building, along with some current North or South campus programs such as adult education, continuing education, and community education,” Olson explained.  “The new facilities will enable us to expand some of those programs and add more services for business and industry.

    “We anticipate being able to provide education, workforce development, and cultural enrichment opportunities in the conference center,” he continued, referring to the current bank facilities, “and we agree with community leaders that a Northark campus in this location will help revitalize the downtown area.”

    The deal between Northark and Regions Bank was lauded by community leaders for its potential to help revitalize the downtown area, expand college programs and services, and draw visitors to Harrison.

    “This is a wonderful opportunity, not only for the college but for the City of Harrison and the downtown area,” Harrison Mayor Bob Reynolds commented.  “It gives the city and area the conference center project we have been working on for several years.  The facility is well-located in the restaurant district and could be a boon for downtown.  I am utterly delighted.”

    Layne Wheeler, president of the Harrison Chamber of Commerce, pointed to the value of project in terms of economic development, tourism, and workforce development.  “Having Northark in this location will be great for downtown, and the new space will provide expanded opportunities for customized classes for business and industry,” she predicted.  “The conference center should be a real draw for visiting groups.”

    Boone County Judge Mike Moore recalled his excitement as a high school student when he heard Harrison was going to have a college.  “What’s even more exciting is seeing the growth and progress the college has made and is continuing to make,” he said.

    Northark has already received about $350,000 in federal appropriations for a conference and workforce development center.  Area legislators are working to help the college secure state funding, and the North Arkansas College Foundation will conduct a fund drive for the conference center and other renovations planned by the college.

    Olson praised Harrison realtor Jerry Jackson, who assisted Northark in making the deal at no charge, and the college’s attorney, Fred Kirkpatrick.  He also noted that Northark will work with current tenants of the towers and honor their existing leases.  The closing date for the sale is set for May 1 under the terms of the contract.  Regions Bank will have one year from that date to move to a new location.