The Fort Chaffee Redevelopment Authority plans to buy back land for $285,000 after the developer did not complete construction on the land following a Thursday vote by its Board of Directors.
The FCRA had already granted five extensions to the Chaffee Crossing Development Group to construct a road on its 15 acres at Arkansas 59 and Arkansas 22. When Mike Tankersley of Chaffee Crossing Development Group spoke to the FCRA's real estate review committee last week about a three-year extension, the committee ultimately decided to recommend not granting any more time.
The land was originally supposed to be a part of a mall in Barling, FCRA Executive Director Ivy Owen said. Once the FCRA has the land it back, it will be designated for commercial use.