LITTLE ROCK, Ark — Development plans are underway for the site of the Majestic Hotel in Hot Springs to become an entertainment pavilion.
Rick Wilson is the President and CEO of R.A. Wilson Enterprises and Affiliates, a commercial real estate developer throughout the U.S.
They've served the likes of Fortune 500 companies, but coming back to Hot Springs for this project is special to Wilson.
"It's going to be made available for many many venue opportunities throughout the year. We're going to bring this entertainment opportunity not just for top 50 artists they will bring, but for local groups," said Wilson.
The Arkansas native remembers being a boy in the '60s and his mother bringing him to downtown Hot Springs often where the Majestic stood fitting to its name.
The Majestic reigned as one of Hot Springs' crown jewel hotels before being abandoned and run down in the 1980s. The infamous fire of 2014 that burned it down sparked renewal efforts across the downtown district, but demolishing and clean up of the site took years.
The city eventually bought this property area to figure out the best use for it.
Since then, there's been plenty of pitches by developers with nothing concrete for the site. Wilson offered the city $2.1 million for the property.
Civil engineers have already begun working on the project. They're going to be planning to lay the foundation for the new site in the next 6 months. There's a 90-day extension the company is given after that which Wilson believes they'll take advantage of.
He estimates closing on the property in late April or early May of 2022.
"We expect construction activity to take nine to 11 months. So, that puts us completing this project in roughly January to February of [2023],'" Wilson said.
He says the first event is already planned for Spring Break 2023.
The venue will be a tribute to the past and Wilson said he's excited about the impact it will have on the future of Hot Springs.
"This project of ours is a go. It's going to be a wonderful redevelopment project for downtown Hot Springs," said Wilson.