Bank of the Ozarks has put about 44 acres under contract for a new corporate headquarters campus in west Little Rock.
First-phase construction of a 180,000-SF building is expected to begin late this year or early 2017. Completion is expected for 2018. The architect-engineering team for the development is Polk Stanley Wilcox and White-Daters & Associates.
The company said it doesn't yet know the cost of the new office building.
"The new campus should provide ample acreage for our company's growth, while allowing an efficient and orderly, multi-phase development of facilities as they are needed," said George Gleason, chairman and CEO of the $9.3 billion-asset holding company.
Bank of the Ozarks intends to pay $12.7 million for property on the western end of The Ranch development. It is buying the property from Financial Center Corporation and Ranch Properties, both managed by Ed Willis.
Most of the acreage is at the northwest corner of Cantrell Road and Chenonceau Boulevard. A portion extends east of Chenonceau to Ranch Boulevard along the south side of Ranch Drive.
The planned building represents the fourth headquarters location for the public company since moving to Little Rock in 1995 from Ozark (Franklin County).
Starting with 3,500 SF of leased space downtown, the company moved with 30 staffers to a 40,000-SF home at 12615 Chenal Parkway in June 1998.
The company's current 92,000-SF headquarters at 17901 Chenal Parkway opened in December 2008 with 132 staffers. Today, it houses 214. Occupancy of the building is forecast to max out at 269 next year.
Most of the headquarters staff will relocate to the new building. Corporate loan specialties and mortgage lending operations will remain at 17901 Chenal along with the branch bank.