HomeMy WebLinkAbout2023-1171 (2)
Ramirez, Jonathan
From:Howland, Devin
Sent:Friday, November 3, 2023 8:03 AM
To:Agenda Item Comment
Subject:Agenda Item Comment- B.1 REINDL PROPERTIES, INC (PURCHASE CONTRACT)
Attachments:Downtown Employer Letter of Support- Mycelium Networks.pdf; Downtown Employer
Letter of Support- Acre Trader.pdf; Letter of Support from Startup Junkie
Consulting.pdf
Good Morning,
I’ve received three letters concerning item B.1 Reindl Properties, thank you for your assistance in adding these
attachments to the agenda item.
Thank you!
Devin Howland, CEcD
Director
Economic Vitality
113 W. Mountain Street
City of Fayetteville, AR 72701
T 479.575.8221
Website
1
October 31, 2023
RE: Resolution authorizing a real estate purchase contract with Reindl Properties, Inc. for the
construction of a mixed-use building on the Ramble/Cultural Arts Corridor Civic Plaza
Dear Mayor Jordan and City Council members,
I am the Founder and CEO of AcreTrader, an agricultural real estate and data platform located in the heart
of Fayetteville’s downtown square. I am writing to support the proposed hotel development by Reindl
Properties, Inc. on the Ramble. I believe it represents an opportunity for the City to strategically develop to
meet the changing needs of our residents.
AcreTrader is a different type of financial tech company. Instead of investing in cryptocurrency or other
digital assets, our team has focused on investing in something tangible and crucial to our communities:
land. Combined with agricultural real estate’s history of strong returns and low volatility, the opportunity
to remove the high cost of entry into the farmland investment market makes our mission a no-brainer for
our team. We believe investing in land is essential for the well-being of individuals, families, and
communities across the U.S.
For this reason, I am keenly aware of the role city government plays in good land stewardship. I appreciate
the level of collaboration and community responsiveness that was employed to develop Reindl’s latest
iteration of the proposed hotel space, which offers both leisure and conference space. Public input and
careful deliberation have shaped a plan for a hotel that will highlight Fayetteville’s unique cultural identity
while creating a destination in our downtown area.
As someone who made the choice to base AcreTrader and its employees in Fayetteville, I believe in the
future of this city, particularly in the importance of managing growth with careful place-based development.
Strategic investment in amenities is vital to the local tech industry's ability to retain young talent from the
University of Arkansas as well as to recruit top talent from other regions to overcome Northwest Arkansas’s
stubborn tech talent gap. We’ve relocated employees from all over—Chicago, Denver, New York—and
my goal is to make these individuals and their families lifelong Fayetteville residents. To achieve this, it is
imperative that the City actively pursue mixed-use projects that make Fayetteville a place where people see
themselves thriving for decades to come.
I thank you for your consideration of this letter of support. If I can provide any additional resources, please
do not hesitate to reach out.
Thank you,
Carter Malloy
Founder & CEO, AcreTrader
Oct 31, 2023
City of Fayetteville
113 West Mountain Street
Fayetteville, AR 72701
Purpose: Letter of Support for new downtown Reindl Properties, Inc. Hotel Project.
Startup Junkie is a key economic development catalyst in the City of Fayetteville, and has proven to be
an important leader in the advancement of the innovation and entrepreneurial ecosystem in the City.
Through our work with local entrepreneurs, innovators, and business leaders, it has become clear that
we must continue to maximize our efforts in supporting new businesses, as they are a vital economic
catalyst for the City. This hotel is a new business, and objectively we can only see a net positive
impact on this City if it is built. Beyond the increased vibrance and quality of life improvement that
this hotel will bring to the City, it will create new jobs, generate new tax revenue, and provide much
needed capacity for individuals traveling here to visit our beautiful City in addition to provide capacity
for entrepreneurs and business owners bringing prospective talent here. By not supporting this new
hotel development, we will be impeding economic development that benefits all, and the vibrant future
for this city that we all strive for.
Let this letter of support make it clear that we support new business creation in Fayetteville, and we
support the new downtown Reindl Properties, Inc Hotel Project, as it is critical to continued economic
development and continued quality of life improvement for Fayetteville.
Regards,
Startup Junkie Team