Development of TheatreSquared Venue in Fayetteville, Arkansas
J. Cliff McKinney II served as lead real estate counsel for TheatreSquared in the development of the professional theater company’s new venue in northwest Arkansas. The property where the project will be built is owned by the city of Fayetteville and a long-term lease to TheatreSquared was approved by the city council. Construction on the new 50,000 square-foot facility began with a groundbreaking ceremony in June 2017 and is expected to be completed by 2019. The $34,000,000 new facility will feature the company’s first dedicated rehearsal space, staff offices, education and community space, in addition to on-site design and building workshops, eight dedicated guest artist apartments, outdoor public spaces at three levels, and an open-all-day café. The firm represented TheatreSquared in negotiations with the City to lease the property and to obtain partial funding from the City. The firm also advised TheatreSquared during the due diligence process as well as assisted in the negotiation of the architectural service agreements and construction agreements. Additionally, the firm assisted TheatreSquared in the negotiation of its financing arrangements.