Fayetteville-based Specialized Real Estate Group announced Tuesday (March 3) that it’s leading the development of Drake Farms, a $1 billion mixed-use project that will be completed over 15 years along Interstate 49 in Fayetteville.
About 40 acres of the 165-acre development will support the planned 1.2-million square-foot expansion of Washington Regional Medical Center, creating space for additional inpatient and outpatient services.
High Street Real Estate is no longer part of the development team. Drake Farms is bordered by I-49, North Fulbright Expressway, Gregg Avenue, Drake Street and Garland Avenue. The Pendergraft Building, a two-story, 19,000-square-foot office building, opened in 2022 as Drake Farms’ first project.
The remainder of the development will be completed in phases, with the first phase scheduled for this year. This phase includes multifamily residences, office and commercial space.
Nearly $80 million will be invested in the first two phases. Phase one includes 120 multifamily units, 32 townhomes and 23,743 square feet of commercial space on more than 7.5 acres. The second phase includes an additional 109 multifamily units and 10 townhomes on 3.8 acres. The second phase is expected to be complete by the end of 2028.
“Drake Farms is about building a neighborhood first — one that feels authentic to Fayetteville and grounded in the land’s legacy,” said Jeremy Hudson, CEO of Specialized Real Estate Group. “We believe the spaces between the buildings are just as important as the buildings themselves. Sidewalks, trails, gathering spaces and preserved green areas are what turn a collection of structures into a true neighborhood. This is a rare opportunity to shape a place where people can live, work and gather in a way that feels connected, walkable and enduring.”
Retail, dining and office spaces will be integrated alongside the residences. Wide sidewalks, storefronts and public gathering areas will serve residents and the broader community. The developers hope to attract a diverse mix of businesses, professional services and neighborhood-serving uses “that reflect Fayetteville’s creative, independent spirit,” according to a news release. Nabholz is the general contractor.
The release shows the property was home to Noah Drake, a University of Arkansas professor and agriculturalist, and the site of black walnut research and cultivation. Nearly 130 walnut trees planted almost a century ago remain on the land. As a part of the development, the walnut grove will be preserved as a central green space.
Neal and Gina Pendergraft’s family spent decades acquiring and reassembling Noah Drake’s original property along with land owned by two other Fayetteville families.
“It was important to us to work with a local team that understands Fayetteville and cares deeply about how this place grows,” Neal Pendergraft said. “Drake Farms is being shaped with intention, and I believe it will feel like a true neighborhood — not something dropped in, but something that belongs.”
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