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Floors 1-15 of the historic, 16-story Medical Arts Building at 236 Central Ave. in Hot Springs have sold for nearly $1.18 million.
Urban Living and Development Inc., led by owner and broker Amber Henson, sold those floors to Trilochan LLC, which is led by Parth Patel and is a subsidiary of VIPA Hospitality.
In November, Patel, through his Hotel Le Rock LLC, closed on his $1.68 million purchase of the 82-room Hotel Frederica at 625 W. Capitol Ave. in downtown Little Rock. The property is undergoing renovations.
Floors 2-16 of the Medical Arts Building have been vacant for more than 25 years, according to a news release. Construction of the art deco building, designed by Almand and Stuck, began in December 1929 and was completed in 1930.
It was the tallest building in Arkansas until 1960. Known as the “Skyscraper of Health,” the building once housed 55 physicians and five businesses. It was placed on the National Register of Historic Places in 1979.
Arkansas Business will update this story.