In the News

Hub gets $1M grant

to fix, buy NLR site

The Arkansas Regional Innovation Hub will use a $1 million grant from the U.S. Economic Development Administration to finish renovating its Innovation Center and buy the building in downtown North Little Rock.

The announcement was made Monday at a news conference at the center with Matt Erskine, the U.S. deputy assistant secretary of commerce for economic development; Gov. Asa Hutchinson; and U.S. Rep. French Hill, among others.

The hub's executive director, Warwick Sabin, said roughly half the money will be used to renovate the northeast corner of the building's first floor and the entire second floor. Another $500,000 to $550,000 would be used to buy the 1920s building it now leases from the Tenenbaum Foundation.

-- Cyd King

Ben E. Keith begins

work on new facility

Ben E. Keith Co. has begun site preparation work for its new distribution center at Interstate 440 and U.S. 70 in North Little Rock.

The Fort Worth-based food distribution company purchased about 72 acres in late 2013 with plans to open a new facility in early 2016. The project was pushed back, and the new completion date is spring 2017.

Ben E. Keith spokesman Yvette Parker said Monday that the project has grown into a 426,000-square-foot facility that will consolidate Ben E. Keith's two central Arkansas locations.

Parker said a decision was made to increase the size of the center by more than 40 percent after a company study found that projected long-term growth will be stronger than expected.

Gov. Asa Hutchinson is scheduled to be among the company executives and community leaders marking the start of construction at an 11 a.m. ceremony Thursday at 8801 U.S. 70 E.

-- Glen Chase

Index sheds 6.82

as buyers step back

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 6.82 to 395.98 Monday.

"After opening at record levels, U.S. stocks closed lower as wary investors moved to the sidelines awaiting any indications on the timing of interest rate changes from the Federal Reserve policy meeting," which begins today, said Bob Williams, senior vice president and managing director of Simmons First Investment Group Inc. in Little Rock.

Windstream fell almost 13.5 percent after spinning off Communications Sales & Leasing, a real estate investment trust, and effecting a 1-for-6 reverse split, Williams said.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.