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City OKs MOU with Newfound for River Market overhaul; developer outlines food-hall vision

City of Little Rock Board of Directors · January 14, 2026

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Summary

The board approved a memorandum moving Newfound forward to develop a major renovation of Ottenheimer Hall and the River Market pavilions; Newfound’s Will Smith said the plan centers on a year‑round food hall for local entrepreneurs and an events pavilion to support conventions and private rentals.

The City of Little Rock’s Board of Directors moved forward on plans to renovate the River Market’s Ottenheimer Hall, approving a memorandum of understanding that advances development discussions with Newfound (New and Found Management and Development LLC).

Will Smith of Newfound told the board the firm specializes in adaptive reuse and pointed to a long St. Louis project as background experience. "Our intent is to have all local Little Rock entrepreneurs and providing them a platform to grow their businesses," Smith said, describing a proposed food hall with roughly 15 kitchens and operators and a separate pavilion for bookable events.

City staff and the Little Rock Convention & Visitors Bureau framed the project as a priority from the city’s 2023 tourism master plan and said the city issued an RFQ that resulted in Newfound’s selection. The proposal envisions enclosing the two outside pavilions for year‑round use, adding conditioned space for a food‑hall anchor and creating an events venue the city can market to conventions and community users.

Mayor Scott and multiple directors praised the partnership and staff coordination; Director Phillips said the resolution begins a multi‑year transformation of downtown, noting, "when we look back at downtown 5, 7 years from now, it started on this day, with our partnership with Newfound." The board’s action authorizes the city manager to complete required steps in negotiating the development phase.

Staff said additional design, financing and contract details will be worked out as the project advances; no final construction contract or binding subsidy was approved at this meeting.