What's in Fayetteville's Markham Hill development

A real estate company wants Markham Hill to be "Fayetteville's next great downtown neighborhood," development manager Cory Amos tells Axios.

Why it matters: The area just north of Martin Luther King Jr. Boulevard and east of Interstate 49 is a largely natural, forested area that is home to the Pratt Place Inn and Barn property.

Background: The Pratt family had owned the land since 1900, and it was a longtime hospitality spot. The most recent family owner, Julian Archer, sold his 144 acres to Specialized Real Estate Group in 2016 after declaring bankruptcy, KUAF reported .

State of play: Specialized is working on a project it calls Stonebreaker that involves renovating the old inn and reopening it in July with a restaurant, private social club and coworking/meeting space, Gary Sims, CEO of Hay Creek Hotels and Restaurants, told Axios. The group is also refurbishing the existing barn and will use it for event space.

• The restaurant will be high end, with a changing, seasonal menu.
• A 72-room boutique hotel is also in the works; opening is planned in November or December.

Zoom out: Developers are also planning 476 housing units to be built over the next 10-15 years, Amos said. Most will be single-family homes of 1,800 to 2,400 square feet, along with some multifamily units like townhomes. Five homes are already built.

What they're saying: Some neighbors want to see the land preserved and not developed. Specialized plans to make this a conservation neighborhood with open space and parks, including a central park in the residential area, Amos said.

• The Northwest Arkansas Land Trust granted the developers a conservation easement on 39 acres, which is a legal agreement that limits the use of the land to preserve it.