Lloyd Construction finds fast traction in surprising market: Northwest Arkansas

This piece is sponsored by Lloyd Construction.

With an outside glance, there might not seem to be many similarities between Sioux Falls and the Bentonville, Arkansas, metro area.

But Lloyd Cos. quickly has discovered the opposite after exploring opportunities in the market led to a steady stream of business.

“We first heard about it about two years ago, and because we were looking for ways to expand, we decided to take a look,” said Mike Dill, executive vice president of Lloyd Construction.

“Right away, it was very evident it was a booming market. Even today, every time you make a turn there’s a crane set up with a project going on, so it’s been great for us.”

Beyond the growth parallels, “we like how doing business there is a lot like doing business in Sioux Falls,” Dill said. “The culture and the ethics and the standards are the same, so it’s helped our team fit in well there.”

The common thread at first was design and engineering firm ISG, which does business in both markets and saw an opportunity for Lloyd Cos. to bring needed affordable housing to the growing northwest Arkansas area.

Bentonville is a core city in the rapidly growing Fayetteville-Springdale-Rogers metro area, which counted nearly 600,000 residents in 2023 and is ranked among the fastest-growing metros in the U.S. Known as the home of Walmart Inc., it’s also the headquarters for Tyson Foods and J.B. Hunt Transport Services Inc.

“In five years, they’re predicting the area will exceed 1 million people, so there’s plenty of growth happening,” Dill said.

Projects built by Lloyd Construction are starting to support that need. The company is under construction with a 66-unit affordable housing community called Walnut Commons. Finishes are going into the apartments now, with leasing beginning in June.

“It’s an entirely new design for us,” Dill said. “We’re working with a local architecture firm and trying to dial in on what we think would be best practices to bring to the market.”

The community is at 202 S. 24th St. in the heart of Rogers, Arkansas. Brand-new one-, two- and three-bedroom floor plans feature essential conveniences like in-home washers and dryers, tenant-controlled HVAC and full kitchens. Residents will enjoy controlled access, on-site management and a playground.

The grand opening is scheduled for early September.

At the same time, Lloyd Construction is beginning work on Mosaic Square, a community of owner-occupied townhomes in the heart of downtown Bentonville.

These three-bedroom homes will feature bright, open layouts with expansive rooftop terraces and private garages. The location places residents moments from cafes, chef-driven dining, art galleries, celebrated trails and Bentonville’s iconic square.

The homes are being built in four phases, “and they’re going to offer multiple levels of finish, which is unique for us,” Dill said. “They’re not fully custom but close to it.”

The first building is planning to open later this year, not far from the Walmart campus.

Another project for Lloyd Construction will help support the needs of children in the area. The team is building a new space for Mobius After School program in Rogers, a STEAM–based childcare facility that offers after-school and summer programs for kids K-6.

With more than 8,000 square feet, it includes rooms for art, science and technology as well as a library, gymnasium, game room and outdoor play area.

“We just started, and the plan is to have it open by the time school starts in August, so it’s a pretty fast-paced project for us,” Dill said. “It took a lot of coordination up front to get it in the ground this year, but we’re excited to bring it to the community.”

Lloyd Construction is finding so much work in northwest Arkansas that it’s also building its own office there. A three-story, 30,000-square-foot building in Rogers will house both the Lloyd team as well as an office for ISG, with other space available to lease.

The plan is to break ground this summer and move in next year.

“Trying to find temporary office space has been challenging, which speaks to the growth in the area,” Dill said. “In this space where we’re building, there’s construction on every block centered around J.B. Hunt’s location.”

He sees more on the horizon, especially multifamily development and construction and potentially opportunities in hospitality.

“We just feel like it’s a very strong market, and it’s only planning on growing,” Dill said.