On Thursday, May 12, KBK-Breck, LLC., purchased Breckenridge Village, the shopping center located at 10301 N. Rodney Parham Road that houses Regal UA Breckenridge Movie Theater and The Loony Bin Comedy Club.

The ownership group is comprised of The Kelley Group, the Keet Family, Dale V. “Bo” Briggs, the Nashville-based Bodnar Group and others, according to the press release. Relyance Bank and First Financial Bank provided the financing for the acquisition. Four restaurants are planned for the center, and from the rendering it appears Waldo’s Chicken & Beer will be one of the three. The Keet family opened Arkansas’s first Waldo’s Chicken & Beer in March at 4221 Warden Road.

“Relyance Bank, along with Chris Johnson and First Financial Bank, is proud to partner with the Keet family and other group members on this exciting new venture. The new development plans of Breckenridge Village will most certainly add to and strengthen the ongoing revitalization of the Rodney Parham corridor,” said David Straessle, President of Relyance Bank. The Kelley Group will be the property manager for the center.

“The group intends to bring back the glory days of Breckenridge and revitalize it with a diverse combination of restaurants and other retail spaces,” said Jim Keet, Chairman of JTJ Restaurants, LLC. “At least four restaurants with various cuisines will be a part of the new plan for the center.”

Engineering, redesign, and landscaping plans are already in the works. The group plans to redo the exterior, add new landscaping and signage, and feature new entrances with distinct architectural features. “I’m excited to have the opportunity to invest with experienced restaurateurs that understand the food and entertainment business. They can help guide us in the redevelopment of this property,” said Hank Kelley of The Kelley Group. “To serve the region, there is no better location in Central Arkansas than the 11 acres at the southeast corner of Rodney Parham and Interstate 430.” The design will feature a new courtyard with amphitheater-style seating.

The project will entail a multi-million dollar renovation that will make Breckenridge one of the most unique and desirable destinations in the state. The future name and tenants will be unveiled at a later date.

Rhett Brinkley is the food editor at the Arkansas Times. Send restaurant tips and food selfies to rhettbrinkley@arktimes.com