Shared Services Center – Fort Smith Expansion
Shared Services Center – Fort Smith, a provider of business office support functions for hospitals and healthcare facilities, will expand their presence in Fort Smith’s Phoenix Center. As part of the expansion, the company is increasing personnel to accommodate increased growth.
“The economic impact of these new jobs at Shared Services Center will reach beyond Fort Smith to benefit our state’s economy,” said Governor Asa Hutchinson. “From 45 new jobs at a software engineering company in North Little Rock to these new jobs that will benefit many families in Fort Smith, it’s been a great few days for job creation in Arkansas. Thanks to Shared Services Center for continuing to make significant investments in our great state.”
Shared Services Center – Fort Smith is one of the largest employers in the Fort Smith area. “We are fortunate to have access to a deep talent pool to fill the need for the business services our location provides,” said Shannon White, Vice President of Shared Services Center – Fort Smith. “In addition, the Phoenix Center’s willingness to accommodate our growth and continued support of the Arkansas Economic Development Commission and the Fort Smith Chamber of Commerce allows us to continue to expand on behalf of the hospitals we serve.”
Shared Services Center – Fort Smith opened in September 2013. It is now one of Fort Smith’s largest and fastest growing employers and has been an active supporter of community and non-profit organizations since.
“Shared Services Center (SSC) of Fort Smith continues to exceed all of our expectations,” said Tim Allen, President of the Fort Smith Regional Chamber of Commerce. “This expansion is the direct result of the collaboration of several partners, including Lance Beaty, Shared Services Center, Arkansas Economic Development Commission and the Chamber of Commerce. Today’s announcement is a testament of the company’s continued commitment to the community and to the quality of Fort Smith’s workforce.”
Since its acquisition of the property in 2009, FSM Redevelopment Partners, LLC has extensively improved the site by demolishing several buildings and completely remodeling several others including the strip center on Towson Avenue and over 200,000 square feet of the original mall. The Phoenix Village Mall was the first enclosed mall in the state. Between Sykes Enterprises, the Shared Services Center and various retail stores and medical practices, there are more than 1,500 full time jobs at the site with an annual payroll of approximately $35 million prior to this expansion.
Arkansas Capital Corporation and Beaty Capital Group, Inc. arranged an $18.8 million loan syndication for the refinancing and expansion of the Phoenix Center in Fort Smith. The deal closed July 29.
Arkansas Capital Corporation as lead arranger and Beaty Capital Group reached agreements with nine Arkansas lenders to complete the transaction.
“We and our partner banks are excited to have been a part of making this project a reality for the Fort Smith community,” Hodge said.
Lance Beaty, president of Beaty Capital Group, which through an affiliate has an ownership interest in FSM Holdings, said two separate locations are being modified in the Phoenix Center, one with 27,000 square feet and the other with approximately 7,500 square feet.
“In addition to the expanded space, the parking lot will be reworked and several aesthetic and functional changes will be made as part of the improvement,” Beaty said. “FSM Holdings will be delivering some of the space for occupancy on September 1 and the remaining space on November 1 of this year.”
“Shared Services Center is not only creating new jobs, but high-wage jobs that will improve the quality of life for our fellow Arkansans,” said Mike Preston, executive director of the Arkansas Economic Development Commission. “Fort Smith is a great example of a community that has prioritized economic development and we see the results of that focus in today’s announcement.”
