A comprehensive economic development study, conducted by EY and commissioned by the Conway Downtown Partnership, in partnership with the Conway Advertising & Promotion Commission, Central Business Improvement District, and Main Street Arkansas, offers a detailed roadmap for transforming downtown Conway into a vibrant hub of culture, commerce, and community. The study explores Conway’s economic potential and outlines strategies to enhance its downtown area, focusing on connectivity, real estate development, and community engagement. 

The report benchmarks Conway against peer cities like Fayetteville and Tupelo, revealing strengths in retail concentration and downtown character while identifying areas for improvement. Despite Conway’s high number of retail establishments compared to its peers, it lags in population density, dining options, and evening activities — a gap the study highlights as a critical opportunity for economic and social growth. 

EY’s analysis emphasizes a need for mixed-use developments, multifamily housing, and expanded entertainment options to foster a live-work-play environment. The findings align with the goals of the Conway 2035 plan, which prioritizes arts, entertainment, and culture as pillars of downtown vibrancy. 

A Blueprint for Growth 

The study identifies five strategic areas of focus: 

Hospitality: Introducing a boutique hotel downtown could address current gaps in upscale lodging. Such a development would cater to visitors while creating a much-needed anchor for resident after-hours activities, the study found. 

Multifamily Housing: With a limited supply of downtown housing, the report calls for amenitized multifamily units designed to attract young professionals, families, and students. Stakeholders cited this as a key to boosting downtown density and activating retail and cultural venues. 

Arts and Entertainment: Revitalization of the Grand Theatre and new projects along Markham Street could establish downtown Conway as a cultural destination. Potential developments include food halls, galleries, and community workspaces. 

Tech Office Space: The report highlights opportunities to attract technology firms by leveraging Conway’s educated workforce and proximity to colleges. Creating adaptable office spaces could help draw businesses seeking vibrant, walkable environments. 

Parking and Accessibility: While current parking availability meets demand, strategic planning for future growth is recommended. A centralized parking deck could support increased traffic from new residents, workers, and visitors. 

Opportunities and Challenges 

The SWOT analysis in the report underscores Conway’s competitive edge as a pedestrian-friendly, historically preserved downtown.  

Conway’s 2035 plan dovetails with the study’s findings, aiming to enhance the city’s quality of life and attract regional visitors. Proposed projects, such as expanding bike lanes and public green spaces, could further unify the downtown and surrounding areas, the report said. 

Regional Inspiration 

The study draws on case studies from other cities to illustrate successful downtown revitalization strategies. Fayetteville’s Cultural Arts Corridor and Bentonville’s boutique hotels serve as examples of how Arkansas towns have transformed their urban cores into thriving destinations. Similarly, Markham Street’s potential as a mixed-use corridor echoes projects like High Point, North Carolina’s Stock & Grain food hall. 

Next Steps 

For downtown Conway to realize its full potential, the report recommends a phased approach. Immediate priorities include conducting feasibility studies for proposed developments, fostering partnerships with local institutions, and initiating a downtown master planning exercise. Such a plan would sequence investments and integrate projects like housing, arts venues, and office spaces to create a cohesive urban vision.