Arkansas Gov. Mike Beebe, along with Hendrix President J. Timothy Cloyd and Southwestern Energy CEO Harold Korell, announced the preliminary agreement on the college’s campus Thursday. The headquarters would not only mean hundreds of new jobs for Faulkner County, but new and unique educational opportunities for Hendrix College students and a special environmental reclamation project on the land, Cloyd said.

“We often define our mission as ‘changing the lives of those who can change the world’,” Cloyd said. “The arrival of Southwestern Energy as part of our neighborhood gives us another opportunity to change the lives of current students – those who may be interns at Southwestern or who may benefit from the joint environmental and sustainability projects that Hendrix and Southwestern are discussing.”

Southwestern Energy, based in Houston, Texas, is a natural gas exploration and production company credited with discovering the economic viability of the Fayetteville Shale play.

The 11.5-acre site for the headquarters, north of Gold’s Creek along the northern property line of The Village, was originally slated to be developed as housing in the final phase of the project. After careful study, however, college officials determined that an office development that conforms to the architectural and planning guidelines for The Village will serve as a buffer between the residential areas of The Village and the existing commercial properties to the north.  

The Village at Hendrix is an initiative undertaken by Hendrix College to create a neighborhood employing New Urban design principles.  These principles integrate commercial and residential space using comfortable, livable design and architecture to raise the quality of life and standard of living for those who work, learn and live within and around the neighborhood.  The pedestrian-friendly community will enable access to the many facilities and services of Hendrix College as well as the many planned retail, hospitality, and other amenities to sustain a vibrant and environmentally friendly community.  The first mixed use buildings will be completed in August 2009.

Hendrix and Southwestern Energy have discussed several educational collaborations that would create internships for Hendrix students, potential post-graduate job opportunities, and unique sustainability alliances including the reclamation of Gold’s Creek on The Village site.

"I'm excited about the potential this transaction brings for the college's educational mission and for advancing the New Urban principles of The Village at Hendrix,” Cloyd said. “The fact that Southwestern Energy has such a credible record pertaining to natural gas exploration and sustainability issues, along with their desire to create a project that conforms with the design and architectural concepts of The Village at Hendrix, makes this really appealing for us.”

David Knight, the vice chairman of Hendrix’s Board of Trustees and one of the three managers of The Village at Hendrix, said Southwestern Energy’s use of the site for a regional headquarters will maximize the value of the piece of property for the college, especially since it will be developed with The Village’s design standards. He pointed out that the deal would preserve the special qualities of The Village that make it an attractive place to live and work.

Plans additionally call for the creation of an outdoor environmental lab and study area, along with a walking trail, Knight said.

Founded in Arkansas more than 75 years ago as a local gas distribution company, Southwestern Energy today is primarily focused on the exploration for and production of natural gas. The majority of the company’s operations are located in Arkansas, Texas, Oklahoma and Louisiana. The company led the discovery and development of the Fayetteville Shale Play and today is the largest operator in the shale producing more than 600 million cubic feet of gas per day. 

To date, Southwestern Energy has invested more than $2.5 billion in its Fayetteville Shale operations and employs more than 800 employees in Arkansas.  The company has also donated more than $1 million to non-profit and educational institutions to enhance the quality of life for Arkansans.  In recognition of its community support, Southwestern Energy was named the 2007 Outstanding Philanthropic Corporation by the Arkansas Community Foundation.  Additional information on the company can be found at www.swn.com.

“This is a significant milestone for us as our operations continue to grow here in Arkansas, particularly in the Fayetteville Shale play,” said Harold Korell, CEO and chairman of the board, Southwestern Energy Company. “We have already invested more than $2.5 billion in our Fayetteville Shale operations.  This new facility will be an additional investment and an important regional headquarters for us to house a wide variety of employees who are dedicated to leading and managing our day-to-day operations.”