I am a civil engineer working in the site development/water resources sector, and I can say that development is very fluid. NWA is a huge area, and developers will continuously seek out individual opportunities wherever they lie. If the powers that be in NWA are smart, they are developing comprehensive master plans and carving out space for higher density development. If not, prepare for Dallas sized sprawl across the whole area.
Transportation is a massive, massive hurdle for them because they don't have much in the way of existing highway infrastructure and building more will be prohibitively expensive. They need to get creative NOW with mass transit. Finishing the Springdale Northern Bypass should also be a priority.
They have a little used but in use rail line that is a straight shot from Roger, Springdale and Fayetteville. Sadly the spirit lines for it was decommissioned years ago and make up many bike trails but it hits at the heart if those three cities. A commuter line could be established but it would take some major work at road crossings to get it's speed up
Fayetteville has a robust bus system with Razorback Transit but it is centered to serve the University. The regional transit is the hobo express and no one will use it. You'll have to make it 'cool' and it'll have to be on tracks.
The midrises are going up around Arvest Ballpark at a good clip now. Rumor is this is where UAMS will center it's future building in conjunction with Ark Childrens and Highlands Oncology with substantial gifts from the Springdale folks(Tyson /George/ other)
Alice is starting her own Med School in Bentonville, no word yet on who it is going to be affiliated with.