MIDDLE MARKET HIGHLIGHT, JULY 2005

SPRINGFIELD
Karen Stone, CCIM

Downtown Springfield has undergone a $250 million revitalization in the last 5 years, anchored by the opening of Hammons Field — the $32 million, 8,500-seat home of the Springfield Cardinals, an AA affiliate of the St. Louis Cardinals.

Bass Pro Shops — Outdoor World, which is located at the intersection of Campbell and Sunshine roads in Springfield, is one of the largest tourist attractions in Missouri.

“The building of center city living is off the charts,” Williams says. More than 95 lofts have been completed in the downtown area since 2002, and another 154 units are under construction or planned for completion by the end of 2005.

“All the units completed or planned are rental units with rents covering a broad range from $600 to $2000 per month,” notes Barb Baker, community improvement district manager for Springfield’s Urban Districts Alliance. With the current demographics, lofts should continue to pop up.

“More than 47,000 of Springfield’s 400,000 residents live within 2 miles of downtown, and 30,000 university students live with 1 mile of Park Central Square, the center of downtown,” Williams says. “The influx of residents is bringing new business to the area. In 2004, a net of 40 new businesses opened downtown, and there are more on the way.”

On the retail front, Springfield is home to Bass Pro Shops — Outdoor World, one of the largest tourist attractions in Missouri with more than 4.5 million visitors a year. The 400,000-square-foot facility, which is located at the intersection of Campbell and Sunshine roads, includes the famed retail shop and a museum. “Our other retailers are benefiting from this,” Williams says. For example, Simon’s Battlefield Mall in southeast Springfield is experiencing record sales.

As the city has grown, some of the standard big box users — like Wal-Mart — have abandoned their smaller locations and built supercenters, leaving behind substantial blocks of square footage. Springfield-based Warren Davis Properties has found a niche filling these big boxes. “We are not afraid to buy vacant buildings and develop a new use,” says Patrick Harrington, head of leasing, sales and acquisitions for the company. “Some of the buildings we have purchased have been converted into a city library center, a bank operations center and a small college. We have also been successful in dividing some of these spaces and leasing them to a smaller grocery store/dollar store combination.”

To fill the growing need for retail, construction of the 160,000-square-foot College Station will begin before the end of 2005. The approximately $30 million development will include the only first-run movie theater on Springfield’s north side and a $5 million parking deck with 35,000 square feet of retail on the ground floor. The deck will be constructed by the city of Springfield when 50 percent of the total space in College Station is leased. The project, located between Campbell and Market avenues and McDaniel and Olive streets, is being designed by Springfield-based Butler Rosenbury & Partners and developed by Scott Tillman of Springfield. A completion date has not yet been set.

The office sector is also seeing increased activity in downtown. Missouri State University, with a downtown campus of 40,000 students, is converting an old downtown feed mill building into Jordan Valley Innovation Center. The 100,000-square-foot building, scheduled for completion by the end of 2006, will be an advanced science and engineering facility for the University. “Our vision is that new products developed by the tenants of this facility will spawn future manufacturers that will locate their businesses in Springfield,” Williams says.

The Heers Tower, a landmark building located on Park Central Square, is being restored into a mixed-use office and retail complex. The seven-story building was originally completed in 1915. After renovation, the project will contain 150,000 square feet of space, 30 percent of which will be retail with the balance being offices. Amenities will include a mezzanine-level food court and a 540-space parking deck. Vaughn Prost of Jefferson City, Missouri is the developer and   Springfield-based Esterly, Schneider & Associates is the architect. When the project opens in late 2006/early 2007, the city of Springfield will occupy 5,000 square feet for its cable access channel and an additional 30,000 square feet to house its Transportation Management Center (co-sponsored by the Missouri Department of Transportation).

Historically, Springfield’s industrial market has centered around two distinctive industrial parks: the 350-acre Partnership Industrial Center (PIC) and the 450-acre Partnership Industrial Center West (PIC West). The parks,  jointly managed and developed by City Utilities, the Springfield Business & Development Corporation, the chamber, the city and the county, have typically catered to build-to-suit developments. But the newest industrial development breaks the standard mold. Springfield Industrial Properties LLC is building a 75,000-square-foot speculative building located on seven acres off of Interstate 44. The building is designed by Butler Rosenbury & Partners. “The primary construction will be completed by the first of July, allowing for completion by Labor Day after a final lease has been signed,” Williams says.

©2005 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.