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MIDDLE MARKET HIGHLIGHT, JULY 2005
COLUMBIA
Karen Stone, CCIM
C olumbia, the fourth largest metropolitan area in Missouri, has a primary market area of about 85,000 people. Retail and residential growth are “very substantive” according to David Meyer, marketing director for Regional Economic Development, Inc. (REDI). “We are seeing developments in both sectors in our center city area and on the outer edge of the city limits.”
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Forum Development Group recently finished The Broadway Shops at the entrance to the 400,000-square-foot Broadway Marketplace, the only power center in Columbia.
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On the east side of town on Highway 63, Forum Development Group recently finished The Broadway Shops at the entrance to the 400,000-square-foot Broadway Marketplace, Columbia’s only power center. The Broadway Shops is an 85,000-square-foot mini-lifestyle center that sits on 7 acres and caters to an upscale clientele. “Our in-line tenants include the number one Hollywood Video in the Columbia market, Quiznos, The Tan Company, Tinder Box and a Segway store that sells battery operated, golf cart-like vehicles,” says Jay Lindner, vice president of Forum Development Group. “Applebee’s and a Breakdown convenience store occupy two out parcels. We have two more out parcels that will be ready for development on July 1.” Kansas City-based Berger, Divine & Yaeger designed the center and Columbia-based Coil Construction was the contractor.
The Broadway corridor will be seeing some further development before the end of the year. Billy Sapp, who owns a local construction company, is developing a 1,000-acre tract into a golf course community. Construction should start before the end of 2005.
Missouri Employees Mutual Insurance Company (MEM) is scheduled to move into its new headquarters before the end of the year. The $9.5 million, 63,000-square-foot building will house 160 employees off of Keene Street in the northeast quadrant of town. Columbia-based Simon Oswald Associates designed the two story, non-traditional building with a focus on increasing operating efficiency. “Our focus is on creating a safe, healthy, injury-free workplace and we have provided amenities, such as a recreation area, an airy atrium and a lunch/coffee shop, to make this a good environment for our employees,” notes Dina Schultz, MEM’s chief operating officer. Paric Corporation is the general contractor.
In Columbia, warehouse space has gone underground — literally. The tenants of Subtera lease space 60 to 120 feet under solid rock that is held up by 40-foot square pillars. “We have currently developed 380,000 square feet of warehouse space, all of which is committed,” says Larry Moore, CEO of Subtera LLC. “We can develop up to 1.5 million square feet on this site.” Because it is underground, the facility offers several unusual amenities, including a high level of security because access is easy to control, and energy costs that are one half or two thirds of comparable costs on the surface. Subtera is located one mile north of I-70 on Stadium Boulevard at a site mined by Boone Quarries from 1988 to 1998. Prior to that, in 1985, Moore and Jack Parker designed mining activities with the future warehouse use in mind. Today, warehouse spaces are being custom designed by Butler Rosenbury & Associates. Subtera LLC, the owner and developer, is also the contractor.
Twenty miles north of Columbia, Columbia Transload operates a 13-acre transload facility on the site of a former Norfolk Southern Rail spur on Brown Station Road. “We are a regional facility that offers the most cost effective and efficient intermodal transportation option to both manufacturers and end-users alike,” says Chad Hager, president of the company. To ensure their ability to provide ‘just in time’ delivery service, Columbia Transload has 85,000 square feet of indoor transfer space that accommodates five rail cars, exterior space for an additional 13 cars and a fleet of trucks under the name ‘Show-Me Transportation.’ “This is a comprehensive intermodal facility that competes with similar facilities in Chicago, Kansas City and St. Louis,” Meyer says.
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