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Luxury apartments soon will be unveiled

Monday, June 18, 2007

Local real estate agent Tom Meyer is a couple of weeks away from unveiling the luxury apartments at 301 N. Lorimier St. into which he has invested more than a million dollars.

Meyer is part of a team of seven neighborhood investors called River Bend Investment LLC, which has been working on the project for about a year.

The Eagle Apartments, as they are called, used to have 14 accommodations, but now there are 11, including a penthouse with a private deck on the roof and a wet bar. The bottom floor has two wheelchair-accessible studio apartments.

All the living quarters are equipped with stainless steel appliances, maple cabinets, security systems, Jacuzzi tubs and double-pane energy-efficient windows (with excellent views of the river, I must say).

There are exterior cameras, two entrances and an elevator to all floors. These apartments were well thought out, is what I'm trying to say.

"There are very few things we would have done differently," Meyer said.

The apartment complex was originally completed in 1950 by F.X. Roth, who owned Roth Motor Co., a Pontiac dealership in Cape Girardeau. Roth constructed the building for $30,000, according to his daughter-in-law, Betty Roth.

In the book "Cape Girardeau: Biography of a City" by Felix Eugene Snider and Earl Augustus Collier, it is said that the editor of an early Cape Girardeau newspaper, the Western Eagle (later known as the Eagle) lived in the area's first brick house, which was built on this property. Because of the editor's residence there, which was sometime from 1850 to 1856 according to the authors, it came to be called the Eagle's Nest.

Also, Meyer is working on arranging an event July 1 where real estate agents will showcase their retail and residential property so people are made aware of what's available. Details are incomplete at this point.

* During Libertyfest on the Fourth of July, Old Town Cape director Marla Mills is encouraging downtown businesses to stay open for at least part of the evening.

The event brings people from Cape Girardeau and beyond who may not visit downtown on a regular basis, Mills said.

"It's a great opportunity for our business owners to really show what we have to offer."

Judith Anne Lang of Lang Jewelers said people typically aren't in a shopping mood during events like this, but it's a prime time to showcase her products in the window.

"A good window will sell your product," she said.

According to Lang, she once witnessed a man coming out of Broussard's talking to his girlfriend on his cell phone when a bracelet in the North Main Street window caught his eye. He walked inside the store and bought it.

Where there is foot traffic, there are window shoppers.

* The first Health Career and Job Expo, put on by MERS-Goodwill, was held Wednesday evening at the Osage Community Centre.

Dana Swan, business and industry representative for MERS, said 137 people showed up, which was more than she expected.

The job fair featured both education providers and employers alike, including representatives from Southeast Missouri Hospital, Saint Francis Medical Center, Chateau Girardeau, Sikeston Career and Technology Center, Three Rivers Community College and Metro Business College.

"A lot of graduates came out this time. We had several people from the Dana plant. Some folks came by who are ready to retire but would like to stay active," said Beth Keller, employee recruiter at Saint Francis Medical Center.

Swan said she chose the health field as the theme, and nursing in particular, because it's a profession to consider with manufacturing plants closing down.

* Johnny Gaines is moving his used auto dealership, J.W. Gaines & Son Auto, from Chaffee to Independence Street in Cape Girardeau. It will be open toward the end of the month.

Tim Krakowiak is the business editor at the Southeast Missourian. Contact him at 301 Broadway, Cape Girardeau, Mo., 63702-0699, tkrakowiak@semissourian.com or (573) 335-6611, extension 137


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That's great. Many of us wish we could afford to live there. Now, how about some nice, affordable rentals for hard-working people making minimum wage, when average rent plus utilities amounts to pretty much their take-home pay? Oh! Not much profit in that, is there? There seems to be less and less housing in America for lower-middle classes.

-- Posted by gurusmom on Mon, Jun 18, 2007, at 1:08 PM

Gurusmom,

You know there are two extremes here. Housing for people who qualify or homes for those making over $100,000 a year. Cape Giradeau, Home to, "Cut out the middle man."

-- Posted by Proud_Democrat on Mon, Jun 18, 2007, at 5:50 PM

The fact that a businessman builds high-end apartments for sale does nothing to reduce the availability of low-end rentals; one has nothing to do with the other---unless they are converting slums into luxury apartments. And even if they do, the theory is that when nice things are available in an area, including apartments, it will ultimately improve the economy of the area by helping attract more business. In any event Cape actually has more rentals in the $400 to $600 range than many other comparable cities (try St Louis, though that's not really a good comparison). Or better yet, try the Northeast or Southwest parts of the country, where property taxes make paying for a decent home just about impossible for the middle class.

-- Posted by Never_give_A_Inch on Tue, Jun 19, 2007, at 1:42 PM

I guess you would have to be familiar with the building BEFORE Mr Meyer purchased and renovated it. I suspect he did the renovation as much in self-defense as for any other reason. He lives across the street and the previous owners were not very particular about who they rented to. There were numerous incidences of fights, always loud parties, drug busts, etc.

Jerry66, my family earns SUBSTANTIALLY less than $100,000 per year and we manage to have a nice home in a quiet neighborhood. You just have to be willing to give up unnecessary things and live within your means. Sure, we could have looked at 4500 square foot homes in private subdivisions and paid $300,000 plus for a home (well, figuratively speaking - that's well out of our price range), but we chose a home less than half that size, priced around $120,000, in an older, established neighborhood in a quiet part of town with a nice yard for our kids and tree lined streets with very little traffic. People still walk in the evenings and stop to chat along the way. We have plenty of room, decent utility bills, and we are comfortable. We keep our clutter to a minimum and do not spend money on things we do not need. Its all in what you think you have to have, what you really need, and in what you are willing to do to achieve your goals.

Gurusmom - how do you know you cannot afford to live there? I have not yet heard what the apartments will rent for. If you know, please share - I may know some people who are interested. As for it being about making a profit - yep, it is. It's called capitalism, baby, and it's what keeps everything going. Question: has a poor man ever given you a job, or have you ever had a job where you think you would have gotten a raise if the company did not make a profit? I wonder, if the apartments do not rent for an amount that will make the owner a profit, how will the owner be able to maintain the building - make repairs and upgrades, etc? You know, he will have to make the payments on the financing for that building - it wasn't free to build and I know Tom - he does not have that money in petty cash, believe me! Here's a thought: why don't you put your families money on the line and buy some property and build some of those nice, affordable apartments for hard working people making minimum wage you feel so strongly about. Find out what it is really like to have your entire livelihood, and your families financial future, wrapped up in such a project. If you do not have the wherewithal yourself, get some investors. See what it is really like to be a business owner. It will open your eyes, and in six months, you'll be looking to raise your rents and get some better paying customers - I guarantee it. And, if you're making minimum wage - shame on you! Even McDonalds pays more than minimum wage. Get out there and better yourself.

Never_give_a_Inch - you are absolutely right. I get so tired of people whining because they believe success is a zero-sum game: Bill Gates earned a dollar, now I will not be able to. The biggest problem Cape has with respect to available rentals is the fact that SEMO Students take up many of them and, those who are from larger metropolitan areas are willing to pay more per month - keeping the average a bit artificially high in Cape - but by no means out of line as a percentage of average income when compared to the rest of the country.

-- Posted by Little_Mac on Tue, Jun 19, 2007, at 4:10 PM

Tim word is you are leaving the paper for greener pastures, joining many others before you who have gone on to better papers. It seems to be the case at the Missourian where reporters don't want to stay. I for one will be sorry to see you go and wish you good luck!

-- Posted by owl on Sat, Jun 23, 2007, at 6:36 PM


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