Downtown luxury condos with a river view coming to Cape Girardeau

Mike Peters, owner of SEMO Development Co., moved to downtown Cape Girardeau and fell in love with life along the river.

The developer, a Jackson High School graduate, is currently building high-end, luxury finished condos along North Main Street to be called River's Edge Townhomes Phase I.

"I challenge anybody within 400 miles to find a better riverfront property and to have such a great view of the Mississippi," Peters said.

"It's a beautiful location. You look to the south and see the Emerson bridge and the view to the north is unbeatable."

Seven condos, each with a private elevator, are going up on a parcel running from 280 N. Main St. to 300 N. Main St.

Four foundations are in so far with framing for River's Edge I set to begin shortly.

Peters estimates if all goes well, he sees a six-month build-out with hopes the development can be complete by late summer.

SEMO Development's Mike Peters shows the frontage of his new River's Edge Townhomes I development along North Main Street in Cape Girardeau. Seven condos, each with its own private elevator, will be built for a price tag estimated at $700,000 to $750,000 per unit.Jeff Long

Cost

"To get these units the way people will want them, they're going to go for $700,000 to $750,000; that's a safe number," Peters said.

"If people don't want to spend that much, we could get under $600,000 without the private elevator," he added, noting shafts will remain in the structure in case the purchaser decides to put in a lift later.

The elevators, the developer said, are a big selling point for his condos as is the river view.

"There's a need for more downtown living options [in Cape Girardeau] and I noticed a lot of people who live downtown can't capture what the river is all about because they can't see the Mississippi, having no balconies or rooftops. There are some but they are few and far between," Peters said.

River's Edge I, Peters said, will have a kitchen and living area on the first floor, two bedrooms on the second, plus an attic with its own kitchen and a rooftop overlooking the river. The garage will be in the basement where the elevator will be situated allowing the condo occupant access to all levels.

Peters said the first floor, at least for the first two units built, will be roughly four feet above the flood wall.

On the next level, where the bedrooms are located, occupants will be 20 feet above the wall at floor level with a balcony.

For the top — or rooftop level — occupants will be 30 feet to 40 feet higher with an "exceptional" view of the river.

Mike Peters of SEMO Development Co. shows the foundations of River's Edge Townhomes I, now under construction along North Main Street in Cape Girardeau.Jeff Long

Challenges

Peters noted supply-chain issues and inflation are roiling the construction industry.

"It's not like the old days, when a developer could say to a purchaser with great confidence, 'This is what you're buying and this is exactly the price,' No builder in his right mind is putting a number of anything. It's just hard to do everything up front these days with the way things are in construction."

Material prices, Peters adds, remain volatile.

"Pre-pandemic, lumber was going for $400 for a thousand board feet. At one point in time last summer, that price went to $1,100. Lumber has dropped to $500, which is nice," he said.

Oriented strand board (OSB), an alternative to traditional drywall, has been up and down.

Peters said that at one time, OSB was $50 a sheet, then dropped to $18 and is now back up to just under $50.

The do-it-yourselfer, Peters said, has also felt the pain, noting two-by-fours that used to cost $3 apiece now run closer to $10.

What's next

Peters plans to construct an 11-unit development, to be called River's Edge II, at 212 N. Main St., a bit closer to the downtown shopping district, right next to the Johnson, Schneider & Farrell law firm building.

"On that parcel, there is a requirement for a first-floor commercial development but we hope to get that rule waived," he said.

The setting

"In downtown Cape, you can walk largely without fear of being molested or assaulted. St. Louis doesn't have that and neither does St. Charles," Peters said, who estimated the walk to Century Casino from River's Edge I will be less than five minutes and less than two minutes to downtown shopping.

"Humans have always been attracted to water. You go on vacation and you go to the beach. You go to the Current River and you fish. People just like water," he said.

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