$399,000 grant approved for Broadway building rehabilitation

A historic Cape Girardeau building will undergo redevelopment with the assistance of a Community Development Block Grant issued by the Missouri Department of Economic Development.

The city has been awarded $399,900 to help fund the conversion of a 19th-century building at the corner of Broadway and Sprigg Street to commercial and residential space.

At a city council meeting last month, the city agreed to loan the grant money to Prestige Development Co. to complete the project. The agreement represents the first downtown project where block funds are used in partnership with a private developer to rehabilitate a commercial property. Kenny Pincksten of Prestige said the total cost of the project is $1 million.

Marla Mills, executive director of Old Town Cape, said the partnership represents more than saving a 142-year-old building, but protecting a piece of community.

"It obviously needs a little tender loving care," Mills said. "It is a building the community really recognizes as a sign of hope, of something we can do, of something we can work on. It's a huge opportunity for us."

Tim Arbeiter, vice president of development at the Cape Girardeau Area Chamber of Commerce, said the private and public partnership was a good sign for the Broadway corridor and is something the city can consider on a case-by-case basis for future redevelopment projects.

Pincksten purchased the property in January and said now that the funding is secure, he is in the process of obtaining the proper permits for the project, which could take 45 to 60 days. Once the permits are in place, Pincksten said the project's progression will depend on weather conditions.

Initial plans for the project include converting the main floor into commercial space, with as many as three businesses. The upstairs would be remodeled for three loft apartments.

Per the agreement with the city, Prestige will have 45 days after receiving the money to submit a complete set of plans and specifications to the city for review. At that point, the company will have 15 months to complete the project.

cbartholomew@semissourian.com

243-8600

Pertinent Address:

635-637 Broadway, Cape Girardeau, MO