Broadway building rehabilitation project awaiting Community Block Development Grant

The future of one of Cape Girardeau's oldest buildings -- also one of its most glaring eyesores -- is hinging on a $400,000 state grant that would help convert the 142-year-old structure at the corner of Broadway and Sprigg streets into a historically renovated mix of commercial and residential space.

The city is awaiting word from the Department of Economic Development about a Community Development Block Grant application that would contribute to developer Kenny Pincksten's plan for a $1 million remodeling job that would preserve the historic integrity while making it functional for commercial and apartment use.

"Right now we're kind of waiting," said Pincksten, of Prestige Development Co. "Saving part of history has its own reward. But I cannot restore that building without this grant. If it doesn't come through, I'd have to stop and take another look. I don't know if it would be feasible. It is in such bad shape."

A decision on the grant is expected to come within the next two weeks, said Department of Economic Development spokesman John Fougere. It is still under consideration by the department, he said. The application was made in early July and decisions are usually handed down within 90 days.

Work began earlier this year on the buildings at 633, 635 and 637 Broadway, which Prestige owns. Pincksten bought the buildings in early January with hopes of refurbishing them for commercial development. However, a weakened wall at the 633 building required demolition of that building.

The remaining structure, which is basically one building with two addresses, is known as the Julius Vasterling Building, and was built about three years after the Civil War ended in 1868.

It is in "really rough shape," Pincksten said. The building has a chain-link fence around it, along with boarded up windows and roof damage obvious to the naked eye.

In June, the Cape Girardeau City Council authorized staff to apply for CDBG grant money. The CDBG grants are offered to small communities to improve local facilities, address health and safety concerns and encourage growth. Projects range from housing and street repairs to industrial loans and job training.

If approved, the grant would buffer Pincksten's $719,000 investment to rehab the building. He plans to convert the main floor into a commercial space with as many as three businesses and the upstairs would be remodeled for three loft apartments, he said.

At its most recent meeting, the city council entered into a development agreement with Prestige Development. The agreement represents the first project for downtown where CDBG funds are used in partnership with a private developer to rehabilitate a commercial property.

The agreement also sets deadlines for Pincksten's company. If he gets the money, he will have 45 days to submit a complete set of plans and specifications for the city's review. After that, he'll have 15 months to complete the job.

Mayor Harry Rediger said he was confident the city would receive the grant.

"It's so visible and it's been such an eye sore for so long," Rediger said. "The difference will be night and day when it's completed."

Old Town Cape executive director Marla Mills said it could be a "win-win," if the grant is approved.

"The point is, if we as a community want to spur development and save historic buildings, we do need to be created," she said. "The would not work with every building, but we want to try to keep our eyes open for creative ways to get projects like this one done."

smoyers@semissourian.com

388-3642

Pertinent address:

635-637 Broadway, Cape Girardeau, MO