CAPE BUSINESSMAN BUYS BOYD PROPERTY

A Cape Girardeau businessman has bought five downtown parcels, including the former Job Service building at 231 N. Main, from Boyd Gaming Corp. of Las Vegas.

The sale to Jim Riley of Red Letter Communications also included structures at 201 and 203 North Spanish.

The Main Street property will become the communications firm's new headquarters, now on Pacific Street, said Riley.

Boyd Gaming purchased the property during the mid-1990s, along with several parcels east of Main Street, stretching from Broadway north, including the old International Shoe Co. factory site.

Boyd, which, which planned a $52 million riverboat gambling operation along the Mississippi River downtown, gave up the plan in 1997 when the Missouri Gaming Commission decided not to issue new casino licenses.

Ten parcels of land acquired by Boyd was offered for sale in 1997, said Ivan L. Irvin of Century 21 Key Realty, which will handle the sale. Irvin handled most of Boyd's purchases.

The parcels sold this week are the first sold by Boyd, leaving a parcel west of Main and the group's property east of Main.

"This is a large tract of land and buildings," said Irvin.

"We'll start remodeling at once," said Riley, Red Letter chief executive officer. "We'd like to be in our new location by July 1."

He said the company running out of room at its present site.

"Our business is growing," he said, adding that it has 15 employees.

The property at 231 N. Main has about 6,000 square feet.

Red Letter Communications has operated as a full-service advertising agency and video production house since 1981, expanding from an initial focus on local retailers to include regional and national distributors and manufacturers, including Stihl Power Equipment, a manufacturer of outdoor power equipment, headquartered in Virginia, and Spartech Plastics, headquartered in St. Louis.

Current accounts also included CyberImpact, a national Internet development corporation based in St. Louis and Wilbert Inc. The company also produces GardenPower, with Joe Sherinski: and, The Great Outdoors seen as part of "Your New House."

"We're looking forward to our new riverfront location," said Riley.