City wants ideas from developers for city-owned property in downtown Cape

The City of Cape Girardeau is accepting proposals for the development of a city-owned property at the northwest corner of Broadway and Main Street downtown.

In seeking to develop the 1.04-acre property, a parking lot, the city hopes the space will be put to more constructive use, advancing the city�s 2017 Downtown Strategic Plan. That plan aims to develop �high-density, compact, pedestrian-oriented shopping, office, service, entertainment and residential districts,� according to the request for proposals.

Cape Girardeau development services director Alex McElroy said his office had distributed the request for proposals to a list of regional developers, and the property was a topic of discussion during a developer�s roundtable Tuesday morning.

�They were very interested,� McElroy said. �Some had voiced concerns about the fact that that�s a prime parking area and serves a lot of people, but as we put in the proposal, the city is trying to encourage proposals which include some type of parking. City officials are actively trying to get more strategic parking.�

The goal, McElroy said, is to find the best use for that location, which could be a number of things, from a parking structure to commercial space to residential development. The property in question, he said, has several attributes that should appeal to developers, including it is in the heart of downtown Cape Girardeau, is close to the riverfront, and is just blocks away from a soon-to-open hotel. For these reasons, McElroy said, the property has the unique potential to become a regional attraction, not just a local development.

�There aren�t too many prime city-owned real estate projects like this,� he said. �The timing is good for a project like this and so we�re just casting it out there and asking people to get creative.�

The property is in a Tax Increment Financing district, however TIF funds may only be considered for the acquisition of property and for public improvements such as parking, sidewalks, accessibility and other enhancements. Proposals may be public-private partnerships or solely private, and the city will consider leasing the property or selling it at a negotiated price to be determined by appraisal after a winning proposal is selected.

Under the zoning requirements of the central business district, a proposed development may be up to three stories high, but developers may apply for a special-use permit to build up to five stories, according to the city�s request. The property has access to city water, sewer and stormwater infrastructure, as well as Ameren Missouri electric and gas and various TV, phone and internet providers.

The city will accept proposals through the end of December. More information may be found at the city�s website, and McElroy encouraged prospective developers to contact his office with any further questions.

tgraef@semissourian.com

(573)388-3627