Drury buying 12.5 acres near I-55 from city for $1M

Editor's note: This story has been updated to include a comment from Cape Girardeau Ward 6 Councilman Wayne Bowen.

Drury Development Corp. has agreed to buy 12.5 acres from the city of Cape Girardeau for nearly $1 million.

The site is along LaSalle Avenue at the developing Greater Cape Girardeau Business Park just east of Interstate 55.

The City Council on Monday authorized the execution of a special warranty deed for the sale of the property.

Ward 6 Councilman Wayne Bowen praised the transaction. “It is a great step forward for our business park,” he said.

In a written agenda report to the council, city manager Scott Meyer wrote Drury will pay $937,500 for the property. The price amounts to $75,000 per acre, Meyer said.

“It is a cash sale,” he added.

The sale, expected to close next month, is the largest business-park land sale in terms of purchase price since the city made its first land sale in the park in 2014, Meyer said Tuesday.

Meyer said he is not aware of any plans by Drury Development for use of the site.

Meyer said the property could be developed at some point for retail business or a hotel.

The site along LaSalle Avenue had been identified by city and economic development officials as a good location for retail businesses, Meyer said.

Drury Development Corp., which began in Cape Girardeau and is headquartered in St. Louis, is the development arm of the Drury Hotels chain.

Attempts to reach Drury officials for comment Tuesday were unsuccessful.

Meyer said revenue from the sale will be put back into grading additional sites and making other infrastructure improvements in the business park.

Such improvements could include building more roads and extending sewers to other parts of the new business park, he added.

Meyer said the city has taken steps to provide the necessary utilities to attract businesses to the park.

“You have water, sewer, electric and gas out there,” he said.

In addition, the business park is equipped with fiber-optic service.

The park consists of 247 acres the city bought from Southeast Missouri State University for about $6 million in 2012.

The park’s first tenant was Pepsi MidAmerica, which bought 18 acres in 2014 and operates a $3.1 million customer-service center there.

Another 14 acres were subsequently sold to Derek Cornelius, who has operated a protein power and dietary supplement manufacturing business.

Cape Girardeau Area Magnet, an economic development organization, helps market the business park, Meyer said.

Meyer said he handles negotiations with potential tenants.

“So far, they have come to us,” he said.

As more businesses locate in the park, “the momentum continues,” Meyer said. “It is a good start.”

mbliss@semissourian.com

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