GSA accepts $325,000 offer for former Cape Girardeau federal building

Federal officials have accepted a $325,015 offer for Cape Girardeau's former federal building, less than half of what it had suggested as a selling price.

The General Services Administration, which has tried to unload the building at 335 Broadway since it was declared surplus property in December 2009, sent out an award letter to the high bidder this week, who has until Feb. 21 to pay for it.

The identity of the top bidder will not be made public until the closing date, GSA spokeswoman Angela Brees said. The GSA had listed a suggested selling price of $750,000.

"In an ideal world, of course we want the highest sale price possible," Brees said. "But there are other factors, too."

The GSA is mindful, she said, of the desire to make the 44-year-old building available for reuse and redevelopment as quickly as possible.

"We don't want to see it sit empty any longer than it has to, either," she said.

This is the GSA's second attempt to sell the building, which was replaced by the Rush H. Limbaugh Sr. U.S. Courthouse, at an online auction. The first attempt last year drew a top offer of more than $600,000, but the top three bidders backed away for undisclosed reasons, prompting the new auction. Two of those original bidders forfeited their $25,000 deposits.

There's no reason to think that will be the case this time, Breese said, pointing to the fact that this top bidder offered a 10 percent deposit of $32,501. She called that an "encouraging" sign.

But she said she hated to speculate about the likelihood of the deal actually closing this time.

"We have our fingers crossed and hopefully we'll be talking about a close real soon," she said.

Six bidders jockeyed for the top spot after the online auction began Nov. 9. The first bid came in Dec. 23 with a $25,000 offer, but the bidding grew more furious after the GSA announced a Jan. 10 close date. Bidding grew to the $200,000 range, extending the auction for two days until it rested at the $325,015 -- and ultimately the top -- spot.

Cape Girardeau County Presiding Commissioner Clint Tracy again declined to confirm or deny whether the county was one of the bidders in the auction, as he has done since the start. The commission authorized Tracy to act on its behalf to try to acquire the building, if that could be done at the right price.

County leaders have had their eye on the two-story building since at least 2005, pointing to it at first as a possible answer to their need for more office space.

Originally, it was discussed as a permanent replacement for the Common Pleas Courthouse, where the county houses certain offices. The county government currently has a combined 14,000 to 15,000 square feet of space in the Common Pleas Courthouse and the courthouse annex, formerly a city library.

More recently, commissioners have viewed the building as a stopgap measure until the county can build a new consolidated courthouse in Jackson.

Tracy wouldn't shed any new light on any possible county involvement.

"I guess it will all just come out on the 21st for sure," Tracy said. "We'll just wait until then to see."

smoyers@semissourian.com

388-3642

Pertinent address:

335 Broadway, Cape Girardeau, MO