NEW CONTRACT ON OLD HOTEL

A new contract has been signed on the Marquette Hotel in the 300 block of Broadway.

The option contract, with a purchase agreement, was signed recently by Thad Bullock of Cape Girardeau, owner of the property, and Eugene Davis of Houston, Texas.

The purchase agreement was for $630,000, which includes the hotel, garage and parking lot.

"We've had some contract delays during the past few months," said Bullock Wednesday. "The original contract ran out, and we decided to enter in the new agreement."

Ivan Irvin and Century 21 Key Realty are handling the transaction.

The original agreement called for a purchase price of $495,000. The new contract, which will give the new owners more time to finalize everything, is for $630,000.

"We've finally got something solid," said Davis.

Under the new contract, Davis will have control of the hotel.

"We'll have free access to the building to do our engineering," said Davis. "We hope that a final closing can be accomplished within the next six months or sooner."

Davis already has a development team together for the Marquette.

"We have a firm out of Marquette, Mich., and a development group from St. Louis," he said. "We have our renovation financing tentatively arranged and will be restoring the hotel to its 1920s' vintage."

The project will include refurbishing 90 to 100 rooms of the hotel and a coffee shop. A target date has not been established for completion of the project.

"This will generate about 120 new jobs," said Davis, who first expressed interest in the hotel about eight months ago.

The six-story building on the northeast corner of Broadway and Fountain has been vacant since 1981. The hotel was shut down in July 1971 for safety reasons by the Missouri Division of Health. Bullock operated a piano store on the ground level until 1981.

The Marquette was constructed at a cost of less than $200,000 in 1928. It contained 325,000 bricks, including 108,000 face bricks. Approximately 121 tons of steel beams and 2,500 barrels of cement were used during the construction. Each of the floors is made of poured concrete.

Cape Girardeau city officials have discussed condemnation and demolition of the building in recent years unless plans are offered for restoration.

There have been some delays over the past few months, said Bullock and Davis.