Open-house event highlights vacant downtown properties

The upcoming annual showcase of downtown real estate hosted by Old Town Cape will highlight spaces prime for development.

The downtown revitalization organization plans to show seven properties in this year's Downtown Commercial Open House from 4 to 7 p.m. May 28. The organization began holding the event in 2012 to promote investment and business development in downtown. Properties for sale and lease are featured each year.

Marla Mills, Old Town Cape's executive director, said several of the properties this year have some space occupied by a business, which is different from previous years. But the properties are for sale, and remaining space is available for development.

For example, Coin-Op Cantina, an arcade and bar, recently opened at 46. N. Main St., but the building is on the market, and the second floor is empty.

When planning this year's open house, Mills said the organization decided to include partially occupied properties because development in downtown is on the upswing.

The event is designed to be a "collective one-stop shop to walk through and analyze several potential locations in one evening," according to a news release from Old Town Cape, which "increases the convenience for interested buyers and investors to compare available spaces."

Properties included in the open house are 725 Broadway, 339 Broadway, 320 Broadway, 115 Broadway, 20 N. Main St., 5 N. Main St. and 4 N. Spanish St.

Some properties feature potential for residential apartments in addition to business development, Mills said, and the event is open to anyone looking to rent space for a business, buy a building or otherwise invest in a property. The organization also welcomes any "curiosity seekers," Mills said.

"Just letting people in to see a space can start them talking about ideas of what it could be," she said.

The properties offer various spaces, sizes, styles, physical conditions, potential uses, prices and sale or lease terms.

• 725 Broadway is vacant, but next door, at 727 Broadway, space is being renovated for a new business.
• 339 Broadway is the former federal building, bought by Cape Girardeau city councilman and property developer Joseph Uzoaru in 2014 and converted into office space for several businesses. Remaining space will be featured in the open house and the event's reception, planned to include additional information on all the properties and refreshments, also will be held there.
• 320 Broadway is the Surety Building, a vacant former savings and loan association built as a florist shop in 1928.
• 115 Broadway is a two-story building that holds a counseling center.
• 20 N. Main St. offers space in addition to a performing arts studio, On Cue, under development there.
• 5 N. Main St. and 4 N. Spanish St. connect as one large building that have entrances on each street and offers a variety of space including retail and residential.

Sponsors of the event are Reliable Community Title Co. LLC and US Bank. More information is available by calling Old Town Cape at 334-8085 or visiting oldtowncape.org.

eragan@semissourian.com

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