Public has chance to address Marquette renovation

The $8 million renovation of the Marquette Hotel will start later this month if developers clear their final obstacle next week, when the Cape Girardeau City Council considers redevelopment plans that call for converting the historic -- but dilapidated -- building into a mix of office and retail space.

The council will hold a public hearing on Monday at 7 p.m. at the City Hall, 401 Independence St.

Neighbors received letters announcing the public hearing, including Don Zimmer of Zimmer Radio Group, which operates KZIM and other stations from its downtown offices. Zimmer said he was delighted that the hotel is going to be useful again.

"It's good for downtown, and that's good for everybody," he said. "Downtown needs a shot in the arm, and hopefully this is a good first step. I think it's going to be a good anchor to spur even more economic development."

This is the final step, said Fred Lafser, development consultant for Prost Builders of Jefferson City, which bought the six-story building in July. The company plans to build offices for state workers as well as lease other parts of the building out to businesses.

"Conceptually, we see a roof-top restaurant and hopefully a little coffee shop in the lobby," Lafser said. "We've also talked to other businesses like real estate, insurance, attorneys, people like that needing new space."

Hotel hair care

He said they also envision some smaller businesses too, like barbers, beauty shops and other services.

"We want to encourage traffic in the area," he said. "But until we get through all these hoops, we're not signing any leases."

If the council approves the final plan, preliminary work can begin as soon as Jan. 15, Lafser said. Workers plan to put a fence around the building, and initial work will include cleanup and removal of asbestos and lead-based paint. They hope to have all of the work done and state workers in their offices in about 11 months, he said.

The plan also would grant Prost Builders tax breaks. The company would continue paying real estate taxes currently being paid, but taxes on the improvements would be suspended for 10 years. After 10 years, they would pay 50 percent and 100 percent after 25 years. That would add up to about $1.8 million in tax breaks.

"In order to make this project work, this is needed," Lafser said. "Without it, the cash flow is so marginal, it's really a risk a rational human being wouldn't take."

They also are hoping to get state tax credits for environmental cleanup of the building. They expect an announcement from the state within the next few weeks.

"These are all the last things we need to get done," Lafser said. "When we get all this out of the way, hopefully, around the 15th or 20th of January, there will be a lot of work going on."

smoyers@semissourian.com

335-6611, extension 137