SALE, RESTORATION STILL A GO FOR OLD MARQUETTE

Everything is still on go for the sale of the Marquette Hotel to a Houston, Texas, businessman.

"We had to go to an alternative funding source," said Eugene Davis, "but, we've been assured that the funding is in order and should be available in the near future."

"Davis really wants this property," said Shirley Gregory, of Century 21 Ashland Realty, who has been in contact with Davis since the offer to buy the six-level hotel was broached more than a year ago.

Ivan Irvin of Century 21 Key Realty, represents the sellers of the property.

"We signed all the necessary papers for the sale in October of 1999," Davis told the Missourian Wednesday. "It's down to getting the money now."

Davis said that renovation financing had been tentatively arranged and that he was looking foward to restoring the hotel to its 1920 vintage.

The project will include refurbishing 90 to 100 rooms of the hotel and the coffee shop. A target date has not been established for completion of the project. Once completed, the operation will generate about 120 new jobs, said Davis.

Davis and the late Thad J. Bullock signed a purchase agreement more than a year ago.

Constructed in 1928, the six-story building on the northeast corner of Broadway and Fountain streets 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.

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

"We need to check the safety and soundness of the structure," said City Manager Michael Miller. "We want to know what we're dealing with, and whether the building should be demolished or secured in some way." said Miller.

"We're certainly looking at any serious development of the hotel," said Miller. "Rehabilitation of the building would be preferable to tearing it down."

Old St. Francis to come down

Meanwhile, plans are under way to demolish the old St. Francis Hospital building which covers about a half-block area along Pacific Street, between Good Hope and Morgan Oak.

The Phillips Cos. of Little Rock, Ark., which purchased the property in April of 1999, plans to construct 48 multi-family rental apartments at the site. Once the old building has been demolished, Phillips will start construction of the apartment complex, which will include five buildings.

Bids are being taken for demolition.

The old hospital was constructed in 1914, and has been vacant 14 years.

It served as a hospital until 1976, when it was sold to Southeast Missouri State University, and was used for student housing until 1985.