SEVERAL BUSINESS BUILDINGS AVAILABLE IN CAPE; SPEC BUILDINGS AN ASSET IN INDUSTRIAL BASE GROWTH

A speculation building can be an asset in attracting new industrial prospects.

"The spec building is one of the best tools for attracting new industry to an area," says Bob Hendrix, president of the Cape Girardeau Chamber of Commerce.

"It furthers economic development efforts," said JoAnn Sumner, executive director of the Perry County Industrial Development Authority.

"Speculative buildings in most industrial parks have proven they help create economic growth and jobs in those areas, said 8th District U.S. Rep. Bill Emerson, R-Cape Girardeau.

Over the past few years, spec buildings in Nash Road Industrial Park, Cape West Industrial Park, and Jackson Industrial Park have been filled with new or expanding businesses.

There are no spec buildings available in the immediate area at this time, but there are a number of buildings which could be utilized for retail, wholesale and, or, industry, ranging from 25,000 to more than 270,000 square feet.

Plans are on the board for a new spec building at Perryville.

Emerson announced an economic development loan recently to be used for construction of the new spec building at Perryville. Citizen's Electric Corp. in Ste. Genevieve has received a $268,000 interest-free loan for the Perry County project from the rural Electrification Administration.

"The REA loan came at a good time," said Emerson. "Folks in Perry County are wondering how they'll be able to get back on their feet after the flood disaster. It's good news that this highly sought-after loan arrangement has been approved."

The economic development loan will help finance the construction of a 40,050-square-foot facility in Perryville's Industrial Park off Highways 51 and 61.

The Perryville Development Corp. will provide an additional $100,000 loan and the land, which is valued at $80,000, to bring the total project cost to $448,000 said Sumner.

The PDC will recover its investment and the loan will be repaid when the spec building is sold.

"We're pleased about securing the loan," said Citizen's Electric spokesman Rob Land. "Citizen's Electric hopes to extend this opportunity to other communities in our service area, many of which are in the 8th Congressional District."

"A spec building enables our marketing efforts to move ahead more competitively and aggressively," said Sumner. "Studies show that communities miss out on 80 percent of their prospects by not having sizable available space.

"We already have a prospect for the building," said Sumner. "I was in contact with the Missouri Department of Economic Development one day, and that department called back the next day with a prospect."

Meanwhile, there are some sizable spaces available in Cape Girardeau County. The largest structure, for sale through the Turley Martin Real Estate Co. of St. Louis, is that of the former Florsheim Shoe Warehouse in Nash Road Industrial Park, a complex which stretches over a 270,299-square-foot area.

The warehouse complex, which was initially constructed as a 100,000-square-foot factory building for Superior Electric in 1966-67, was expanded to more than 145,000 square feet the first year, and to 217,000 square feet in two years. By 1977, the complex stretched over 270,000 square feet under roof.

Superior Electric Products Corp., a manufacturer of electrical items toasters, popcorn poppers, curling irons, fans, waffle irons, stoves, heaters from 1938 through 1982 provided employment to as many as 800 employees at its peak production time before dwindling to about 100 employees in the early 1980s and eventually closing in 1982.

Superior officials blamed a combination of factors, including import pressures and a diminishing export market, for the plant's closing.

Florsheim moved its sole leather operations into the building in 1984, when the shoe company started phasing out the old Main Street shoe factory building, which has since been demolished. Florsheim remained in the Nash Road building until earlier this year when that operation was closed.

Another building which is available for industry is the old Bunny Bread Bakery on Christine Street in the Town Plaza area. The 60,000-square-foot building became empty in 1988, when the bakery closed operations here.

Other industrial buildings available in the Cape Girardeau area include:

The Paramount Liquor building, a 30,000-square-foot structure on Rustmar Avenue, which includes offices, warehouse space and inside docks. Eight acres of land are also available.

The old Harris Truck Stop buildings in the Nash Road area. The property includes one 42,300-square-foot building and smaller buildings of 6,500 and 14,000 square feet.

The Mid-America Distributing building on Highway 74, which is suited for heavy industry. It consists of about 45,000 square feet.

A number of buildings that could be utilized as retail-wholesale operations are available.

Two of the larger structures are in downtown Cape Girardeau: the former Montgomery Ward building, and the former Rivertown Mall building, which more recently housed an antique mall. Both are on Main Street.

The Montgomery building at Independence and Main, now owned by Don Lowe of OFMCO Co., Sikeston, contains more than 40,000 square feet, 30,000 on the ground level. Lowe spokesmen said this week that the building is for sale or lease.

Office Furniture World has been housed in the structure the past two years.

OFMCO, one of the nation's largest buyers and sellers of new and used office furniture, will open a retail operation in the building if it does not sell or lease it by January, said an OFMCO spokesman.

The former Rivertown Mall structure at 5 N. Main, which runs from Main to Spanish streets, consists of more than 26,000 square feet, 13,000 on the first floor.

The Central Hardware building, in the city's West end, will also be available in the future. The Cape Girardeau Central Hardware facility is one of 13 stores that will be closed by the company. The Cape Girardeau operation, a 90,000-square-foot building, is on seven acres in Cape Centre.

Space is also available in the Blattner Building on South Kingshighway. The building previously housed Lowell's and Silo retail operations. It contains about 34,000 square feet.

"The building has about 39,500 square feet, but a retail company will move into 5,500 in about two weeks," said a Blattner spokesman. "We would like to see several 5,000 to 6,000-square-foot operations there."

Another retail space available is a 30,000-square-foot area in the old Wal-Mart building between Toys R Us and Heilig-Meyers Furniture on Silver Springs Road.