Big DREAMs for revitalizing downtown

Imagine a high-rise hotel, a 4,000-seat entertainment complex, apartment developments and a riverboat casino, all nestled behind the Cape Girardeau floodwall north of downtown.

Imagine the subpar housing, overgrown lots and aging commercial buildings along North Main Street and North Spanish Street between Broadway and Sloan Creek have all disappeared.

Imagine that the best of the area, the nice homes on the bluffs and historic structures, is preserved. And imagine opportunities to boost traffic and business in nearby parts of downtown.

Well, DREAMbig LLC is imagining all of that. The two principals, David Knight of Ole Hickory Pits and Jim Riley of Red Letter Communications have been working for years to turn those visions into reality. The project was almost ready to unveil, they said, when the Missouri Gaming Commission forced their hand by calling a meeting today to talk about a statewide moratorium on new casino licenses. The commission is acting in response to an initiative petition, which includes a moratorium, that is being checked now to determine if it will be on the November ballot.

Readers can view an outline of the project area at our Web site, semissourian.com.

"I really regret the way this is being introduced to the citizens of Cape Girardeau," Knight said. "It focuses on only one aspect of a 20-acre development. It is so much larger than that one issue that it is regrettable."

But "that one issue" — a casino — is the linchpin to the project. A successful casino company brings a strong financial partner into the mix, capable of paying for the keystone parts of the project as well as managing its operations. Without the casino, everything else is still a dream.

Cape Girardeau missed out on the first rush of casino development following the 1992 approval of riverboat casino gambling in Missouri. While the city lured Boyd Gaming Co. to town in early 1993 to start the process, an April 1993 vote against a local casino caused the project to stumble. Meanwhile, Caruthersville, Mo., moved ahead and, by the time Cape Girardeau approved the idea in a second vote in November 1993, the city was seriously behind in the race for a Southeast Missouri casino.

Despite all efforts, the project was soon dead. Knight and Riley quietly purchased Boyd's land interests and say they have contracts on all the land they need and more for this new push.

Riley and Knight not only have land interests in the area they view as ripe for the development, they operate their businesses there. "We are trying to move forward on several fronts at once," Riley said. "Both David and I have long wanted to see positive development in that northern side of the riverfront."

And with Cape Girardeau included in the Downtown Revitalization and Economic Assistance for Missouri, or DREAM, Initiative, the prospects of landing state help to build up the infrastructure needed to serve a big development could be much easier to acquire, Riley said.

"We want this to be a comprehensive development," he said. "We aspire to have a truly balanced and comprehensive project. There will be entertainment elements, hotel elements and even residential features and commercial features. The gaming aspect helps [make] the whole thing feasible from a financial standpoint."

Since the first ideas for a casino in Cape Girardeau, changes in state law make a project here more feasible. For one thing, the initial authority for casinos required them to be motorized vessels parked in the river that would embark on two-hour excursion cruises. Now a casino may be built on the protected side of a floodwall or levee, with only a nod to the riverboat concept — the casino must be a floating structure, built on what has commonly been called a "boat in a moat" format.

The advantage of the configuration is that changing river levels would not shut down operations, as some do in St. Louis or St. Charles when rivers rise during flood seasons.

Knight and Riley are heading to Jefferson City today to argue against the moratorium. If they succeed, the time for them to complete their application process and start the licensing investigation will be short — if the moratorium initiative makes the ballot and is approved by voters, it takes effect as soon as the vote is certified.

But if they succeed, Knight said the project would have a lasting impact for the betterment of Cape Girardeau. "It would be a landmark on the Mississippi River that would be there for the next 100 years," he said. "It would be such a tremendous boost to the economy plus the development of the riverfront that it would be hard to predict all the wonderful things that could have come from this thing."

* Broadway plans: Stacy Langston has big plans for a building he purchased recently that encompasses 723, 725 and 727 Broadway. The storefront at 727 Broadway is currently home to Let It Grow hydroponics, and when that store moves, the three storefronts will become a bar and music venue at 723, BNL Concrete Design at 725 and a barbecue restaurant to be known as Pauli's Pit Stop at 727.

Langston parlayed his experience in construction into the decorative concrete business about two years ago. The BNL Concrete Design storefront will be a 7,500 square-foot showroom for his work. The "B" in BNL is Steve Bell, a partner who is finishing a stint as an active-duty recruiter for the National Guard.

Langston said he's making a bet that Broadway is the place to nurture and grow his businesses. "We found a building and we like the historic part of Broadway," he said. "And we like the challenge of renovating."

* More about Broadway: On the northwest corner of Frederick Street and Broadway, the sign offering gas for $1.29 a gallon was like a relic from a bygone era. In November 2005, owner Steve Majeed sold off the last of the fuel in the underground storage tanks at the property and said he planned to redevelop the corner property into a strip mall.

Now he's in the middle of renovating the small gas station office as he prepares to open a restaurant that will be known as Steve's Steakburgers, offering what he calls New York-style burgers with a business plan that includes staying open until 2:30 a.m. to catch students and others returning from an evening downtown.

There will be an outside seating area and takeaway food. "It is going to look very, very nice," promised Majeed, who is also the owner of Semo Gas, the convenience store and gas station at Themis Street and Sprigg Street.

Thick steakburgers, gyros, big New York-style hot dogs and side orders will be the staples of his fare, he said.

Majeed has owned the property for more than nine years, he said. The opening date hasn't been set, but he expects to be in business well ahead of the return of Southeast Missouri State University students.

* Restaurant move: I've received a couple of calls from readers wanting to know what happened to Saffron restaurant. They noted that it closed in Crossroads at Independence Street and Kingshighway, and must have missed my notes in this space about the eatery specializing in sushi and other Oriental delicacies.

Su Hill moved the restaurant to Regents Parc at 1610 N. Kingshighway, a new office and retail development owned by Mayson Investments. The restaurant reopens today, with a cozier setting, outdoor seating and, in about a month, a pickup window so you don't have to leave your car to get your favorites, said Kara Probst, the accountant for Saffron.

The new location offers easier access, a no-smoking atmosphere and hopes to draw more customers from Jackson and travelers along Interstate 55, Probst said.

* Wal-Mart remodel: Finally, it is time to put to rest rumors that the Jackson Wal-Mart is closing or that the Cape Girardeau Wal-Mart is closing or that both are closing in favor of a new combined store at the East Main Street interchange on I-55.

I was visiting the Cape Girardeau store earlier this week and saw a banner sign seeking temporary workers for a store remodeling job. Carrie McKnight, a senior manager of public affairs for the retailing giant, assured me that no money would be spent on the store if there were plans to shut it down anytime soon.

The remodeling job isn't unusual, she said. "Typically, every six or seven years we go in and remodel the stores," she said.

That means paint, flooring, replacing fixtures and other facelift items, she said. "Every part of the store will be touched, but it is all very cosmetic," she said.

In the slowing economy, Wal Mart is planning on 140 new supercenters this year, compared to 280 last year, McKnight said. "I say that to illustrate the point that we are not growing as fast," she said.

As for Jackson and Cape Girardeau, "we have no plans to do anything," she said.

Heavy use means wear and tear on stores, and that prompts the remodeling. The extra help is needed, she said, because the store will, of course, remain open during the work. "That takes more hands on deck than operating the store under normal circumstances."

Rudi Keller is the business editor for the Southeast Missourian. E-mail him at rkeller@semissourian.com or call 335-6611, extension 126.