Marquette deal offers hope for old hotel

Cape Girardeau's Marquette Hotel may have a future after all, thanks to an executive order issued by Gov. Bob Holden and a Jefferson City, Mo., builder, who sees the possibility of it becoming a money-maker.

The governor last week issued an order requiring new state office buildings and leased space to be in central downtown business districts with preference given to historic buildings. The 73-year-old hotel at Broadway and Fountain streets meets both criteria.

Prost Builders proposes to buy the vacant hotel and renovate it for office space, retail shops and restaurants if the company can land a lease to provide space for state offices. The company submitted a bid to the state for a 10-year lease at a price of $2.39 million, although the bid, submitted in August, must be resubmitted as a result of the executive order.

Another proposal was for a $2.27 million 10-year lease on a building that would be built along Southern Expressway. It too must now be resubmitted.

Although priority is to be given for downtown historic buildings, the state stressed that it won't lease space in a new building unless it is to its advantage economically.

If the Marquette is to house state offices, Prost Builders must buy the Marquette, which is owned by Ruby Bullock. It has been on the market for many years, and although offers have come and gone, it remains unsold and untended, and the city has been forced to condemn it.

The latest offer appears feasible if all the pieces -- including a sale price suitable to the buyer -- can come together. It offers an opportunity for the old building to come alive again.