Downtown expansion stands to affect developer Craig Wagoner's business in a big way. With more than a dozen remodeling projects under his belt, including the Kresge, Brentwood and Central Shoe Co. buildings, Wagoner has high hopes for the future of downtown Springfield. He's not letting the current real estate market get in the way.
"The sale market isn't good, but the rental market isn't bad," Wagoner says. Good thing, given that he recently completed The Lofts at Jordan Creek, and he's wrapping up work on Olive Place Lofts, which will lease as a mix of residential and commercial space.
"I think a lot of people in Springfield still don't know how great our downtown is in comparison to other cities," Wagoner says. "We have so many restaurants, bars, shops and a theater."
Proper planning has a lot to do with the success of each project, and the loft-style spaces Wagoner creates demand custom features and floor plans. Federal and state tax credits help make these historic projects financially viable, but so does proper marketing to potential renters. The Lofts at Jordan Creek, which once housed a furniture manufacturing company, boasts spacious rooms chock full of architectural details like exposed brick and ducting. Free Wi-Fi and basic cable doesn't hurt, either.
Wagoner got an early start in the business. "I was in real estate with my dad in high school, buying and remodeling old homes," he says. After graduating from Missouri State University with a degree in accounting, he worked as a certified public accountant for five years while building apartments on the side.
About seven years ago he began remodeling historical buildings in downtown Springfield as a new challenge. "It's always a learning curve when you are involved with the government and all their rules," he says.
Downtown is growing fast, in Wagoner's opinion, and Springfield residents have a lot to look forward to: "You have retail owners and restaurant owners who want to be busy and have people come down, but I think any business owner needs to know that it takes a couple of years to get your word out." He says business owners should do more marketing, and that organizations such as Downtown Springfield Association, have helped to generate buzz about downtown's list of offerings.
Wagoner hopes the real estate market will bounce back in 2009, but he's also practical.
"Things have been extra good for so many people, and now we have a hiccup," he says. "It's time things get back to normal."[[In-content Ad]]
