Downtown lofts continue to climb

Matt Miller Co., developer of downtown properties including Founders Park and Wilhoit Plaza, and Jason Murray, developer of properties including Market Street Lofts and Palace Hotel, both had rezoning requests approved at Springfield City Council’s May 15 meeting.

The Miller project, located in the 300 block of West Mill Street is a six-building development mixing retail, office and residential space. Dubbed Brick City, the plans call for 52 lofts in its first phase, according to developer Matthew Miller, and about 100 lofts when complete. It would be the largest single loft development to date downtown.

The largest completed development on record is the Matt Miller Co.’s Founders Park Lofts, a 36-loft building at 331 E. Water St.

Miller called Brick City a “multimillion-dollar development,” although he declined to disclose an investment cost.

Murray’s project, meanwhile, involves redeveloping the former Assemblies of God publishing house, 434 W. Pacific St. The building, like many other individual loft developments in the downtown area, would have retail use on the bottom floor with lofts above, according to documents filed with the city Planning and Zoning Commission.

Murray could not be reached for comment on details of his project.

The two projects add to about 214 residential units already in the downtown area. Another 129 units are planned or under construction, according to Urban Districts Alliance Director Rusty Worley.

The new developments fit in with the overall vision of the city, according to City Planning and Development Director Ralph Rognstad.

“Many of the buildings downtown are functionally obsolete for the nonresidential uses that they were originally built for – offices, industrial and such,” Rognstad said. “If we’re going to preserve those, the best opportunity, particularly for the upper floors, is residential.”

The new preservation efforts by Miller and Murray join other loft developments in progress – projects such as the Ozark Camera building into The Brentwood and the Finkbiner Moving & Storage building, both being redeveloped by Craig Wagoner of Brentwood Management. Waggoner’s efforts will add about 20 lofts, while developers Tom and Nancy Dornan and Reg Condry’s Busy Bee building redevelopment will add another 12 lofts.

Demand

Developer Miller said the demand for downtown residential property has definitely not slowed. He points to the signed pre-leases for 29 of the Wilhoit building’s 32 units. The property will not be completed until August.

He added that his other properties are almost 100 percent full.

“We’re still getting literally numerous calls daily and our Web site is getting thousands of hits a month,” Miller said. “It’s one of those market situations where it makes you feel really comfortable putting in units.”

With the increased interest in downtown living, developers might be tempted to jump on the bandwagon, potentially flooding the market. Worley, however, said he’s not concerned.

“At this point the developers are monitoring the interest, and we’re not seeing multiple huge projects coming on line or flooding the market,” he said. “We’re just seeing good steady growth in those areas.”

‘Recurring theme’

Miller said downtown offers unique advantages over other parts of the city, especially for those looking to rent.

“The amenities that you have downtown – when you can list Jordan Valley Park, the ballpark, the YMCA, multiple restaurants and bars all within walking distance, it’s hard for the south side of Springfield with new apartments or the older apartments around the university to compete with us,” Miller said. “That is what’s driving the market – people want to be where the action is, and downtown is clearly where the action is.”

UDA’s Worley said the attraction to living in a downtown setting is not unique to Springfield.

“It’s something that we see from our downtown counterparts across the country,” he said. “You’ll see several demographics that are drawn to this area – drawn to the coffee shops, the proximity to their offices, not having to maintain a yard. (Cities such as) St. Louis and Memphis are growing by leaps and bounds. When we go to visit a city, this is a recurring theme.”

Future of Downtown

The city’s goals for downtown, as stated in Vision 20/20: The Future is Now, created in November 2004:

• Maintain a multifunctional business mix and focus on attracting retail development

• Continue to promote a strong residential base in greater downtown

• Adopt a policy that incorporates a police presence as part of the downtown landscape

• Implement a Building/Building Maintenance ordinance to encourage rehabilitation of buildings

• Address parking issues related to continued residential development downtown and conduct a parking management study/analysis[[In-content Ad]]