$70 mil mixed use development planned for Ozark

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136 acres at U.S. Hwy. 65 and Christian County Hwy. 14 site for Town & Country Village|ret||ret||tab|

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by Eric Olson|ret||ret||tab|

SBJ Reporter|ret||ret||tab|

eolson@sbj.net|ret||ret||tab|

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Local developer Steve Stinnett likes to do business in the city of Ozark.|ret||ret||tab|

For starters, he's had a profitable experience developing 65 Marketplace along Highway 65. And the city's position between Springfield and Branson generates sizable through traffic. It doesn't hurt that Ozark is Missouri's fastest growing city.|ret||ret||tab|

His affection and the town's credentials have led to Stinnett's second planned development in Ozark, a mixed-use project of about 1 million square feet of commercial space and more than 600 residential units.|ret||ret||tab|

A joint venture of Stinnett's S.L. Stinnett Company which is best known for Ozark's 65 Marketplace and Primrose Marketplace in Springfield and Gundaker Commercial Inc. of St. Louis acquired 136 acres at the northeast corner of U.S. Highway 65 and Christian County Highway 14 on Jan. 20 for Town & Country Village.|ret||ret||tab|

"I view Ozark as the most progressive municipality to develop in right now," said Stinnett, who added that 65 Marketplace is nearly sold out.|ret||ret||tab|

Ozark Administrator Collin Quigley is not surprised by the new plans, as Ozark continues to score big development along Highway 65. Work continues at the $40 million Ozark Centre, at Highway 65 and Christian County Highway F, where St. Louis developer Tom Walker is building a Wal-Mart Supercenter and other retail space.|ret||ret||tab|

"We're in a very positive, cyclical environment in Ozark," Quigley said. "We're benefiting from the growth and development that is going on. It is a natural fit to see a lot of the new commercial developments come online."|ret||ret||tab|

Ozark's population grew by 7.7 percent to 11,651 residents from 2001 to 2002, according to the Census Bureau. In turn, city sales tax revenues jumped 8 percent in 2003.|ret||ret||tab|

Town & Country Village is estimated to have a total value of $70 million when built out. The initial investment for Stinnett and Gundaker Commercial partners Gordon Gundaker and Mike Hejna, who formed Gunnett LLC as their legal entity, is $8.5 million for infrastructure, land and development, Stinnett said. By comparison, Stinnett said 65 Marketplace, home to Missouri Furniture, Price Cutter, Liberty Bank, Braum's, Bojangles' and a handful of other businesses and an apartment complex, has an intrinsic value of about $30 million, with three lots left.|ret||ret||tab|

Ozark's Board of Alderman has approved the zoning and preliminary plats for Town & Country Village, which designates 67 acres for commercial frontage on Highway 14, 32 acres for single-family and duplex development and 28 acres for multifamily apartments.|ret||ret||tab|

"We'll develop this over a five- or six-year period," Stinnett said.|ret||ret||tab|

The first step is infrastructure improvements, including:|ret||ret||tab|

adding two lanes to Highway 14;|ret||ret||tab|

constructing 25th St. to serve the development;|ret||ret||tab|

installing a signalized intersection at Highway 14 and 25th Street; and|ret||ret||tab|

installing interior roads and utilities (sewer, water, gas and electric).|ret||ret||tab|

Stinnett said the group will begin infrastructure in mid-February. Heideman & Associates has been hired as engineer.|ret||ret||tab|

In August, Stinnett expects to begin constructing commercial buildings and some residential lots, though the single-family and duplex acreage will be sold to a local home builder. He would not disclose the builder because the deal is not finalized.|ret||ret||tab|

New home construction was up last year in Ozark, according to the city's planning and zoning department. There were 274 new housing starts in the city last year, up 10 percent from 2002.|ret||ret||tab|

If 2003 is an indicator, Town & Country Village's residential development should sell well.|ret||ret||tab|

"We're the fastest growing city in the state," Quigley said. "Development obviously follows patterns of residential growth and vice versa. People like to live near the cleaners and near the grocery store, and the cleaners and grocery stores like to be near where the rooftops are."|ret||ret||tab|

For the most part, Ozark officials have not had to seek out such development.|ret||ret||tab|

"(Developers) are looking at where their developments can be successful and they are seeking us out," Quigley added. "It's a reflection of where people want to live."|ret||ret||tab|

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