Activity heats up along busy corridors

“There aren’t a lot of corners left in Springfield,” Coryell said. Especially lacking are corners where about 35,000 cars drive past every day.

Coryell & Company Properties LLC is investing $23 million to construct a condominium high-rise and two apartment complexes on 17 acres at the northwest corner of Sunshine Street and Kansas Expressway.

And two other developers are adding commercial projects facing the two thoroughfares.

Coryell, who already owns the Sherwood Village Apartments near the intersection, paid $3.1 million for the land at the end of 2004 in two transactions.

He bought 14 acres for $1.9 million from Strawberry Fields owner Mark Tendai and another 10 acres for $1.2 million from developer Bob Wehr.

At the city’s request, and for zoning requirements, Coryell will extend Elfindale Street, at his expense, across Kansas Expressway to meet up with Marion Avenue. Coryell didn’t say how much the street addition would cost, just that “it’s very expensive.”

Springfield City Council approved rezoning much of the land from heavy commercial to medium density residential use in order to construct the Marion Park Apartments and Tower Apartments, a total of 190 units that will cost him $9 million. He will spend another $14 million on Tower at 417, a 140-condo project.

Coryell plans to break ground in the fall and projects all three complexes will be completed in mid- to late 2006. Financing is coming from Great Southern and Metropolitan banks.

“We liked that location, too, because it’s close to (Southwest Missouri State University), and we rent a lot to students,” Coryell said.

In addition to his residential construction, Coryell sold seven of the 24 acres to two other developers for commercial purposes.

Commercial development

Pizza Ventures Inc., a real estate development company headed by Richard Pendleton and Gary A. Powell, bought four acres facing Kansas Expressway from Coryell in June. Pizza Ventures, through leasing agent Ken Schwab, declined to disclose financial details of the transaction, but the land listed at around $12 per square foot.

Pizza Ventures has not announced plans for the land.

“It’s a major route in from Republic, a bedroom community for Springfield,” Schwab said of Sunshine Street. “We envision a lot of interest for restaurants and other commercial uses.”

Eoff & Associates owner DuWayne Eoff bought the other three acres and plans to break ground by Nov. 1 on the $5 million, 46,000-square-foot One Park Center shopping center, which faces Sunshine. Eoff declined to disclose what he paid Coryell for the land.

“With Coryell’s apartment development,” Eoff said, “I thought it was a great opportunity to add a first-class shopping center to Springfield.”

A similar lot a few miles away, on the southeast corner of Battlefield and Kansas Expressway, was sold the first week of July to the Assemblies of God Financial Services Group.

Sally Hill, Assemblies of God Financial Services Group senior vice president of human resources and support services, said plans for the 11.2 acres next to the former Smitty’s Supermarket should be in place by October.

“Right now, it’s an investment,” she said. “We’re looking at several options, but nothing is firm at this point.”

According to broker Jim Hutcheson, the lot received interest from numerous buyers preceding the closing.

“I’ve practically sold it five or six times since it went under contract,” Hutcheson said.