YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe
SBJ Editor Eric Olson, right, interviews Prosperiti Partners President Titus Williams about his development projects, including an industrial park.
SBJ PHOTO BY JESSICA ROSA
SBJ Editor Eric Olson, right, interviews Prosperiti Partners President Titus Williams about his development projects, including an industrial park.

After delays, construction coming to old Missouri Hotel

Posted online

Construction crews have plans to break ground at the former site of the Missouri Hotel in the first quarter of 2020.

After years of delay, local developer Titus Williams announced the plans this morning during a live interview at Springfield Business Journal’s 12 People You Need to Know event. He said the site’s preliminary plans call for multifamily housing, retail and office space, and a possible boutique hotel.

Williams, who is president of Prosperiti Partners LLC and principal of NAI Enterprise LLC, attributed the construction delay to tax credit applications that never materialized. He and his team had applied for federal new market tax credits and state historic tax credits. He said he’ll reapply for the state credits next month. He also added there are opportunities for incentives through a tax increment financing district and the Commercial Street Community Improvement District.

“Anytime you have those tax credits ... it’s done by a governmental body. You’re at their mercy,” Williams said.

Williams purchased the property at 420 E. Commercial St. with partner Matt M. Miller through Historic Commercial Developments LLC in early 2017, according to past Springfield Business Journal reporting. The purchase included the 42,000-square-foot Missouri Hotel, and another 60,000 square feet of buildings previously used as nonprofit The Kitchen Inc.’s campus.

He previously anticipated a $50 million price tag for the renovations and development, but said that would fluctuate pending city approval and what, if any, tax credits awarded.

Architecture firm Boti Architects LLC, which he formed with partner Bo Hagerman in August, designed the plans for the property. It includes a new pedestrian walkway through the mixed-use, multiphase development.

“We want to make sure that we don’t overbuild the site,” he said. “We’re taking it bite by bite.”

As for the hotel component, Williams said the market would drive those plans.

“We’re waiting to determine that based on what we’re seeing with the Springfield market as a whole, to see if the saturation limit for hospitality has been overbuilt or if there is still a need for that,” he said.

Williams is also in the process of rehabbing roughly 180 homes once owned by embattled landlord Chris Gatley of 417 Rentals LLC. Williams said he’s spent roughly $3 million so far on renovations – and a number of the homes were in unsafe conditions.

“It’s important for all landlords to have the understanding that these are people’s homes. Because of that, it’s important for us to be people that take care of those individuals,” he said. “It’s a passion of mine.”

Williams said he doesn't plan to continue owning and leasing the homes. He wants to partner with area nonprofits to eventually acquire the properties, which he purchased in Springfield, Republic, Shell Knob, Willard and Marionville for roughly $5 million through foreclosure earlier this year.

Aside from his residential development work, Williams announced plans this fall on a 220-acre industrial park with rail access in Strafford. The project’s five partners – through South West Missouri Rail and Business Park LLC – are John Kramer, Titus Williams and Brad Williams of Williams and Kramer LLC, and Rich Kramer and Bob Kramer of Rich Kramer Construction Inc. He said one of the site’s 18 lots have been sold.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick

Open for Business: Archie’s Italian Eatery

Archie Donoho started Archie’s Italian Eatery with son-in-law Lorenzo Hudson; Holly Bowdidge Childers opened Word on the Street Bookshop in Ozark; and a second retail store for personal safety equipment supplier Hard Hat Gear opened.

Most Read
SBJ.net Poll
What national chain do you want to open in Springfield next?

View results