City heads to Heer’s drawing board

Vaughn X. Prost, president of Prost Builders Inc., missed the final financing deadline yesterday for the $32 million downtown rehabilitation project.

“I think we’re all disappointed it didn’t work out for Mr. Prost,” said Louise Whall, the city’s public information director. “He was obviously very committed.”

Prost purchased the 156,000-square-foot, seven-story building from Warren Davis Properties for $2.2 million in 2004. He planned to renovate the former department store primarily as retail and office space, with 23 presold luxury condominiums occupying the top four floors.

Last week, the city issued an official request for qualifications from developers interested in picking up the unfinished project.

The city sent requests to local developers Matt Miller, Craig Wagoner, Dexter Davis, Randy Magers and Curtis Jared, according to information provided by Whall.

Development groups outside of Springfield that expressed interest were HCW Development Co. in Branson; Harris Construction in Kansas City; McGowan & Walsh in St. Louis; Carleton Residential Properties in Dallas; Jefferson Development Group in Louisville, Ky.; and The Osborne Co. in Berryton, Kan., according to the city.

The city also sent an inquiry to Prost, who is still in the running.

“He can continue to pursue it, but now it’s a level playing field,” Whall said.

See SBJ’s Aug. 28 issue for more on the status of the Heer’s project.