Commercial developments continue to thrive in area

Ken Schwab specializes in the sale and leasing of commercial and investment properties for Wilhoit Properties Inc.

In 2000, the Springfield Business Journal's Construction and Design issue featured numerous commercial real estate developments that were under construction. As we reflect on these developments fully leased just two years later it's pleasing to see evidence of Springfield's strength as a community and an economic leader in the Midwest.

Although new commercial real estate developments are not being erected at the fever-pitch of 2000, 2002 will contribute a number of quality, well-positioned developments.

The south Springfield metro area continues to be the hot bed of commercial real estate development. Sixty-Five Market-place, a $50 million project of S.L. Stinett, has completed more than 150,000 square feet of building at the junction of Highway 65 and Highway J in Ozark. Near Sixty-Five Marketplace is Ozark Mountain Crossroads, a 38-acre development by Bill Jester. A 500-unit mini-storage is the first of several anticipated occupants for this site.

Dirt-moving equipment has been active at 4350 S. National Ave., the site of Springfield's newest office park. National Park Plaza, located south of Republic Road across from Kelly Green Apartments, consists of 50,000 square feet of leasable office space. The buildings will all be single-story with a heavily landscaped, campus-type setting. Two 18,000-square-foot buildings will offer tenants the largest amount of contiguous office space available in south Springfield.

The renovation of the vacant 75,000-square-foot Builder's Square facility at Primrose Marketplace on South Glenstone Avenue should be complete by September.

By adding 10,000 square feet to the structure, developer Kimco Realty has been able to announce three new tenants as additions to Springfield's premier "power center," including Borders Books (25,500 square feet), Bed Bath & Beyond (30,000 square feet) and Marshals (30,000 square feet).

Kevin Carleton of Carleton & Company is creating a new 30,000-square-foot office condominium development on Republic Road across from the French Quarter Plaza.

An additional 10,000 square feet of office space at Twin Oaks Office Park at 909 E. Republic Road is nearing completion, and half of this building is under contract for purchase. The construction of this office park began in 2000, and 80 percent of this development has been sold or leased to various office users.

West Springfield's South Creek Plaza has 20,000 square feet of retail space at Highway FF and Republic Road. Further east at Kansas Expressway and Republic Road, the recently completed Remington's Corner is nearing 75 percent occupancy with several out parcels under construction.

The short stretch of Kingsley Street between National and Fremont avenues was vacant land just a few years ago. Now the final parcel is soon to have an additional 8,000 square feet of office space joining more than 300,000 square feet of mixed-use development on this short but dense corridor.

Center city continues to receive the necessary municipal projects to stimulate private interest. Jordan Valley Park, flanked by a magnificent ice arena and soon-to-be-constructed expo center, has caused John Q. Hammons to announce a new state-of-the-art minor league ballpark, University Plaza Hotel expansion and a new economy lodging project.

Hoping to capitalize on Springfield's shortage of large contiguous office floor areas, Bill Jester has announced his Civic Plaza project on Central Street across from the Greene County Courthouse. This 183,000-square-foot, five-story office plaza will offer 30,000 square feet of contiguous floor area unavailable elsewhere in Springfield. Ground-floor retail services and an attached parking garage will be two of the many unique features of this center-city project.

Northwest Springfield, and specifically the Kansas Expressway corridor north of Kearney Street, is sizzling with new development. Voters approved a tax increase in April to purchase and renovate the 25,000-square-foot Heilig-Meyers Furniture store into a new library facility with many of the features proven successful in the south Springfield Library Center.

Just north of the new library, Jester's $2.5 million renovations at Town & Country Shopping Center are attracting lots of attention. New or expanding tenants include H&R Block (8,000 square feet), AT&T Wireless (3,000 square feet) International House of Pancakes (4,200 square feet) and coming this fall is 20,000 square feet of additional retail space immediately north of Town & Country Shopping Center and adjacent to the north-side Wal-Mart Supercenter.

The continued availability of low interest rates will continue to spawn high-quality projects throughout the Springfield metro area. Add to this Springfield's growing population and bustling economy, and you have a formula for continued commercial real estate development.