Demand high for lofty living downtown

The hustle and bustle in Springfield's downtown these days isn't just business. Downtown property owners and officials working to improve downtown agree that a growing residential population much of it in lofts is contributing to revitalization efforts.

And the property owners, whether they're new to owning lofts or have done it for several years, agree that tenants are easy to find.

New player

Jason Murray said it took about six months of planning and eight months of renovations to complete the seven lofts in his building at 500 W. Olive. The lower level of the building houses his business, Artifacts Ltd.

"I originally bought the warehouse to house my import business, and the second story was vacant space and it had great potential," Murray said. "At the time, all the windows were boarded up and all the brick had plaster over it."

During renovations, all the plaster was chiseled off the brick on the upper level and new windows were added. The lath-and-plaster ceilings also were taken down to create exposed-rafter ceilings, and the floors were refinished, Murray said.

All seven of the lofts, one of which is his residence, are already full, Murray said. The one- and two-bedroom lofts range in size, with the largest being 2,300 square feet.

"What we've done is kind of combine big open spaces but still divide off separate bedrooms and so on so that there is some amount of privacy," he said.

Murray said he had tenants lined up for some of the lofts before renovations were finished, it didn't take long to fill the ones not already spoken for.

"There seems to be a lot of interest in them. It's just a matter of getting them done, because when people first come in and look at it, you have to explain the kitchen's going to be here, this is going to be the bedroom,' and they just look at you with a puzzled look," Murray said, noting that the finishing touches are still being completed in some of his lofts.

Interested parties

Pat Walker, a longtime advocate for downtown and volunteer for the Downtown Springfield Association, said she fields calls "all the time" from individuals who are hunting for lofts downtown.

Bob McCroskey, a real estate agent who works with a lot of downtown property, said he also gets a lot of calls about lofts, as does Bill Compere, the executive director of the Urban Districts Alliance.

And Jim Murrow, who bought the former Springfield Antique Company building at 406 South Avenue, said he's already getting calls for the lofts on the second floor of his building. Murrow said there will be three lofts, and he and his wife, Carol Murrow, will live in one. The two that will be leased are expected to be ready for tenants by the end of July, Murrow said, and both lofts are spoken for.

"People have been calling, and it just seems like there's a tremendous demand here. Particularly for the young folks who live downtown, these lofts are what they really are looking for," he said. "That gives them a chance to work and live in a very walkable distance."

The Murrows, who hope to move into their loft by late August or early September, said they decided to pursue downtown loft living because all of their children are grown, and because they were tired of the upkeep involved in homeownership.

McCroskey said that demographic young people and empty-nesters is common.

Generally, he said, it's not for families with young children because they tend to like yards.

Young people, young professionals or college kids, or older people, older professionals look at (living in lofts). (They) just like that lifestyle," McCroskey said.

Walker said she's always happy to pass along landlords' names to anyone who's interested in finding a loft, but she said she would like to know about all the lofts available downtown so she can have a full list.

"These owners don't think of DSA as a resource for them they should when they have vacancies. If they don't have a waiting list, they should let us know who they are and what they have so we can let people know," she said.

Longtime loft owner

Parkie Gleason, owner of Parkie's Stained Glass at 300 S. Campbell, built the four loft apartments in his building in 1997, back when there "were hardly any around at all," he said.

Several architects stopped by his building offering plans for lofts, and when Gleason finally found a plan that was workable, he decided owning lofts was just what he wanted to do. His decision turned out to be a good one.

"They're never empty," he said of his lofts. "If anything, there's a waiting list. That's just the way it is down here. I mean, it's a good investment." Gleason gets calls and visitors frequently regarding his apartments, and through the years he's noticed an increased interest.

"In other words, I turn down more people than I used to," he said.

Gleason's trying to sell his building in fact, he said, there are several "very interested" parties and the lofts, which rent for $500-$750 per month, are an established source of income.

Future plans, gratification

Loft-related activity downtown isn't finished, not if McCroskey has anything to say about it. McCroskey, Dennis Radford-Kapp and Reg Cordry own the former Land Bank and Busy Bee building at 324 Park Central West.

McCroskey said plans which are in the works for the property include putting loft apartments in the upper level. But, he noted, they won't necessarily be just for residential purposes.

"Demand and supply, that's the name of the business. Our plan is to be able to make them either lofts or offices or both, because right now, the living space probably drives the office demand, McCroskey said. "But that could change at any time, because there's a lot of interest in living and work space."

Whatever type of space people are looking for, Compere said all of the activity is a sign that bodes well for rejuvenation of Springfield's downtown area.

"I think the perception of downtown is, thankfully, changing. People are seeing it as safer, friendlier, all the things that we've been working on I think the message is coming across that (downtown) is just a good place to be," Compere said.