Under a new ownership group since late December, evidence of construction at the downtown McDaniel building can be seen by passersby.
Vecino Group LLC President Rick Manzardo said the company is converting the building into a roughly $7 million, 39-unit student housing facility dubbed The U at Springfield LLC, which is expected to be up and running by Aug. 1.
The Vecino Group, founded in 2010 by developer Matt Miller, purchased the McDaniel building in December for an undisclosed amount from MMW Properties LLC, an ownership group Manzardo is involved with, he said. MMW had listed the property on the market last summer for $950,000, according to a listing provided to Springfield Business Journal at the time.
The 64,000-square-foot McDaniel project calls for 89 beds - with rent ranging from $550 to $700 per bed; a workout facility; student lounge; 4,000 square feet of retail space; indoor bicycle storage; and a second-story observation deck, Manzardo said.
Facilitating the student vibe, The U also would serve educational opportunities to its residents, with plans in motion to bring in monthly speakers, have entrepreneurial competitions, present mentorship and internship opportunities, and collaborative space, according to
TheULiving.com.
Manzardo said the Vecino Group has reached out to Springfield City Councilman Jeff Seifried, the Springfield Area Chamber of Commerce and Ozarks Technical Community College about guest speaker opportunities and possible internships for future residents.
“We are still at the concept stage for a lot of this, so there are a lot of details that still need to be worked out, but we will open for sure this fall,” Manzardo said.
Build LLC is the general contractor for the renovation of the long-vacant building, with architecture work by Buxton Kubik Dodd Creative. The Vecino Group is financing the project through a loan from Mid-Missouri Bank, Manzardo said.
Vecino Group also is behind the redevelopment of the nearby Woodruff building at Park Central East and Jefferson Avenue, which the company plans to transform into a mixed-use residential space dubbed
Sky Eleven. Manzardo said progress on the roughly $15.5 million facility is on hold pending financing from the U.S. Department of Housing and Urban Development.
Around the corner from the McDaniel and Woodruff buildings, the Vecino Group recently completed its redevelopment of the Landmark building. Now known as The Frisco, the apartment building has been occupied by eight since opening last Friday, Manzardo said.
The Woodruff and McDaniel buildings were under the common ownership of Downtown Springfield Properties LLC - operated by Brett and Bart Loethen - prior to June 2012, when MMW purchased the McDaniel and the Vecino Group grabbed control of the Woodruff later that year.
MMW, organized by Frank Manzardo in July 2000, also owns properties such as Plateau Fly Shop LLC at 2863 S. Campbell Ave., according to
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