Developer Tillman nears new downtown purchase

No closing date is set, but Mister Furniture owner Byron Thomas said he and downtown developer Scott Tillman agreed upon an undisclosed price July 25.

Real estate broker Sam Freeman of Center City Development Co. said the two sides are working through contingencies.

“The property is under contract,” Freeman said. “That’s where we stand.”

Tillman, who also is heading the $17 million College Station retail and entertainment project at the corner of College and Campbell just west of Springfield’s downtown square, declined to comment on the deal.

Tillman has spearheaded development of the Universal Paint building, Mansfield Opera House, Agrario restaurant and Patton Alley Pub, among other downtown projects.

Thomas, who has been in Springfield’s furniture business for 32 years, plans to relocate from the four-floor, 31,000-square-foot building at 134 Park Central Square in January.

Thomas said he paid about $116,000 for the building in 1986 and paid a little more than $100,000 for the 88-space parking lot 10 years ago. In recent county appraisals, the building was valued at $509,600 and the parking lot at $94,300.

Thomas decided to sell the properties earlier this year in the wake of rising property values, noting that higher property taxes offset his sales profits. He put the building up for sale in April.

The Downtown Community Improvement District leases the parking lot from Thomas. Eleven years remain on the agreement.

Thomas said Tillman only wanted the building if the parking lot came with it. Neither Thomas nor Tillman would comment on plans for the building or parking lot, but the possibility exists that Tillman will construct a building on the parking lot footprint since his College Station project a block away includes a parking garage.

If Tillman wanted to build on the parking lot’s land, that would mean either getting CID’s approval first or getting out of the lease agreement all together. That would present a unique dynamic, as Tillman is the downtown CID’s board chairman.

“I think it’s all up in the air right now,” said CID board vice chairman Jim Murrow of Drury University, about the lot’s future. “It’s totally utilitarian – trying to get the best benefits for the most people.”

Meanwhile, Thomas said he wants to stay in Springfield and find a new location with a lot of traffic and visibility to continue running Mister Furniture.

“I think Springfield’s a fantastic location,” Thomas said. “It’s a great, growing city.”

SBJ Reporter Dee Dee Nilsen contributed to this story.