Developers make Heer’s presentations to city

Jefferson City developer Vaughn Prost previously had the exclusive right to redevelop Heer’s but missed three financing deadlines, the last being Aug. 22. In response, the city stripped Prost of that right and solicited interest from other developers.

Tuesday morning, four contenders gave public presentations to city officials during an open meeting at the Busch Building. Tuesday afternoon, the developers met privately with city officials to discuss proprietary financial and real estate information.

The finalists are Prost, Springfield’s Magers Management Co. LLC, and St. Louis firms McGowan & Walsh and Restoration St. Louis.

Prost presented detailed plans for Heer’s and said he has a letter of commitment from Bank of America for a loan of about $20 million for the project. The other developers have not made plans, but they showed examples of their past work and guaranteed that financing wouldn’t be a problem.

The city has not set a date for its decision, according to city Public Information Director Louise Whall.

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