Downtown developer Tillman nabs another property

The building went under contract July 25 for an undisclosed amount, according to Mister Furniture owner Byron Thomas. The deal includes a parking lot leased by Community Improvement District.

Tillman, who is known for rehabilitating the old Mansfield Opera House on South Avenue and the old Universal Paint building on Main Avenue, was unavailable for comment.

Thomas put the building up for sale in April with plans to relocate his business.

“I don’t know where I’m going yet, but I’ll still be in Springfield,” he said. “I had too many customers wanting to be sure I was still going to be in business in Springfield.”

Thomas said he is unaware of what Tillman plans to do with the building.

Thomas purchased the 7,741-square-foot building 10 years ago for $116,000, but a sharp increase in its property value convinced him to sell. The property was appraised for $509,000 earlier this year, up more than $200,000 from four years ago.

Tillman offered to buy the building only if the parking lot was included in the deal, Thomas said.

“When I bought the parking lot 10 years ago…I thought, somebody might want to buy my building but won’t be interested if they didn’t have any parking,” he said. “Sure enough, the developer wouldn’t take on the project without the parking lot. I’m sure (Tillman) had something planned for the lot before he ever made an offer.”

The lease on the lot has 11 years remaining. Vern Morgan, senior planner of economic development for Springfield, would not say whether the city would consider allowing Tillman to buy out the lease.

Tillman is developing College Station downtown, a $17 million project that includes a parking garage.