The owners of the Heer's building have laid out details surrounding their redevelopment plans for the downtown Springfield building in preparation for submitting a term sheet to City Council at its June 17 meeting.
Developer Heer's Luxury Living LLC, co-owned by Jim Nichols of Lee’s Summit-based Dalmark Development Group and Ernie Straub of Shawnee, Kan.-based Straub Construction Co., is committed to spending an estimated $15.7 million on the mixed-use redevelopment project, according to a city news release.
The project would convert the building into 87 market-rate apartments, with up to 14,000 square feet of ground-floor commercial space. The mezzanine and second floor would be converted into rental apartments designed for area professionals and college students, while floors three through seven would be styled as luxury apartments with higher rent costs. Seventh floor units are planned to include two-story lofts with roof-top patios.
Other planned amenities include:
- concierge services;
- a clubhouse on the third-floor roof deck with a pool;
- a fitness center; and
- on-site secured parking and storage in the lower level.
A key point in the term sheet, Heer's Luxury Living has proposed a $40,000 payment to the city and to fund other improvements to secure release of a $100,986 lien against the property.
Among the improvements - an estimated $60,000 value - the developer is offering up to 1,000 square feet of space fronting Olive Street for a Springfield Police Department satellite office. The 10-year lease would come at no cost to the city, according to the release.
"Although SPD officers are very visible in and around the downtown area, a publicly accessible storefront within a renovated Heer’s building will certainly enhance our efforts in the area," Springfield Police Chief Paul Williams said in the release.
The developer also proposes to spend roughly $240,000 to improve lighting and replace sidewalks in the breezeway extending north to Olive Street; add security cameras focused on the square, Park Central West and Patton Alley with accessibility for the Police Department; and provide lighting improvements and enhance access between the adjacent parking garage and the building.
Heer's Luxury Living
purchased the building in April for an undisclosed amount from E and J HIDC LLC's following its $960,000 public auction purchase. Nichols is a partner with unnamed investors in real estate acquisition group E and J HIDC, which was organized in February.
According to the release, the developer will seek a $750,000 loan from the city's small-business development loan program; a $142,000 brownfields revolving loan; and access to up to 80 reserved parking spaces - at a price per space of $20 per month - in the city-owned parking garage.
