Vecino Group developing $5.5M downtown housing project

The Vecino Group is building a roughly $5.5 million housing development to complete its downtown neighborhood project for students and young professionals.

Tim Roth, the company’s director of student housing, said the newest housing project called Cresco is planned with 103 units comprising mostly one-bedroom apartments and studios spanning around 60,000 square feet. The Springfield News-Leader first reported on the plans yesterday.

The 310 N. Jefferson Ave. development is across the street from Vecino Group’s affordable housing units at The Frisco and less than half a mile from Sky Eleven, formerly the Woodruff building.

“From the beginning when we first put the Woodruff building under contract in 2012, we had plans to finish out that corner and develop what we call the Park East neighborhood,” Roth said.

Vecino Group’s in-house contracting team broke ground last week on Cresco. The site is an unused parking lot directly in front of the parking garage adjacent to Jefferson Avenue and Olive Street. Roth said Fayetteville, Arkansas-based Modus Studios designed the structure and is working with Vecino Group’s in-house architects.   

Roth said Vecino Group bought the property and the garage early last year from the city of Springfield for an undisclosed amount. Tenants from the current buildings in Park East - Sky Eleven, The U and The Sterling - already park in the garage, which has been updated with new paint, lighting and security cameras.

Cresco is scheduled to open to tenants next August. The property will not attach to the parking garage. When completed, Cresco would bring Park East up to 380 beds, Roth said.