Tom Kelsey of Lorimont Place talks growth and development in Southeast Missouri

Tom Kelsey's name has been attached to some of the most high-profile commerical transactions in our area. As broker and president of Lorimont Place Ltd., he's had a role in several economic developments in Southeast Missouri.

"Commercial brokers like myself are heavily involved in business recruitment working closely with city, regional and state economic development agencies," he says. "It is encouraging to work in my field of real estate in an area that has such excellent potential for future growth and development."

Kelsey grew up in Southeast Missouri, for the most part, and real estate and developments are in his blood -- it was his father's profession as well.

Here, Kelsey sheds some light on the area he knows best: commercial real estate:

BT: How did you get into commercial real estate? How long have you been in the business?

Kelsey: My father was a real estate broker, developer and builder who started his career in 1961. I grew up with that profession all around me and in 1974 decided to obtain my real estate license. I worked in the family real estate firm and related businesses until 1994. In that year, Lorimont Place Ltd. was formed exclusively handling commercial, industrial and development real estate in the Southeast Missouri region. I have 36 years in the business, the last 20 years in commercial real estate brokerage and development.

BT: How is what you do different from residential real estate?

Kelsey: Several ways. First, we deal with businesses and investors as clients rather than residential prospective buyers. Secondly, the marketing of available properties for our property owners involves an entirely different approach. Rather than relying upon open houses and other similar activities that might work well for residential, our marketing is more of an outreach awareness system. This includes registering listed properties on national commercial real estate databases that we subscribe to along with an active networking system with other similar real estate professionals in other parts of the country who bring prospective businesses and projects to the region. Since there are always far less commercial prospective buyers and tenants than residential, this combined targeted awareness is essential to adequately exposing our client's property. We have found that this system has been very successful in achieving results.

BT: Now that the Plaza Galleria has been razed, what types of business would find that location desirable and why?

Kelsey: This property becomes a prime 6.86 acre redevelopment site for any business that wants to be close in to neighborhoods. This would include retailers or others that want to locate their operation in a more central area close to residential populations. We are already working with some prospects for this site that would be an excellent business addition to Cape. We believe this site could support as large as a 50,000 square foot commercial building along with providing adequate parking.

BT: What areas in Cape Girardeau and Southeast Missouri seem ripe for future development?

Kelsey: Realistically, all areas of our area have good potential for future growth and development. It appears the west portion of Cape is attracting retail, restaurant and office development. With the expansion of both hospitals and new retail businesses on Cape's west side, this will stimulate further commercial growth. The Kingshighway, William and Independence corridors remain very viable locations for businesses wanting high traffic and visibility locations. Downtown Cape has an abundant availability of space and improved infrastructure that should continue to make it attractive to selected types of business who desire to be in an old town type atmosphere. Jackson has become more than a bedroom town for Cape, now a destination for businesses wanting to support their increased population and residential development. Scott City and north Scott County to the south has very affordable commercial and industrial locations all enhanced by the close proximity of the regional airport, rail road, river port and interstate. Sikeston and Poplar Bluff are also are experiencing a substantial amount of new commercial construction and activity. We believe all sectors of Southeast Missouri are on a path for continued growth.

BT: Cape Girardeau's city council recently approved rezoning a tract of land to be a business park. Why is a business or industrial park attractive to businesses? What are some of the drawbacks to that setup?

Kelsey: It allows the city to control property suitable for prospective industries to build on and insure the availability of suitable sites for new and expanding industries. The downside is that the city becomes a competitor to private developers who are marketing similar property. The city can offer price and other infrastructure incentives that private owners usually cannot compete with.

BT: How do you think the casino has changed Cape Girardeau's commercial real estate market? Has there been more interest in the downtown area?

Kelsey: Thus far, there has not been much difference in the interest that I have seen. However, we might still be in the "wait and see" mode as businesses who would want to be in close proximity to the casino determine how much traffic and business this creates for the community.

BT: What do you enjoy doing when you aren't working?

Kelsey: I love working in my yard, traveling and touring around the region exploring local landmarks in my old restored Jeep Wrangler. My wife of nearly 40 years and I are also very involved in our local congregation and related volunteering that requires some traveling.

BT: What' your favorite thing about Cape Girardeau and Southeast Missouri?

Kelsey: Probably the diversity of people and places to go and see, things that many communities are missing. The conservative nature of our area also results in a consistency in our region that is missing in many places in the country. It's small town enough that you can know and visit with your neighbors, but "big city" enough to enable most of our residents to make a good living if they are willing to work hard.

BT: Anything else you'd like to add?

Kelsey: Southeast Missouri is not only a great place to live with a good quality of life, but it is also is a great destination for prospective businesses and industries to locate. With two major railroads, river port, regional airport, interstate and a great workforce, we have much to promote about our region. Commercial brokers, like myself are heavily involved in business recruitment working closely with city, regional and state economic development agencies. It is encouraging to work in my field of real estate in an area that has such excellent potential for future growth and development.