GROUP HOPES BUILDING WILL DRAW NEW BUSINESS

A ribbon-cutting ceremony Friday inaugurated the recruitment phase for a 60,000 square-foot spec building sponsored by the Cape Girardeau Area Industrial Recruitment Association and other area industrial groups.

Mitch Robinson, executive director of the Cape Girardeau Area Industrial Recruitment Association, said that phase one had been financing and phase two was building the structure, which is 90 percent complete. Phase three is marketing, or recruitment of tenants for the building.

Robinson said that there are no solid leads at this point on potential tenants, but that a direct mail campaign would begin next week. On Monday, Robinson said the Missouri Department of Economic Development will send a group to Cape Girardeau to become more familiar with the area and with the building itself.

"They are the project managers who work with Missouri industries interested in expanding," Robinson said.

Deputy Director Quentin Wilson of the Missouri Department of Economic Development told a crowd of approximately 30 people at the ribbon cutting that his department would do all it could on the Internet and in its marketing around the country to find tenants for the building.

"I don't think it will be empty long," Wilson said. "It's a good building."

The building, located at 4901 Nash Road, is 200 feet by 300 feet. It was built by Penzel Construction Company of Jackson.

Robinson said that the asking price for the building is $775,000. In addition, the new tenant or tenants would have to pay for lighting, heating, air conditioning and flooring.

Three area banks -- Boatmen's, Mercantile and Union Planters -- are jointly financing the project.

The building is a cooperative effort of the Cape Girardeau Area Industrial Recruitment Association, the Industrial Development Authority of Cape Girardeau County, Union Electric and the Greater Cape Girardeau Development Corporation.