INVESTORS HOPE TO SPUR SHOPPING CENTER; ST. LOUIS-BASED BUYERS ACQUIRE CENTRE PROPERTIES

CAPE GIRARDEAU -- Construction activity has been at a near standstill in the Centre of Cape Girardeau shopping strip development during the past year but that may change in the near future.

"We want to make some things happen there," said Jack Davis, president of Futura Properties, Inc., St. Louis. "There's a strip of vacant buildings just south of Food Giant Grocery and we'd like to see them filled."

Davis and William S. Boudoures, of William Boudoures Co., a St. Louis realty firm, have formed a partnership and recently purchased eight acres of the 64-acre commercial development tract located between Route K and Bloomfield Road.

The eight-acre tract includes the 45,000-square-foot Food Giant store.

"We've entered into an agreement to purchase another seven acres, adjoining the grocery store," said Davis. "That will include a 17,000-square-foot structure there, and the 10,000-square-foot Hartford Apparel building."

Food Giant, Hartford's, and Mail Box, Etc., USA, will continue to lease their space in the development.

"What we want to do now is get some additional clients in the 15,000-square-foot structure that adjoins the grocery," said Boudoures. Space ranging from a minimum of 1,400 to 9,600 square feet is available for lease.

Davis and Boudoures are not the only entities interested in property in the development tract.

"Another party has already signed a contract for almost 10 acres just south of the Hartford's building," said Bill M. Stanfield, president and CEO of First Exchange Bank of Cape Girardeau. "And agreements for a third parcel of land, 5.5 acres, located across Broadview from Food Giant, is being worked out.

"We've had more activity in this development in past few months than we've had since it first started," said Stanfield, whose bank helped finance a portion of the original development.

He explained what has happened.

Gene Penzel of Jackson has taken over operation of the development, said Stanfield.

"Penzel acquired the property from the Blattner interests, then bought out the development people in St. Louis," said Stanfield. "He formed a new corporation, Cape Center Development Corporation, and has been active in making some things happen."

"Some of the new businesses that will be coming into the development will certainly help the existing businesses there," said Davis. "We understand there will be a restaurant or two. We want to get started on our interests right away."

"We had an architect here with us here today," said Boudoures Thursday. "We have a lot of ideas, and want to go forward with the projects."

One of the first items on the agenda is to complete the parking lot at Hartford's, noted Davis. "We've looked over the property, and there's a few other things that we need to do."

Although the primary interest is to fill the vacant building already on the property, Boudoures and Davis are not ruling out any immediate new construction between Hartford's and the existing structure.

"The existing structure is only 70 feet in length," said Boudoures. "If we find a prospect that wants a larger building, we'll put one up."

"We're excited that Futura Properties, Inc. and Boudoures Co. have purchased the property here," said Stanfield. "They both have good businesses in the St. Louis area and we feel they'll be an asset to the development here."

The Centre of Cape Girardeau came into being during the late 1980s. C-R Corporation of St. Louis announced plans in May 1987 to develop a shopping strip that would include more than 250,000 square feet, stretching the entire distance from Route K to Bloomfield.

In January 1988, Central Hardware announced it would locate in Cape Girardeau in a 90,000-square-foot structure on the Bloomfield side of the tract.

The latest developments came in late 1989 when Hartford's located in a 10,000-square-foot building south of Food Giant, and in mid-1990 when Mail Boxes Etc., USA moved into a portion of the 17,000-square-foot shopping strip adjacent to Food Giant.