Chamber panel cites positive economic growth in Cape area

A pandemic that led to an economic downturn across much of the nation has apparently had a much milder impact in Southeast Missouri, and specifically in Cape Girardeau.

At the Cape Girardeau Area Chamber of Commerce's First Friday Coffee last week, chamber members heard from a panel representing several businesses who said, by and large, the local economy has weathered the COVID-19 pandemic as well as anyone could have expected. They also pointed to numerous signs of growth throughout the community.

"We're a blessed community," said The Bank of Missouri's Aaron Panton, who chairs the chamber's board of directors. "We've got a lot going on."

Panton moderated a panel discussion at the First Friday Coffee featuring chamber president John Mehner, Old Town Cape executive director Liz Haynes and Jeff Maurer of Mayson Capital Partners and PAJCO/Rhodes 101, each of whom talked about Cape Girardeau's recent and imminent economic growth.

"There's no way we can cover everything that's happening," Mehner said and he, Haynes and Maurer touched on signs of growth they're seeing around the community.

A vibrant downtown

"It's exciting to see how much is going on in our downtown community right now," Haynes said. "There are all kinds of things happening over the next couple of months that will literally draw thousands of people to our downtown areas, which means they will be shopping downtown and supporting our downtown businesses, which is really exciting for our local economy."

She specifically alluded to Old Town Cape's Riverfront Market, which kicked off its 2021 season May 1 with record attendance and record sales. Another Old Town Cape activity, Tunes at Twilight, will begin its weekly series of outdoor concerts this Friday, but at the university's River Campus because of ongoing renovations at the Common Pleas Courthouse, which is being converted into Cape Girardeau's new City Hall.

Haynes pointed to business growth downtown over the past year despite the pandemic.

"We had 21 new businesses open in 2020," she said. "It's remarkable to have one business open in the middle of a pandemic, so that was just absolutely astounding and a testament to the resilience of our community."

Cape Girardeau's downtown district will see additional growth in 2021. That growth, she said, will be possible in part because of tax increment financing, also known as TIF funding. Those developments include the Rialto Retail development in the 400 block of Broadway, which, when complete later this year, will include six two-bedroom apartments and several retail tenants.

Those tenants will include Speck Pizza, Kenny's Flippin Burgers and Brickwood Boutique, a women's fashion outlet relocating from the Indie House, 605 Broadway.

"And you're hearing it here first," Haynes told the chamber membership, "that Sushi by Angel is the fourth tenant, so we will be having sushi in downtown Cape."

Other current TIF funded projects in the downtown district include the former Pitter's Cafe and Lounge, 811 Broadway, which will be the future home of Speakeasy Coffee Co., and the renovation of a former warehouse at the intersection of William and Main streets into a dining and shopping destination.

In addition to those projects, Haynes commented on the new arts building scheduled to open this fall near the River Campus, as well as efforts to renovate the former Broadway Theatre near the intersection of Broadway and North Ellis Street.

"The effort to save it is still ongoing," she said, adding, "a fundraising event is being planned for later this summer" in support of the theater renovation.

"There are two or three big projects that will be happening in the near future in downtown Cape," Haynes continued. "However, I'm not at liberty to say. I hate to give you a teaser without sharing more information, but I don't have permission (to discuss them). Keep your eyes peeled; there will be some exciting announcements coming down the pipe."

A crew from Fronabarger Concreters Inc. pours the foundation for new storage units along Broadview Street on Friday in Cape Girardeau. The project was one of several discussed last week during the Cape Girardeau Area Chamber of Commerce's First Friday Coffee program.Jay Wolz

Storage units and hotel rooms

For his part, Maurer commented on several projects, including a partnership with Randy and Laura Sparkman to develop a multibuilding self-storage facility along Broadview Street near Spartech Plastics.

A SafeSpot self-storage facility, similar to this one on North Clark Avenue in Cape Girardeau, is being construction on Broadview Street. The business was one of several examples of economic growth mentioned during the Cape Girardeau Area Chamber of Commerce's First Friday Coffee program Friday.Jay Wolz

"Many people may not know that Randy has developed a software platform for the SafeSpot self-storage units on North Clark," Maurer said. "It's really a state-of-the-art technology for managing and monitoring what goes on at self-storage facilities, so we're partnering with them (the Sparkmans) on the new project on Broadview."

He also discussed upcoming plans for developments along South Mount Auburn Road south of Bloomfield Road.

"We have a Fairfield Inn and Suites that we're planning to start construction on later this year that will be immediately adjacent to Zaxby's, and on the east side of Mount Auburn Road, we're doing building design and site layout on two different projects," Maurer said. "One is intended to be a new headquarters building for our Rhodes 101 business that's growing quickly and has outgrown our current corporate office on North Kingshighway."

The other project, he said, will be a 10- to 12,000-square-foot retail center that would be a little further north.

From an economics standpoint, Maurer said it's a good time for businesses to consider expansion, despite recent increases in the price of building materials.

"There's a lot of money in the area right now," he said. "Various government programs have been effective in deploying a huge amount of capital to businesses and individuals," he said. "The capital that's been put into the economy has certainly helped a number of businesses do extremely well."

Potential projects and a looming challenge

Although he said confidentiality prevented him from fully discussing some of the projects he's working on, Mehner made general comments about several of them, including a potential manufacturing development on Nash Road and the recent announcement of Southeast Missouri State University's new pilot training program at the Cape Girardeau Regional Airport.

"That program announcement has already led to two additional potential projects at our airport," he said, and also commented on Rural King's plans to occupy the vacant Toys R Us building on Silver Springs Road and developments in the vicinity of Route K and South Mount Auburn Road.

But while he sees many positive signs on the local business horizon, Mehner said he has a growing concern about the future of West Park Mall.

"There's one challenge out there that everybody asks about all the time that continues to be a challenge," he said. "And that is our mall."

The chamber president said West Park Mall is facing the same challenges many shopping centers across the country are dealing with, including competition from "big box" stores and online retailers.

"It has to be redeveloped and repurposed in some way, shape or form," he told the chamber members. "We have ideas and we know what has worked in other places. Rest assured, it's certainly something that's on our radar screen."

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