Condo News Highlights
Shops, lofts planned in Edwardsville
By Terry Hillig. Dated 12/11/2006
EDWARDSVILLE — A planned $8.6 million development with shops and upscale loft apartments is expected to inject new life into what has been a relatively listless corner of the downtown business district for several years.
A local real estate company, Joseph E. Meyer & Associates, will develop Plaza on the Park at two corners of a busy downtown intersection at Buchanan and Vandalia streets.
"It's very exciting," said Carol Foreman, executive director of the Edwardsville and Glen Carbon Chamber of Commerce. "It looks like a high-quality development. The most exciting part is that it's a local investor."
Meyer grew up in the neighborhood and still lives there. His office is only a few blocks away.
He said downtown Edwardsville has a lot going for it, with millions of dollars invested in streetscape improvements, renovations and new construction in recent years.
The Plaza development will share the Buchanan-Vandalia intersection with St. Boniface Catholic Church, which underwent a $4 million renovation and expansion within the last few years, and the City Park, which features the city's library, a band shell and a lighted fountain.
Meyer said the park is a cultural center that attracts people downtown to visit the library or attend festivals or band concerts.
Meyer's company owns the property on the northwest corner of the intersection where an Amoco gas station was located and the property on the southeast corner of the intersection, site of a CVS pharmacy that will be incorporated into the project. The company also owns the former PK's Restaurant property across East Park Street from CVS, and an adjacent house.
The CVS pharmacy is in a building that long housed a National supermarket. China Buffet will soon open a new restaurant in the now-vacant north end of that building. CVS will get a new drive-through lane.
Meyer will spruce up the old structure and build an addition that will house shops on the ground floor and apartments on the second floor.
At the site of the old Amoco station, Meyer plans a new two-story building with retail shops on the first floor and lofts on the second.
South of CVS, the old PK's Restaurant and one house will be razed to make way for another new two-story building with still more retail and lofts.
Meyer said the completed project will include about 25 loft apartments expected to rent for $1,050 to $1,200 per month. He said the rents would be high for Edwardsville but that the apartments will be of very high quality. All will have two bedrooms and a garage.
Demolition work will begin next month, Meyer said. He said he hopes to see the project completed in about 15 months.
The City Council voted last week to vacate a portion of Park Street between Buchanan and Fillmore streets to make way for the development, and the council also approved zoning changes requested by Meyer.
The development will be in an already-established tax-increment financing district, and the council also agreed to rebate 90 percent of the increase in property taxes resulting from the project until the TIF expires in 2020.
Meyer said he has been thrilled by the city's support for the project.
A local real estate company, Joseph E. Meyer & Associates, will develop Plaza on the Park at two corners of a busy downtown intersection at Buchanan and Vandalia streets.
"It's very exciting," said Carol Foreman, executive director of the Edwardsville and Glen Carbon Chamber of Commerce. "It looks like a high-quality development. The most exciting part is that it's a local investor."
Meyer grew up in the neighborhood and still lives there. His office is only a few blocks away.
He said downtown Edwardsville has a lot going for it, with millions of dollars invested in streetscape improvements, renovations and new construction in recent years.
The Plaza development will share the Buchanan-Vandalia intersection with St. Boniface Catholic Church, which underwent a $4 million renovation and expansion within the last few years, and the City Park, which features the city's library, a band shell and a lighted fountain.
Meyer said the park is a cultural center that attracts people downtown to visit the library or attend festivals or band concerts.
Meyer's company owns the property on the northwest corner of the intersection where an Amoco gas station was located and the property on the southeast corner of the intersection, site of a CVS pharmacy that will be incorporated into the project. The company also owns the former PK's Restaurant property across East Park Street from CVS, and an adjacent house.
The CVS pharmacy is in a building that long housed a National supermarket. China Buffet will soon open a new restaurant in the now-vacant north end of that building. CVS will get a new drive-through lane.
Meyer will spruce up the old structure and build an addition that will house shops on the ground floor and apartments on the second floor.
At the site of the old Amoco station, Meyer plans a new two-story building with retail shops on the first floor and lofts on the second.
South of CVS, the old PK's Restaurant and one house will be razed to make way for another new two-story building with still more retail and lofts.
Meyer said the completed project will include about 25 loft apartments expected to rent for $1,050 to $1,200 per month. He said the rents would be high for Edwardsville but that the apartments will be of very high quality. All will have two bedrooms and a garage.
Demolition work will begin next month, Meyer said. He said he hopes to see the project completed in about 15 months.
The City Council voted last week to vacate a portion of Park Street between Buchanan and Fillmore streets to make way for the development, and the council also approved zoning changes requested by Meyer.
The development will be in an already-established tax-increment financing district, and the council also agreed to rebate 90 percent of the increase in property taxes resulting from the project until the TIF expires in 2020.
Meyer said he has been thrilled by the city's support for the project.
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