Tim Landis
The State Journal-Register
The latest plan for redevelopment of the old Esquire Theatre property in Springfield stalled before it started. Springfield developer Chris Stone said Tuesday he has pulled plans for a retail strip center on the property at MacArthur Boulevard and South Grand Avenue after he was presented with a much more ambitious — and costly — proposal that added townhouse apartments, assisted-living facilities for seniors and a seven-story office tower.
Ward 7 Ald. Joe McMenamin, whose ward includes the Esquire, is among backers of the larger development, estimated to cost up to $20 million.
TIF funds
McMenamin said Stone’s decision is best for the neighborhood in the long run, adding that he was prepared to oppose use of money from the MacArthur Boulevard tax increment financing district for the proposed shopping center. The TIF district was a key incentive for the Hy-Vee supermarket opened in May on the site of the old Kmart, 2115 S. MacArthur Blvd. Aldermen approved $3.5 million from the TIF to offset Hy-Vee development costs.
McMenamin said a mixed residential, retail and office use of the Esquire property would be consistent with a master development plan for the boulevard. “We need to keep interest in the Esquire property alive,” McMenamin said. “We need to keep that vision alive.”
He said the city has more tools now, including the TIF, to attract the right kind of development to MacArthur and South Grand. “Our chances of success are better than they were three year ago, six years ago, nine years ago,” McMenamin said.
MacArthur Boulevard Association president Jen Dillman said the group had not taken a position on Stone’s proposed development. But she said mixed-use has always been the preference for the Esquire property.
Joe McMenamin for Ward 7 