Photo credit: www.yahoo.com
Springfield City Council Approves New Apartment Complex
The recent ordinance passed by the Springfield City Council will pave the way for a new apartment complex located on South MacArthur Boulevard.
This development is set to transform the Town and Country Shopping Center, which spans the 2300 to 2500 blocks of South MacArthur Boulevard. The center currently hosts a variety of businesses, including Chuck-E-Cheese and the now-closed Hibachi Grill Supreme Buffet.
Visuals of the shopping plaza on the 2300 block of MacArthur Blvd, captured Friday, Nov. 22, 2024, highlight the area’s ongoing changes.
On November 20, during a meeting of the Springfield Planning and Zoning Commission, a new apartment complex that will include green spaces received a recommendation for approval. Following this, the city council convened on December 17, where the ordinance was unanimously approved.
With the ordinance in place, construction of the planned apartment complex can commence.
More: New 40-unit apartment complex could be coming to Springfield. Here’s everything we know
The development will be spearheaded by Larkspur Properties, an investment firm based in Miami, which acquired the 260,000-square-foot shopping center for $5.7 million in 2022. Plans are in motion to build a three-story complex that will accommodate up to 40 rental units.
As for pricing, Larkspur president David Bernstein indicated during the November 20 meeting that a one-bedroom apartment would align with current market values, estimated to cost around $1,100 if constructed today.
Michael Higgins, president of the MacArthur Boulevard Association, expressed enthusiasm over the ordinance’s passage, affirming full support for the apartment project.
“We haven’t seen new apartment developments in this area from Chatham Road to the city of Springfield in some time,” Higgins stated, noting a lack of recent construction in the locality.
Higgins hopes that the new complex will stimulate further development across the city, especially in downtown areas, which he believes are currently impacted by inadequate population density.
A robust population density is essential for attracting grocery stores and other essential services to downtown, which would encourage additional growth in the area.
“When you consider gentrification, the sequence starts with population density, which is followed by the necessity for grocery stores and other amenities,” Higgins explained.
Claire Grant covers topics related to business, growth, and community development.
This article originally appeared on State Journal-Register: New apartment complex coming to Springfield after city council vote
Source
www.yahoo.com