Developer buys Missouri Hotel, 6 other buildings from The Kitchen
The Kitchen, Inc. on Wednesday sold its seven-building campus on Commercial Street to a developer who plans to convert them into residential space, retail stores, and restaurants. Matthew Max Miller bought the buildings for an undisclosed price through one of his companies, Historic Commercial Developments.
The Springfield Business Journal reports the 3.5-acre campus, including the 40,000-square-foot Missouri Hotel, was listed for sale for $1.3 million. The Kitchen closed the Missouri Hotel as a shelter for homeless people in 2015.
The sale of the property is another step in the development of The Kitchens' planned campus at the corner of Glenstone Avenue at Chestnut Expressway. The Kitchen will pay off its long term debt on that property.
Matthew Max Miller is a different developer than both Matt E. Miller of Miller Commerce and Matthew Miller of The Vecino Group, two other companies that have redeveloped historic buildings in central Springfield.
Matthew Max Miller was out of Springfield but said in a telephone interview on Thursday morning that he won't yet disclose specific plans for the seven buildings. He said The Kitchen will continue to use the buildings for several months.
“The Kitchen, Inc. did not make a profit from the sale of the property. It allows us to pay what is owed on the campus as well as past debt accrued. Moving forward, we will be able to allocate our resources to helping the homeless instead of making payments on old debt,” Orgeron said in a news release.
The Kitchen will pay rent to Historic Commercial Developments for continued use of four buildings (including the Ollis and KIND Place buildings, which houses its shelter, warehouse and administration offices until the completion of the new campus. During the transition, it will continue to operate its emergency shelter.
The Kitchen decided to sell the campus after looking at the cost to renovate the decades-old buildings. The budget for the new campus is $4 million and Orgeron says The Kitchen has raised 77 percent of that amount.
The Kitchen plans to break ground on the new campus (shelter and support services/administration building) by this fall.