A North Dakota-based real estate investment group is buying the historic Heer’s building and its luxury apartments on Park Central Square.
On Monday, officials from Edgewood Real Estate Investment Trust and TLC Properties announced the building had changed hands under the name Coryell Collaborative Group.
For years, the property has been owned by the Kansas City area Dalmark Group, which was responsible for turning the vacant former department store into an 80-unit luxury apartment complex with commercial space starting in 2014.
The group filed public documents for the property under the “Heer’s Luxury Living, LLC” in 2013, which state records say was run by a representative from the Dalmark Group.
Then, last month, a new business license for “Heer’s Luxury Living” was issued to a representative with a Fargo, North Dakota, company.
Monday’s announcement is the latest development in a saga of the Heer’s building that started when its namesake department store closed in 1995 after 79 years in business.
Over 20 years, the property was declared blighted, changed hands several times and went through multiple development attempts and the Great Recession before the Dalmark Group broke ground in 2014 on a $15.8 million renovation for the luxury loft-style apartment project.
The acquisition will increase Edgewood’s ownership portfolio to 5,432 multifamily units in five Midwestern states.
TLC Properties, for its part, is a Springfield-based management company that runs several large apartment complexes in the area.
Katie Kull covers local government for the News-Leader. Got a story to tell? Give her a call at 417-408-1025 or email her at firstname.lastname@example.org. You can also support local journalism at News-Leader.com/subscribe.