SPRINGFIELD, Mo. (February 16, 2017) – The Kitchen, Inc.’s Commercial Street campus has a new owner. The sale of the property is another step in the development of the much needed new campus located at the corner of Glenstone and Chestnut Expressway.
On Wednesday, February 15, The Kitchen, Inc. CEO Rorie Orgeron signed the papers transferring ownership of the seven building campus to Historic Commercial Developments, LLC. The property sold for an undisclosed amount. The funds will be used to pay off The Kitchen, Inc.’s long term debt on that property.
“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,” says Orgeron.
The Kitchen, Inc. will pay rent to Historic Commercial Developments, LLC for continued use of four buildings (including the Ollis and KIND Place buildings, which house our shelter; the warehouse; and the administration building) until the completion of the new campus. During the transition, we will continue to operate our emergency shelter.
The Kitchen began exploring the possibility of selling the campus after looking at the cost to renovate the decades-old buildings. The budget for the new campus is $4 million and we are at 77 percent of our goal for the project. The Kitchen, Inc. will break ground on the new campus (shelter and support services/administration building) no later than fall 2017.