Investing in Springfield, MO real estate: How a newly unveiled development plan shapes opportunities

Springfield, MO is a fantastic location to live, work and play…and invest! It has pro-growth leadership, an excellent transportation system, secure communities, and a strong economy, among many other qualities that investors look for. The city’s investment viability is evidenced by the substantial growth seen in the Springfield metro workforce, which grew more than 9% in the last decade and accounted for 15% of the entire state of Missouri’s total job growth over the same time period.

Springfield’s tremendous growth potential can be attributed in no small part to its long-term comprehensive development plan, dubbed Forward SGF, the city’s blueprint for the future. Described as a guide for “land use, housing, economic development, transportation, parks and more,” Forward SGF – or FWD/SGF, for short – was launched in November 2023, with key initial policies now in motion.

So how will Forward SGF shape investment opportunities until 2040? Allow our real estate team at Flat Fee Redefined to provide you with vital information about the city’s vision. This blog post aims to guide Springfield, MO real estate buyers and investors, as well as current homeowners, on how Forward SGF will improve the quality of life of those who live here, and how that might impact their decisions moving forward.

Use this overview of FWD/SGF to factor in the emerging opportunities in the Springfield, MO real estate market to further your personal, investment and business goals.

UNDERSTANDING FORWARD SGF DEVELOPMENT PLAN

What it is

Forward SGF is the local government’s plan to spur the development and progress of Springfield, MO in both the private and public sectors. It contains rules and regulations that govern zoning, as well as the location, and classification and development of public facilities and spaces. The plan will impact the city’s housing economic development programs that will be implemented from FWD/SGF’s inception to finalization.

How it began

The planning process for Forward SGF began five years ago in 2019, but the seeds that led to its birth were planted much earlier. In 1996, the city launched Vision 20/20, a plan with similar intentions as FWD/SGF. The earlier development plan envisioned center city development, the creation of affordable housing, better infrastructure for transportation, and the improvement of water quality.

Some of Vision 20/20’s major accomplishments include:

• Expansion of Springfield – Greene County Park
• Development of Jordan Valley Park
• Revitalization of Heer’s, College Station, and Wilhoit Plaza
• Addition of approximately 700 downtown public parking spaces
• Restoration of Gillioz Theatre

Vision 20/20 was last updated in 2004, and continued to define Springfield’s development aspirations into the second decade of the 21st century. However, significant changes on many fronts rendered various aspects of the plan out of date.

Forward SGF is meant to continue the priority community programs of Vision 20/20 while giving way to new initiatives that will benefit Springfield the most.

How the plan was put in place

As Springfield’s blueprint for growth in the next 20 years, it was important that Forward SGF involved all stakeholders in its development. It meant listening to residents, businesses, and employees. It meant having their input become the primary resource for every objective contained in the plan. Knowing the importance of moving forward with accurate and thorough data, the City of Springfield conducted polls to collect this input and identify gaps in services, resources and quality of life. These polls were created by the National Association of REALTORS® (NAR), in conjunction with our local Greater Springfield Board of REALTORS® (GSBOR), given that our local agents are committed to improving our communities. We know that plans like Forward SGF guide growth, infrastructure investment and shape a variety of enhancements and services with the goal of improving the quality of life for a City’s citizens, as well as the migrating work-force, visitors and major employers.

The planning process for FWD/SGF consisted of nine crucial steps:

1. Meetings among city officials, staff, and the advisory board set the framework and identified key issues.
2. Research and analysis of the city’s market conditions, demographic makeup, trends, and emerging developments ensured objectives were grounded in economic realities.
3. Vision gave focus and direction to planning activities.
4. Sub areas were selected for development, redevelopment, and investment.
5. Adoption involved drafting the comprehensive plan for review, feedback, amendment, and the approval of the final draft by the commission, the advisory team, and the public.
6. Engagement meant reaching out to the community to secure the broadest levels of participation and feedback for planned projects.
7. Here & Now was the physical examination of Springfield’s existing conditions and opportunities including outreach and discussions with key stakeholders.
8. Core elements laid bare the plan’s vision, goals, and objectives.
9. Downtown was singled out for supplementary planning to address urban design, key development opportunities, connectivity, and other areas for improvement.

Key goals and objectives

After coordinating with stakeholders and collecting input, Springfield’s city council identified the top 10 key issues defined by the community as the most important for FWD/SGF to address.

The key issues the community wanted solutions for were:

1. Community identity. Address the city’s lack of regional and national identity by leveraging natural assets and building its reputation as “The Gateway to the Ozarks.”
2. Healthcare resources. Improve access to healthcare for at-risk youth, homeless populations, and those who suffer from substance abuse and mental health issues.
3. Low wages. Boost wages and upward mobility to improve living conditions for low-income residents and attract new residents from outside the region.
4. Talent attraction and workforce retention. Encourage relocations to Springfield in order to expand the labor pool while motivating top-ranking graduates of local universities, colleges, and institutions to pursue their careers in the community instead of looking for better paying opportunities elsewhere.
5. Beautification. Enhance the attractiveness of commercial areas and key corridors, especially those adjacent to airport routes, major intersections and thoroughfares, and other heavily used expressways.
6. Diversity and inclusion. Grow the city’s reputation as more welcoming to people of different races, backgrounds, abilities, and sexual identity.
7. Housing affordability, diversity and quality. Build a diverse range of quality affordable housing for low-income families and other intended occupants (e.g., young graduates, professionals, new families with school-age children, seniors) and improve the quality of current housing through neighborhood revitalization and property inspection.
8. Public transportation. Upgrade bus services by increasing the frequency and number of bus stops, expanding service coverage and regional connections, and increasing hours of operation.
9. Pedestrian and bike connectivity. Create and develop an accessible multimodal network of pedestrian and bike infrastructure including sidewalks, crosswalks, and trails.
10. Traffic and congestion. Reduce auto dependency and promote more sustainable transportation as an alternative to using personal cars that crowd major roadways.

Establishing clear goals and objectives for Springfield is a critical component of FWD/SGF. These goals and objectives, informed by facts underlying the city’s past and present, are intended to envision how the cityscape will look and function into 2040 and beyond.

Based on the identification of issues and the analysis of the city’s many aspects, city planners developed the following goals and objectives for FWD/SGF.

Quality of Place lies at the core of every decision

Springfield residents take pride in their city, and want to ensure everyone enjoys the high quality of life the community promises. That’s why city planners chose Quality of Place as their foundational philosophy.

Quality of Place is a concept that states that places where people live and work directly affects their quality of life. As Forward SGF’s “north star,” which is a symbol of guidance, direction, stability, and purpose, Quality of Place will be the lens through which future investments and initiatives will be interpreted.

Quality of Place will inform decisions regarding:

1. Creating complete neighborhoods

   Past regulations involving land use and zoning made it difficult for some communities to have easy access to parks, schools, hospitals, commercial hubs, and other neighborhood amenities. Forward SGF seeks to make the city’s neighborhoods more complete by supporting policies designed to create safe and convenient access to goods, services, and multi-modal facilities. By 2040, Springfield’s communities will be highly connected, providing residents, workers, and visitors with multiple safe, reliable, and affordable transportation options.

   Forward SGF also wants to ensure healthy neighborhoods by developing a range of diverse housing types for different preferences and income levels. In 2040, quality, affordable housing opportunities will be available to people of all ages and backgrounds.

2. Stewardship

   As the city marches toward progress, Forward SGF seeks to empower residents by having them take on the management and care of the environment and natural resources. Knowledge will be shared and support will be provided to plant the seeds of generational change in the community involving Springfield’s natural assets.

3. Creating a vital economy

   Springfield is committed to sustainable economic growth that responsibly harnesses environmental, community, and fiscal resources. With Forward SGF, the city seeks to promote competitiveness, and flexibility to attract large and small businesses that will adhere to its Quality of Place philosophy.

   New employment areas will be developed, while older commercial areas will be revitalized through reinvestment and redevelopment. All projects will be brought in line with the vision of the city’s economic development plan to make Springfield a vibrant and thriving destination for outdoor recreation, sports tournaments, and major events.

10 INITIATIVES OF FORWARD SGF

The goals listed above serve as the guiding principles for the following Forward SGF initiatives:

1. Neighborhood Revitalization. Encourage reinvestment and homeownership in Springfield’s neighborhoods through residential incentives and loan programs.
2. Place-Based Approach. Shift the city’s planning focus from use to design, emphasizing the creation of quality places.
3. Community Development Code Update. Draft new development codes that will provide the city with the regulatory framework for implementing projects.
4. UnGap The Map. Establish/improve connections among key destinations in the locale through a comprehensive and easily accessible trail network.
5. Entrepreneurial Stewardship. Build and cultivate an environment that attracts businesses and spurs economic growth.
6. Corridor Improvements. Reinvest in the beautification of major commercial corridors.
7. Neighborhood Commercial Hubs & Planning. Combine general planning with more targeted planning at a smaller area or neighborhood level.
8. Connecting To Nature. Enhance outdoor/recreation facilities and ecotourism to better connect residents with the neighborhood and its environment.
9. Growth & Annexation Plan. Uphold sustainable growth that responsibly manages environmental, community, and fiscal resources.
10. Regional Planning & Partnerships. Develop and maintain partnerships with key groups and organizations.

HOW FORWARD SGF IMPACTS THE REAL ESTATE MARKET

It’s clear that Forward SGF has thoroughly laid the groundwork for success in improving the quality of life in Springfield. Its vision for the community will make neighborhoods more appealing to potential residents and investors.

The positive outlook that FWD/SGF brings to the community is reflected in the stable growth of the city’s real estate market. As of January 2024, the median listing price for homes for sale in Springfield, MO was $245,000. During the same month in 2021, the listing price was $200,000. This shows that the median home sale price increased by more than 22% in just two years.

In addition, houses for sale in Springfield, MO are currently selling for approximately the asking price on average, indicating a competitive market. Properties in the area also sold for 54 days, which is 7 days earlier than the national average.

NEIGHBORHOODS TO BE DEVELOPED UNDER THE COMPREHENSIVE PLAN

Choosing the right location is a critical consideration in real estate investing whether you are purchasing your first home or your tenth investment property. The neighborhood where your property is located is directly correlated to its earning potential, desirability, and overall value.

For that reason, in the immediate future it pays to know which Springfield neighborhoods are being eyed by Forward SGF for development or redevelopment. Properties in the areas targeted by Forward SGF will experience apparent increases in value due to their proximity to the transformational projects contained in the comprehensive plan. And in the long run, beyond these specific neighborhoods, the comprehensive plan will make city- and even area-wide positive impacts on housing affordability, infrastructure, the environment, and commercial development which leads to appreciating real estate markets.

West Central

West Central is first in line to have a neighborhood plan. As one of the oldest neighborhoods in the city, West Central boasts a diverse housing stock with duplexes, triplexes, and even quadplexes. The community has plenty of things going for it, including proximity to downtown, walkable blocks, and a road system conducive to alternate modes of transportation.

The Forward SGF neighborhood plan for West Central has three goals:

1. Halt the decline and raise the value of properties in the community
2. Respond to community’s needs for city amenities and services
3. Restore West Central’s positive image and build its reputation as a high quality residential neighborhood

City administrators are currently reviewing past planning efforts and conducting open house meetings with residents and local business owners to develop a new plan that will revitalize the West Central location.

Inquire about real estate opportunities in West Central, Springfield, MO

Midtown

Midtown is located north of Springfield’s Central Business District and south of Commercial Street Historic District. The neighborhood has a combination of amenities unique to itself like large mature trees, housing diversity, historic buildings, K-12 educational facilities, medical centers, public library, government offices, and churches of various denominations.

The Forward SGF neighborhood plan for Midtown has six goals:

1. Uphold and preserve its single-family character
2. Enhance the safety and security of the community for residents
3. Expand institutional services that will positively impact residential areas
4. Update the city code and enforce regulations to curb chronic issues
5. Preserve historic structures and architectural features
6. Manage public projects and promote private redevelopment

Forward SGF seeks to achieve these goals without compromising the neighborhood’s historic appeal. The Midtown neighborhood plan also promises to be sensitive to the needs of commercial investment, employment opportunities, and housing for a diverse population.

Inquire about real estate opportunities in Midtown, Springfield, MO

Rountree

Rountree is sandwiched between a commercial district on the east and Missouri State University on the west. It is a popular Springfield neighborhood where everyone knows their neighbor, and it is filled with well-maintained mid-priced homes and tree-lined sidewalks, as well as a charming suburban/urban character. It is one of Springfield’s brightest spots and city officials understand the need to keep Rountree clean, safe, and attractive with future projects that will enhance, rather than diminish, its distinctive qualities, as well as replicate it in other areas of the community.

The Forward SGF plan for Rountree has the following objectives:

1. Improve bicycle and pedestrian routes and connections throughout the neighborhood
2. Ensure that designs for new developments respect Rountree’s history and unique character
3. Expand the existing neighborhood and the Urban Conservation District (UCD) boundaries in the northern and eastern sides to include Elm Street and Glenstone Avenue, respectively
4. Mitigate absentee landlords
5. Improve and increase parking spaces
6. Provide financing for projects related to Community Improvement District (CID)
7. Establish a National Register Historic District to improve neighborhood preservation efforts

The Rountree neighborhood plan was finalized on June 26, 2023 after six years of being on the drawing board. However, city planners explained that the neighborhood blueprint is expected to evolve, following further study and input from the public.

Inquire about real estate opportunities in Rountree, Springfield, MO

Phelps Grove

The community of Phelps Grove is centered around Phelps Grove Park, and has been around since the early 1900s. It boasts a large inventory of historic cottages, bungalows, and MidCentury houses. Many of the trees in the neighborhood are over 100 years old, and its proximity to Missouri State University practically makes it a college town with a mix of students, staff, and faculty living in the area. Within the Park is the Springfield Art Museum, which will celebrate its 100th anniversary in 2028 by unveiling a $25 million dollar renovation and expansion.

In addition to the Art Museum, the neighborhood plan for Phelps Grove consists of the following:

1. Maintain and improve single-family housing and neighborhood character
2. Preserve existing trees and housing stock
3. Develop a cooperative agreement between Springfield and Missouri State University
4. Improve public amenities such as street lighting, stormwater drains, and sidewalks
5. Reduce commuter traffic and enforce penalties for traffic and parking violations
6. Create open lines of communication between community stakeholders
7. Ensure projects in the outskirts of the community align with the neighborhood’s single-family residential character
8. Promote the neighborhood’s natural and cultural assets

Each of these goals already have an outline of strategies for implementation. With the Phelps Grove plan, Forward SGF hopes to stabilize the neighborhood and reduce negative impacts of ineffective strategies from the past.

Inquire about real estate opportunities in Phelps Grove, Springfield, MO

THE PERKS OF INVESTING IN INITIATIVES TO BOOST THE RENTAL MARKET

As part of its Quality of Place philosophy, Forward SGF seeks to improve the quality of housing in the rental market. Some of the proposed measures to achieve this goal include providing down payment assistance, renovation funding, establishing new lending partnerships, and expanding community land trusts.

These measures boost the chances of investors reaping the following benefits:

Financial stability

Real estate investment allows you to leverage your funds and diversify your investment portfolio. As a tangible asset, your Springfield property can be used to finance mortgages and acquire properties without paying in full upfront. This allows you to expand and diversify your investments in a short amount of time.

Tax benefits

Investing in Springfield, MO real estate provides you with valuable tax breaks that can shave a significant amount of your taxable income. Your deductible expenses can include depreciation, mortgage interests, and operating expenses, to name a few. Talk to a tax attorney to see which deductibles apply to you as an investor in the Springfield, MO real estate market.

An increase in property values

Like any real estate property, rental properties can also appreciate in value over time. This appreciation can lead to significant profits should you decide to sell your property in the future.

WORK WITH EXPERT SPRINGFIELD, MO REAL ESTATE AGENTS

There’s no better time to invest in Springfield, MO than now. Ensure you’re ahead of the curve and reap the benefits of the city’s development plans as they come to fruition.

Buying a home and investing in Springfield, MO real estate is easy when you work with us at Flat Fee Redefined. As your Springfield real estate representative, we will work to make the buying process smooth and hassle-free. Call 417.520.6545 or message us here to get started.

Learn more about Forward SGF, Springfield, MO’s new comprehensive plan

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