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Mayor Slay on Downtown

If you read the St. Louis Post Dispatch, you likely saw the two disturbing stories in the newspaper this weekend about some problems with Downtown developments. The respective stories included an article about Pyramid Development bailing out of the Mercantile Exchange project and a general Downtown article, which implied that the SkyHouse project on Washington Avenue was dead.

Early on Friday rumors began spreading that Pyramid was shutting down. Although these rumors ended up being an exaggeration, it is true that Pyramid seems to be scaling things back a bit. And they’re not alone. Its the sign of the current economic times. But it seems that the powers that be in the City were not going to let the “gloom and doom” prognosticators have the only say.

In response to these stories and allegations Mayor Francis Slay of St. Louis posted a retort on his own personal blog yesterday. I haven’t always seen eye-to-eye with the Mayor on all issues, but I really like his response. Very calming, reassuring and realistic. He even directly confronts the newspaper for the angle of their weekend reports. Kudos Mr. Mayor.. kudos.

To check it out for yourself, click here.

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Matt Kastner

Matt Kastner is an Investment Real Estate Consultant at St. Louis Real Estate Society in St. Louis, Missouri. He is also develops properties on the side through Threshold Properties. When he isn’t representing investors in the purchase or sale of multifamily properties, rehabs, foreclosures and other income producing properties, he is often taking on rehab projects himself. He lives in South St. Louis and has been in the real estate business since 2004.

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