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McKee’s North St. Louis plan

What do Winghaven in O’fallon and North St. Louis have in common? Not much, but if developer Paul McKee has his way, his company McEagle Properties will have been the brains behind the (re)creation of both areas. Beware of bulldozers! The local development community and media have been abuzz for years about what McKee’s plan for North St. Louis entail, and thanks to the Post Dispatch, we have a good breakdown:

  • $5.4 billion is the projected total project value
  • $1.1 billion in public assistance, including federal stimulus money, state land-assembly tax credit and city tax increment financing
  • 3.5 million square feet of office space
  • 1 million square feet of retail
  • 800,000 square feet of service space
  • 22,000 jobs projected
  • 10,000 new homes projected
  • Covers 400 acre area encompassing all of the Jeff-Vander-Lou and St. Louis Place neighborhoods and a small part of Downtown.

Yes, that says “billion dollars” Over the past few years with many of the buildings McKee has purchased in North St. Louis left idle and decaying, and the whole Blairmount deal, the community has had good reason to complain about things up to this point. I’m also sure that there are plenty of problems with this development plan too. But another thing I am sure of, is that an influx of $5.4 billion of development into North City would be a boon to the rebirth of our urban center and the region as a whole.

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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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One thought on “McKee’s North St. Louis plan”

  • Kaylyn

    June 3, 2009 at 6:51 pm

    Well, it’s about time somebody did something!

    Is it just me or am I crazy…the biggest land holder neglecting its properties in the city happens to be…THE CITY OF ST. Louis. They must have a no cut policy in place. Why aren’t people complaining about the properties THE CITY OWNS just as loudly as they are complaing about this man’s properties.

    The last time I checked, it takes money build!

    Reply

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