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City taking over Fleur de Lis site?

I have a little follow up on the situation with the Fleur de Lis project site. Kind in mind that this is only a rumor at this point, but apparently the City’s Land Reutilization Authority (LRA) was none too happy about Millennium trying to sell the site. They went through a lot of effort and spent a lot of money to secure the site from the former gas station and Hardees that formerly sat at the location and were a little peeved that Millennium was trying to make a profit at the taxpayers expense.

Word has it that there was a “Right of Re-Entry” clause in effect and that the City is calling it in. Perhaps the they will take over the site and shop the development at a more reasonable price to local developers. Anyone want to take on a big project? Please remmeber that this is only a rumor at this point. I’m sure we’ll find out more in the coming weeks.

For more information, check on my past entries on the matter:
Fleur de Lis – Benton Park project goes from dream to dead
Fleur de Lis – Property no longer for sale

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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 “City taking over Fleur de Lis site?”

  • Hyraulic Brick Lofts coming to Benton Park West | St. Louis Real Estate Investment and Development News

    July 8, 2008 at 2:19 pm

    […] always love unexpected developments. If you have been following the death of the Fleur de Lis project at Jefferson & Arsenal, you will understand why the lack of activity at the site is so […]

    Reply

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