Northside Regeneration project progresses with land sale
Despite the continued legal appeals over losing out on $390 million in tax increment financing (TIF) money for infrastructure improvements, St. Louis mega-developer Paul McKee is pressing forward on his ambitious Northside Regeneration Project. Just this morning, City officials quickly approved McKee’s offer to purchase 1,233 city-owned parcels and option on the neglected Pruitt-Igoe for roughly $3.2 million. All these parcels are located on the Near Northside of St. Louis, just north of Downtown. With this expansion, McKee will now hold around 2,200 parcels, totaling over 250 acres.
Both lauded and panned, there is no doubt that this project could prove a game changer for North St. Louis and the City as a whole. But up to this point, work virtually no actual work has occurred. Many have expressed concern over McKee’s poor track record of maintaining existing structures in addition number of issues raised over how this has been handled by St. Louis City Hall and the Land Reutilization Authority (LRA) (read more on that here). Unfortunately, those concerns seem beyond addressing now that the plan has been quickly approved. Hopefully Mr. McKee will prove worthy of the trust that is being put in him.
via Building Blocks