Compare Listings

Northside Regeneration project progresses with land sale

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

img

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.

Related posts

Rams proposal for Edward Jones Dome revealed

The Ram's proposal for the Edward Jones Dome in Downtown St. Louis has finally been revealed to the...

Continue reading
Matt Kastner
by Matt Kastner

St. Louis Zoo to buy Forest Park Hospital site

Think the St. Louis Zoo is too small and that it doesn't have enough parking? Apparently the Zoo...

Continue reading
Matt Kastner
by Matt Kastner

The Temtor Building transforming the Patch Neighborhood

The recent real estate development most people associate with the far-southern reaches of St....

Continue reading
Matt Kastner
by Matt Kastner

Join The Discussion