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The St Louis Contrarian

Providing Independent and Intelligent Insight on St. Louis Public Policy Issues

Archive for the category “Commercial real estate”

Update on Paul McKee and Northside Project

Little is happening in this arena. KWMU came upon a renegotiation agreement that requires relatively little of the northside group to keep the deal going. As I have said, I know McKee and consider him an honorable purchase. I think he has been squeezed by too many parties in the city. Written by Paul Dribin

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A Good Article Defending McKee

A good article from River City Ramblings with which I agree. https://stlpolitical.blog/2018/06/26/why-paul-mckee-has-unfairly-become-a-scapegoat-for-the-city-of-st-louis

McKee Fight Heats Up

Big time north side developer Paul McKee has faced many difficulties in trying to develop his north side project. The city development agency has attempted to pull the plug on him. Now he and his attorneys are counter suing, stating that the city did not live up to its agreement. Looks like a long and expensive battle. Written by Paul Dribin

Olive U City Development

www.bizjournals.com/stlouis/news/2018/06/28/commentary-taxpayer-largesse-unnecessary-wasteful.html

A good editorial that appeared in the St. Louis Business Journal opposing a TIF for this project. Show Me Institute was author of article.

North side St.Louis Blight

www.stltoday.com/news/local/metro/four-years-after-michael-brown-was-killed-ferguson-neighborhood-still/article_3ef83c33-eb08-5016-9a83-2b7f7529355c.html

An article from Post about terrible pile of debris left from site preparation work. It shows that once again people in central city are not taken seriously

University City Development

www.bizjournals.com/stlouis/news/2018/05/29/university-city-development-proposal-mirrors.html

A very thoughtful article in the Business journal about the proposed development at 170 and Olive in University City. This is a big project and many homeowners could be displaced. They would receive just economic benefit but the overall cost to them and the community is large. Written by Paul Dribin

Status of Housing Reform

nlihc.org/article/senate-committee-holds-hearing-need-housing-finance-reform

Mel Watt testified before Congress on FNMA, Freddie Mac reform. The most significant part of his testimony concerned the lack of overall housing and especially affordable units. He stated that construction has not kept pace with demand and that most new construction was at the high end of the spectrum. This has a great effect on the St. Louis region and the rest of the country. Written by Paul Dribin

More McKee Stuff

www.stltoday.com/business/local/after-mckee-revelations-can-city-hall-and-the-developer-work/article_3de8a615-bd0d-5a01-a5a2-29dfca791a27.html

A good article from Post about latest in McKee developments in north St. Louis. It sure appears his empire is a house of cards ready to fall.

Six Things That “One Hundred” Tells Us – NextSTL

Six Things That “One Hundred” Tells Us – NextSTL
— Read on nextstl.com/2018/05/six-things-that-one-hundred-tells-us/

A good and thorough article in Next Stl about the lavish 100 building going up on the east side of Forest Park.

Paul McKee

Those of you in the St. Louis area are well familiar with Mr. McKee, a long time developer who is attempting to transform the north side of St. Louis though massive development efforts. He owns hundreds of properties and has a bold vision for development. Many community based folks have been suspicious of him.

It turns out these suspicions seem warranted. The St. Louis Business Journal reported that McKee had inflated sales prices of his properties to increase his receipt of state tax credits. This is of course fraud.

I am actually disappointed. I knew Paul fairly well at one time and considered him a true visionary whose heart was in the right place. With me he was always generous with his time and was always very accessible. I like to think I am a good judge of character, but in this case I was fooled. Written by Paul Dribin

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