Paul McKee Announces SouthSide Regeneration Plan

While still awaiting the Missouri Supreme Court decision on his $390M dollar Tax Increment Financing plan for the 1,500-acre NorthSide Regeneration (recently rebranded "New North") plan, developer Paul McKee isn't standing still. nextSTL has learned that McEagle Development will unveil their SouthSide Regeneration plan this week.

The new effort apparently has the support of the majority of the city's Board of Alderman and a bill supporting a new TIF will be introduced soon by Stephen Conway, Alderman of the 8th Ward. Conway's ward includes Shaw and Tower Grove South as well as other neighborhoods. The more than 1,200-acre project area encompasses a similar footprint to New North. Stretching from the 21st interchange with I-64, New South includes large portions of the 6th, 8th, 9th, 10th and 15th wards, while touching others as well.

The challenge of aggregating land on the south side will receive additional help from City Hall. Approximately 200 existing LRA properties across south St. Louis will be sold to McKee. The city has also pledged future support and signed a unique agreement that gives McKee first right of refusal for the next decade to purchase any property the LRA acquires. Despite the initial investment and pledges of support, development will not occur quickly. "What you need is to pull a number of lots together to make it attractive to a developer," McKee told nextSTL.