St. Louis officials on Tuesday said developer Paul McKee and his NorthSide Regeneration LLC have violated terms of a development agreement with the city. The city’s move triggered a potential default that could end McKee’s deal to redevelop 1,500 acres on the city’s north side.
McKee and the city first entered an agreement in 2009, seeking to catalyze development in north St. Louis. Critics say McKee has acquired land but hasn’t spurred redevelopment. However, his defenders say north St. Louis would not have attracted the National Geospatial-Intelligence Agency’s new $1.7 billion western headquarters without McKee’s efforts.
If the city successfully terminates its deal with McKee, he would still have considerable land holdings in north St. Louis. However, termination would free up other land that he doesn’t own but has development rights to.
The city is expected to face litigation that challenges the termination.
Read more: St. Louis Post-Dispatch