St. Louis developer McKee loses properties on proposed NGA site

Titan Fish Two LLC., a Kansas entity and a creditor of Paul McKee’s NorthSide Regeneration Project in St. Louis, foreclosed on 46 of the project’s properties. St. Louis’ Land Clearance for Redevelopment Authority (LCRA) bid more than $470,000 for 40 of the properties, but Titan Fish Two won with a credit bid of $3.2 million.

The properties acquired by Titan Fish Two are within the site being considered for the National Geospatial-Intelligence Agency’s (NGA) new $1.6 billion facility. City officials have said they could use eminent domain to acquire properties within the NGA site. Officials said the city’s plan didn’t change after Tuesday’s acquisition.

The city plans to spend around $30 million on buying and relocating properties from residents and businesses. If the NGA doesn’t move to the NorthSide site, the city might lose $2.4 million in annual tax revenue. The agency, which has 3,100 employees, is also considering sites in Fenton, Mehlville and St. Clair County. If the NGA does not use the properties in NorthSide area, landowners have the option to stay.

Read more from the St. Louis Business Journal

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