The fact that McEagle has spent tens of millions of dollars on predevelopment costs for the proposed NorthSide project demonstrates that the city's overall position in encouraging redevelopment efforts is strengthened.
For years, it was commonplace for developers in St. Louis to ask the city to put in up front money and assume predevelopment risk. McEagle's predevelopment investment in NorthSide demonstrates renewed private sector confidence in the city of St. Louis, and raises the bar on other potential developers considering city projects.
Developers will be expected to have their money and time invested in a project before the city considers their plans. McKee has well established NorthSide in this regard.
With reportedly $46,000,000 in out of pocket costs already invested, McEagle is very much at risk on NorthSide. With so much private capital invested, the city has a great opportunity to influence the planning and implementation of the project.
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Just because he has 46 million dollars doesn't mean he knows what he is doing. In fact his greatest skill seems to be buying legislation. There is little evidence he is a great developer.
ReplyDeleteWhat is his model for redevelopment? Surely there should be a discussion. Does he have a model in mind? If he doesn't, then it shows how little he really knows. If there is a model, then it should already be part of the public discussion.
The people have no voice, and when he walks away pocketing his millions the City will be left with the aftermath. Good or bad.
The whole process is self serving. It is the opposite of democracy. It has to be at least 2 or 3 years since Michael Allen started reporting on this.
And still no action except a schedule for the Board of Alderman to pass on a McKee Plan by the end of the year.
The 46 million is play money. The more important question is how to address the sustainability and stability of the social, ecological and economic success of St. Louis.
That is what is serious to us and to the nation. We cannot keep kicking the can down the road.
Is it a dictatorship of moneyed interests and the political class that keeps the discussion silent?