NorthSide Regeneration is the newest development coming to St. Louis City:
With recent hubbub about our great city, St. Louis is now being donned one of the United States’ best cities for reasons like Forbes editors write about in this article about St. Louis being a top ten happiest city for job seeking college grads. We’ve also seen a big nod from online powerhouse Huffington Post in their 26 Reasons to Appreciate the Hidden Gem of St. Louis. Op-Ed pieces like these have been trending and this can only mean an increase in buzz around St. Louis. NorthSide Regneration Mogul Paul McKee stands to profit from all of the free publicity.
NorthSide Regeneration Development
Paul McKee is heading the new NorthSide Regeneration development project which has been granted $390 Million dollars by the City of St. Louis to fund the construction of this new venture. $60 Million dollars out of pocket has been put up by Paul McKee to aid in the funding of the project. The NorthSide Regeneration development will be structured with tax increment funding to allow for pay back of the project as the property values increase. NorthSide Regeneration ideas have been abundant with talks of great merchants that have recently scouted St. Louis such as Ikea, Urban Outfitters, and Jamba Juice.
The area that Paul McKee calls NorthSide Regeneration has plans for apartment buildings as well as commercial spaces that could house modern age retailers who crave a blank canvas for build outs of new spaces. Starbucks’ new Tweet-a-Coffee enables customers to tweet hashtags and use a mobile wallet to have a latte delivered fresh to their own or a friend’s door. The upswing in the technological world will only expand in the coming years and Paul McKee’s NorthSide Regeneration project stands to capitalize on this increase.
Other areas nestled between the NorthSide Regeneration project are up-and-coming like Columbus and Carr Squares who house the old St. Louis Post Dispatch building. Several improvements akin to the proposed NorthSide Regeneration project have commenced, including re-paving and widening streets, addition of retailers such as McDonald’s and Dollar General, and the opening of the highly anticipated Stan Musial Veterans Memorial Bridge. Buildings of all types and sizes still stand in this bustling area including 1324 Dr. Martin Luther King Drive located at the intersection of Dr. Martin Luther King Drive and Tucker Boulevard, just a jaunt away from NorthSide Regeneration in St. Louis City.
This building in particular would be perfect for a potential NorthSide Regeneration investor in the form of a big name retailer or a collection of local small businesses such as cafes or restaurants or boutiques. These buildings offer 7 stories of combined space and a large surface lot which is included in the selling price. With Paul McKee’s NorthSide Regeneration project only a few blocks to the northwest, this parcel would be a lucrative location for a developer interested in a combined retail/residential space or retail/office space. The open layout of the upper stories would be ideal for housing or an open-office concept. Exposed brick and original hardwood throughout can be restored to their natural beauty to preserve the building’s vintage charm. The property boasts forced air and central electric cooling and access through the alley to the freight elevator, loading docks, and overhead doors. The interior offers a passenger elevator, sprinkler system and wheelchair access which will provide easy fulfillment of the required safety and ADA regulations.