St. Louis Public Radio News
7:52 am
Thu May 21, 2009

McKee announces major development plan for near north side

St. Louis – St. Louis developer Paul McKee has announced a major plan for the near north side.

McKee told the St. Louis Post-Dispatch he wants to build 4.5 million square feet of new office and retail space and 10,000 new homes north of downtown over the next 15 years.

He said the development will be worth $5.4 billion and create 22,000 permanent jobs.

For the last five years, McKee has been buying up property in the area. McKee apologized for the secrecy of the purchases, but said keeping quiet was the only way to keep prices in check.

The developer said he is also counting on $1.1 billion in public sector financial support. That would include tax-increment financing from the city; a new state tax credit for distressed areas; and federal stimulus money.