Monday, July 02, 2007

Northside Acquisition Effort Sign of the Times

Large scale purchases of land on the near north side by private interests are another sign of the city's turnaround. For decades, most of St. Louis had written off the north side. Then the city started its turnaround.

Neighborhoods rebounded. The state created the historic rehab tax credit. Momentum grew. Targeted investments drew more interest. Property values around the entire city increased. The city's population started growing again. The northside started showing more and more signs of life.

With her momentum swing to the plus side, the city was in a new position: it could start lowering the amounts of incentives being offered to attract investment. No longer would the city be the first money in on projects or land acquisition. Developers would have to risk their funds on the front-end of projects. The city would lower its participation and seek more leveraging.

Meanwhile, familiar themes remained: Assembling buildable sites for redevelopment continued to be a challenge. A statewide incentive for land assembly was needed.

Nature abhors a vacuum. Venture capital seeks opportunity. The near northside provides a solution to both.


Anonymous said...

You do realize you are talking about a bill drafted by its beneficiary's attorney?

I'm sure McKee likes the free rationalization of his hand-out.

Anonymous said...

Politics as usual.