City officials balked at an offer to pay $116 million to acquire Northside Regeneration properties in north St. Louis from the lender behind the project, according to a letter obtained by St. Louis Public Radio.
The letter was obtained a day after St. Louis officials announced they plan to use eminent domain on properties near the National Geospatial-Intelligence Agency, the majority of which are owned by Paul McKee’s Northside Regeneration, in an effort to spur new development in the area.
The city’s Land Clearance for Redevelopment Authority plans to file a condemnation petition with the courts to acquire 89 blighted parcels in the Jeff-Vander-Lou neighborhood after years of negotiations with Northside Regeneration and the Bank of Washington…