Creditor sues St. Louis developer, alleging loan defaults

3 years 3 months 1 week ago Friday, April 10 2015 Apr 10, 2015 Friday, April 10, 2015 1:38:21 PM CDT April 10, 2015 in News
By: The Associated Press

ST. LOUIS (AP) - A developer who long planned to transform a decaying area in north St. Louis is facing a lawsuit alleging he has defaulted on four loans and owes a bank more than $17.6 million.

The St. Louis Post-Dispatch says the St. Louis County lawsuit by Titan Fish Two LLC also asks a judge to appoint a receiver for hundreds of parcels in Paul McKee's planned NorthSide Regeneration Project.

St. Louis Public Radio also reports that NorthSide Regeneration owes the city $750,000 in property taxes, including interest and penalties, for 2013 and 2014.

McKee has planned to revitalize blighted neighborhoods with up to 10,000 new homes and millions of square feet of office and retail space.

McKee's development office directed calls Friday to attorney Howard Smotkin, who didn't immediately return a message.

 

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