May 30, 2025
After years of stalled promises and crumbling properties, St. Louis officials are taking matters into their own hands.
The city of St. Louis is looking to purchase more than 100 vacant properties on the city's north side, most of which are owned by Paul McKee's Northside Regeneration LLC. But according to 5 On Your Side that wishful thinking is turning into a nightmare.
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According to the Northside Regeneration website, the company planned "a large-scale and holistic transformation of a two-square-mile section of north St. Louis City." It claimed the development would create 43,000 construction jobs and 22,000 permanent jobs. Internet archives show that the Northside Regeneration project has been in the works since at least 2009, but city officials say the developer has failed to follow through on those promises.
Alderman Rasheen Aldridge, who represents Ward 14, emphasized the long history of stalled development in the area and the frustration it has caused residents.
"Paul McKee isn't somebody that just popped up on the scene,” he told reporters. “This has been a man who has been buying property in my neighborhood since I was a kid and hasn't done anything with it. He's been sitting on them letting them crumble."
Aldridge added the failed development plan is not just about unrealized dreams — leaving the properties vacant also puts residents at risk.
What is the city's plan?
Last year, St. Louis Mayor Tihsaura Jones signed a bill to allow economic redevelopment in the area.
The St. Louis Development Corporation (SLDC), working through the Land Clearance for Redevelopment Authority, has begun efforts to reclaim these properties through a buyout process.
Over the past two months, the city has sent offers to purchase 146 properties, with the first round including 87 properties and the second round adding another 59. Officials are collectively offering over $1 million for the properties, giving owners 60 days to accept or reject the offer.
If property owners refuse, the city may use eminent domain to purchase the undeveloped properties. Either way, Aldridge sees it as a win for St. Louis residents.
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"To have a process where we can get some of these beautiful brick buildings in north St. Louis either rehabbed and some that can't be demolished and figure out what is the next step, I think is a huge positive thing," Aldridge said.
According to 5 On Your Side, the city’s plan also includes 59 properties in Jeff-Vander-Lou and St. Louis Place.
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How could this impact local home values?
For homeowners in north St. Louis, the city's buyout plan could significantly impact property values. Renovating long-neglected properties and introducing new developments could help stabilize or increase home values by improving the area and bringing jobs.
Vacant buildings often contribute to crime, lower demand and declining property values — issues the city hopes to address with this initiative.
However, some residents are concerned about gentrification. If redevelopment leads to high-end housing or commercial projects, long-time residents could face rising property taxes and increased living costs, potentially pricing them out of their own neighbourhood.
The city's plan is a major step in St. Louis' broader efforts to revitalize the north side, but, officials have yet to disclose specific redevelopment plans. The city is engaging residents through community meetings and collaborative neighborhood planning.
“These neighborhood plans will help to proactively guide development that benefits all of our residents and community members,” said Don Roe, executive director of the City’s Planning & Urban Design Agency.
Whether the city's buyout effort will succeed remains to be seen. For now, homeowners and residents in north St. Louis are watching closely, hoping this initiative leads to meaningful change after decades of broken revitalization promises.
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Danielle is a personal finance writer based in Ohio. Her work has appeared in numerous publications including Motley Fool and Business Insider. She believes financial literacy key to helping people build a life they love.
