I had been waiting for the north side holding companies controlled by Paul McKee to make a move in 2008. Surely the lull of autumn would lead to spring purchases in this buyer's market. None of the companies have made a single purchase since December.
However, a new company has been quite busy buying property in north city. Larmer LC, incorporated on December 3, 2007 by third-party registrars at the CT Corporation System, has purchased at least 45 properties in JeffVanderLou and St. Louis Place since its incorporation (see them all here). Readers may recall that CT Corporation System registered McKee's holding companies before registration was transferred to McEagle Properties.
Larmer LC's tax bills go to the address of 2854 Keokuk Avenue in south city, a building owned by F & B Properties LLC. That connection seems a coincidence. What may not be coincidental is that Larmer has started buying property after the other companies stopped.
Monday, May 5, 2008
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5 comments:
Did you say "Larmer LC Rapidly Burning Property in JVL"?
Also, for the record: 16 buildings on all those properties, including:
* 1815 Elliott
* 2244 Montgomery
* 1918 St. Louis
* 2825 St. Louis
* 2335 Madison
* 2209 Benton
* 2718 Cass
* 2322 Montgomery
* 3128 Glasgow
* 2525 W. Dodier
* 2547 W. Dodier
* 2560 W. Dodier
* 2727 James "Cool Papa" Bell
* 3509 North Market
* 2602 Garrison
The rest are vacant lots. The string of properties on Cass is an auto junk yard.
Great timing: while our hero is getting positive press for trying to make St. Louis an international hub for air cargo, engage some "technical assistance" to help clear some of the properties of vacant but generally structurally sound buildings.
Has anyone specifically tallied of those that burned over the weekend, which ones were owned by one of our heroes enterprises?
8 of the 10 buildings that the police are investigating from the weekend are owned by companies owned by McKee, with a total investment of about $790K. The other two buildings -- one is owned by this new "Larmer" shell company, and the other is an alley house where the owners live next door. That particular block actually has 3 owner-occupiers still in place, unless, of course, this new horror drives them to sell to... Larmer LC!
Who cares if they are going to tear these buildings down. The area is a mess, if a company is willing to come in and rebuild the area to make it viable again, then I say down with the buildings. I quite enjoy the fact that in America we aren't afraid to tear down a building because it is old.
Are these companies using eminent domain to steal the properties? If that is the case, then I'd have a problem with it, but from what I've read, they are simply buying up property.
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