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Thursday, October 25, 2007

McKee Purchases Building on Stable Block in Old North

Photo by the author.

Defying promises to neighborhood leaders, developer Paul J. McKee, Jr. has purchased another historic building in the Old North St. Louis neighborhood. Last Tuesday at a Sheriff's auction, McKee's holding company Babcock Resources LLC purchased the home at 1412 Sullivan Avenue, pictured above. Babcock's bid was around $8,000 with bidding starting at $900.

The 1400 block of Sullivan Avenue is one of the most stable and intact blocks in the neighborhood, with only two missing buildings. Since renovation work began on another empty building on the block, the house at 1412 Sullivan is the only vacant building on the block.

McKee also owns three buildings on the 1400 block of Hebert Street, one block to the north, and a building at 2900 N. 14th street, one block east.

Since September 6, 2007, Babcock Resources LLC has been used to purchase at least nine properties with total recorded sales prices of $380,600. Eagle Realty Company owner Harvey Noble as well as Roberta M. Defiore have signed the deeds for the company. Deeds of trust report that Rice Capital Group LLC and Salvador Equity Management LLC have loaned money for the purchases.

Tonight at a public meeting Metropolitan Congregations United will be discussing McKee's north side land acquisition project. McKee is an invited guest. The meeting begins at 6:30 p.m. at Holy Trinity Church, 3518 N. 14th Street in Hyde Park.


Anonymous said...

If McKee has learned anything through his Blairmont adventures, he'd donate that building to LRA right now on the condition that the ONSLRG is given a first right of refusal.

Anonymous said...

Why didn't someone else buy it for $901? If we're going to complain about what he's doing and then let him buy this home for $900 . . . well, we're letting it happen. Not that I haven't been surprised before, but I'd be shocked if he demolishes this building, or lets it sit until it falls. (of course I haven't seen the back of it!)

Anonymous said...

I'm sure he would have outbid any interested parties... he has a 50% off coupon on the city of St Louis.

Anonymous said...

The bidding *started* at $900. The building sold for $8,000.

Robert Powers said...

Holy CRAP that's scary. I can already see a metaphorical crowbar being slipped into this initial chink...