Please, keep the tax dollars flowing; although the Ballpark Lofts II building in St. Louis, funded in part through giveaways and tax credits is going to foreclosure, the Heer’s Building in Springfield handled by the same developer is ship-shape:
A downtown St. Louis property developed by Heer’s developer Kevin McGowan has been targeted for foreclosure, but McGowan said his loan on the Springfield building is not in similar danger.
The St. Louis Post-Dispatch reported on its website that Bank of America has filed legal notice that it plans to foreclose on the Ballpark Lofts II building owned by a limited liability corporation McGowan formed with former partner Nat Walsh.
Renovated as condos and offices, the building is at least partially occupied.
McGowan said Thursday he plans for his new company, Blue Urban, to purchase the building by buying the loan made to the earlier LLC before the Nov. 23 foreclosure sale.
He said the notion Heer’s was targeted for foreclosure is “a false rumor” being spread by the project’s detractors.
His company couldn’t pay the mortgage on the property, so his new company might buy it at the foreclosure auction.
God Bless America, and by “America,” I mean the people with the chutzpah to do that sort of thing and the municipal governments that continue to enable them. And by “bless,” I mean something else entirely.
