ST. LOUIS (AP) - A developer who planned to transform a decaying 1,500-acre area north of downtown St. Louis is being sued by a creditor for allegedly defaulting on loans and owing more than $17.6 million.
Kansas City-based Titan Fish Two LLC, which filed the lawsuit this week in St. Louis County Circuit Court, also asks a judge to appoint a receiver for hundreds of parcels in Paul McKee's planned NorthSide Regeneration Project, the St. Louis Post-Dispatch reported.
NorthSide Regeneration also owes the city $750,000 in property taxes, including interest and penalties, for 2013 and 2014, according to St. Louis Public Radio.
McKee's development office directed calls for comment to attorney Howard Smotkin, who didn't immediately return a message Friday. But the attorney released a statement to the newspaper saying the NorthSide Regeneration "has a number of defenses to the claims, including a dispute over the amount allegedly owed, which NorthSide will present at the appropriate time."
McKee's ambitious plans have called for revitalizing two square miles of blighted neighborhoods with up to 10,000 new homes and millions of square feet of office and retail space.