Northside Regeneration Still Buying

by Michael R. Allen

Make no mistake about the fact that Northside Regeneration LLC continues to buy property. On October 27, the Recorder of Deeds recorded seven purchases by Northside Regeneration (and signed by Eagle Realty’s Harvey Noble) at a Sheriff’s land tax sale held on October 8. All of these properties are vacant lots.

The properties and sales prices are:

1822 N. 22nd Street ($707)

3510 N. Jefferson Avenue ($5,000)

2714 Madison Avenue ($1,456)

2331 Hebert Street ($783)

2323-25 Hebert Street ($717)

2301 Hebert Street ($688)

2329 Hebert Street ($717)

 
The amounts paid are whatever bid was needed to win the property. In most cases at the Sheriff’s sale, there is only one bid. In that case, the amount paid is the minimum price equal to the amount of unpaid land tax. Purchasing property at a Sheriff’s sale is much easier for a private citizen than going through the Land Reutilization Authority (LRA). All a winning bidder needs to do to secure the property is to have cash on hand to pay on the same day. No aldermanic approval or redevelopment plans are needed.

The properties on Hebert were owned by the Pyramid Companies for their development of single-family homes east of Sullivan Place. Some of the houses were built. While other Pyramid properties passed to creditors or investors, these simply sat without their taxes paid for three consecutive years. Pyramid had partnered with McEagle Properties to develop housing at WingHaven in O’Fallon, Missouri before the two companies abruptly parted ways.