What is going on with Kevin McGowan and his business dealings? His former partner, Walsh has sued him and I think won. It looks like McGowan has had problems with creditors and owing back taxes as well.
Is he overstretched?
Do residents in his buildings need to be concerned?
I currently live in a house and I'm thinking of buying a loft in the city and I'm nervous about the investment. I just saw this article in the Saint Louis Business Journal and I was seriously considering a loft by this development. I will take your advice and see what I can find in public records. No, this is not personal.
I have been intrigued by the Ball Park Lofts. Anyway, I took the advice in the post by Zinc to check public records and that satisfied my questions. Public records are more factual and objective than any magazine or newspaper article. I'm still intriqued by loft lifestyle, but the investment end make me nervous. I've never worried about buying a house. The homes I owned always appreciated in value.
Any tips from urban dwellers, dos or don't, in purchasing a loft would be greatly appreciated.
There doesn't appear to be anything going on over at the Ballpark Lofts. The construction elevator on the south side of the building has been removed, and I believe the building is now listed on Landmarks' "Most Endangered" list.
Actually, maybe I'm just thinking of Cupples Station building #9. I think Blue Urban did renovate #8.
Allow me to speak for the credibility and good regards for the entire McGowan family. I have been a resident in a McGowan-developed building for years, as well as to have known members of the family on personal bases. I wish to recognize the general good character of the members of this family, both socially and as proponents of the resurgence of the urban foundation of Saint Louis. Wash Ave would be next to nothing without the work and investment that they have collectively done.
As for Kevin individually, I do know he and Nat Walsh dissolved their partnership a few years ago, I forget exactly why. But, partnerships are amicably dissolved all the time, and I wouldn't think much of it. Plus, in this environment, I'm just glad to see that developers are still around and working, which Kevin et.al. certainly are doing. Personally, safe to say he's good people.
Quality of the residence, by the way, is great. Would highly recommend.
debaliviere wrote:There doesn't appear to be anything going on over at the Ballpark Lofts. The construction elevator on the south side of the building has been removed, and I believe the building is now listed on Landmarks' "Most Endangered" list.
I thought of this thread this morning when I was downtown, so I checked out the Ballpark Lofts and noticed the same thing.
Nothing is happening at The Heer's Building in downtown Springfield, Mo. either. The last I heard, he was still trying to secure a HUD loan for that project.
[url]https://www.courts.mo.gov/casenet/cases ... ch.do/[url]
I found these couple of lawsuits on CaseNet. I assume the breach of contract with Centrue Bank is the suit that has been in the news since parties were served recently. It's probably not a big deal - businesses get sued sometimes.
21st Judicial Circuit (St. Louis County)
10SL-CC00435 - JUDITH A PROSSER V MCGOWAN & WALSH LLC
This information is provided as a service and is not considered an official court record.
PROSSER , JUDITH ANN , Plaintiff represented by MUCHNICK , TODD IRA , Attorney for Plaintiff
7800 FORSYTH
SUITE 700
SAINT LOUIS, MO 63105
MCGOWAN & WALSH LLC , Defendant
2200 WASHINGTON AVE
ST LOUIS, MO 63103
Address on File Circuit County Location
MCGOWAN, KEVIN 1022-CC01832 Defendant CENTRUE BANK V ALTMAN BUILDING LLC ET AL CC Breach of Contract 04/23/2010
SAINT LOUIS, MO Circuit 22 The City of St. Louis City of St. Louis
I went to the website that "catdog" mentioned. The split between McGowan and Walsh was not amicable. Walsh sued McGowan and it looks like the court decided in favor of Walsh to the tune of more than $200,000 if I'm reading correctly. McGowan never paid money that was owed Walsh. I think the case is being appealed, though. Also, it looks like McGowan was sued by the state for back taxes for no small amount. That's a big red flag. I guess that was resolved, but getting behind on taxes bothers me enormously.
I don't know that this is typical of developers or not. I was related to a family of developers -- in another state -- and things can go south quickly. From what another blogger wrote, it's great that there's development in the city. I hope it's successful, but I will trust my common sense and instincts.
I'm focusing on the Central West end area now. From what I've heard it's been a stable neighborhood for a long time and the crime rate is down there as well.
Maid - Developers get sued and sue all the time. Further, there are other developers (including the McGowan Brothers). Because one person got sued should not be a reason to abandon a whole area of the city. Further - and I hesitate to say this because I want you to stay in the city, even if it is the CWE - crime in the CWE is as common as downtown.
