Developers launch fund to keep St. Louis building through economic downturn

ST. LOUIS (KMOX) - The developers of Laclede's Landing and other area projects say that despite the coronavirus crisis, it's time for St. Louis to go all-in and invest in itself. So, David Messner and Brian Minges of New Legacy Development Partners are establishing the New Legacy Development Fund, hoping to raise $100 million to invest in high priority adaptive re-use projects in the city.

"Local money for local jobs for local projects," says Messner.

Messner says the fund will acquire, develop and invest in languishing projects in the central business district and elsewhere in the city of St. Louis. "There are plenty of people right now who have made gains over the last decade that I believe are civically minded enough to invest in these projects." 

He says the 10-year fund will allow St. Louis to build through the recession or depression that's ahead. "The question is, what does the world and the landscape look like six months from now? My hope is the answer is that while everyone else is shutting down, St. Louis has a $1 billion dollars in projects kicking off that'll be complete and online in 24 months."

Messner says the fund will also send a message that St. Louis is willing to invest in itself. 

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