Friday, September 21, 2007
Pyramid Cos. developing East St. Louis master plan
St. Louis Business Journal - by Lisa R. Brown
Pyramid Cos. is stretching across the Mississippi River to develop a new master plan for revitalizing East St. Louis.
The St. Louis-based development firm, led by John Steffen, is in the preliminary stages of developing a master plan for about 100 acres of property in downtown East St. Louis, adding more than 500 rehabbed and new-construction homes in the city and adding a marina.
The East St. Louis City Council unanimously approved a development agreement with Steffen at its Sept. 13 meeting. The agreement requires Pyramid to present development plans to the City Council within the next 120 days.
Steffen said he's been working with the new mayor of East St. Louis, Alvin Parks Jr., to bring new investment to the city. Pyramid is not receiving a fee to develop the master plan. "This will send a signal to the business community - locally, nationally and internationally - that East St. Louis is open for business," Parks said.