Report: McGowan|Walsh co-founders split, dissolve firm

Principals Kevin McGowan and Nat Walsh on Oct. 15 finalized a reorganization that effectively ended their three-year partnership, according to a Nov. 2 cover story in the weekly business-to-business publication. Neither would comment on specifics of the split, the paper reported.

McGowan, who has been Springfield’s point person for the Heer’s redevelopment project, recently formed Blue Urban, a firm that hired 15 former McGowan|Walsh employees, according to the article.

McGowan has agreed to buy the Heer’s building from the city for $3 million, but paperwork delays recently pushed back the closing date to no later than Thursday.

Efforts to wrangle up invoices for environmental remediation work done by previous developer Vaughn Prost on the Heer’s building and a last-minute title company change caused the delay, city officials said. St. Louis Title Co., co-owned by Walsh, will handle the closing.

Mary Lilly Smith, economic development director for the city of Springfield, said the dissolution of McGowan|Walsh shouldn’t affect the Heer’s project.

“Our agreement is actually with Heer’s Building LLC,” she said. “We’re still proceeding to closing this week, so I don’t think it’s going to have any impact on us.”

McGowan and Walsh developed some 20 historic renovation projects in St. Louis and Kansas City, totaling $300 million, St. Louis Business Journal reported.

McGowan has said he will redevelop Heer’s as either a boutique hotel or a block of condos above a Mike Shannon’s Steaks and Seafood Restaurant, depending on which incentives he receives from the city. However, he missed his Nov. 1 deadline to finalize a list of requested incentives. In a letter to the city, his attorney cited delays associated with the closing.[[In-content Ad]]