Raised in the city’s Penrose neighborhood, it didn’t take Michael and Steve Roberts long to grab headlines in ºüÀêÊÓƵ.
By 1977, Michael, at 28, had become the youngest-ever city alderman. Two years later, Steve, then 26, broke that record when he won a seat. Down the line, both campaigned unsuccessfully for the Democratic nomination for mayor.
In the 1980s, they won a license from the Federal Communications Commission to start Channel 46 in ºüÀêÊÓƵ and eventually acquired more stations. They bought and redeveloped city real estate. They invested millions in the headquarters of their increasingly diverse holdings, a former Sears building on North Kingshighway.
In 1999, they won a contract with Sprint to build cell networks in rural Missouri, an investment that quickly paid off when they sold their wireless company in a deal worth about $400 million.
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They continued to expand their empire, eventually acquiring the Mayfair Hotel and the American Theater downtown. They entered the hotel industry, eventually owning 11 properties in multiple states. They began developing a luxurious high-rise tower downtown with their name adorned on the rooftop. They were profiled in national media and highlighted as being among the country’s most successful African-American businessmen.
But when the recession arrived, that empire took a hit. Hotel bookings declined, and reports emerged of hotel workers receiving late paychecks. Bank of America sued six of their hotels over unpaid loans, which they agreed to sell in a settlement.
They sold their wireless communications tower business for $88.5 million, which Michael Roberts at the time said would help shore up other business interests and provide money for potential deals.
After accruing millions in judgments over unpaid licensing fees, their four TV stations entered bankruptcy protection and were eventually sold as part of a settlement.
A Chicago firm bought several of their downtown properties, including Roberts Tower, a sleek 25-story structure that was to be downtown’s first residential high-rise since the 1960s.
There is no public filing linking Urban Assets to any of the Roberts’ companies. Michael Roberts said he has never had involvement with the company. An attorney for Steve Roberts said he holds no current ownership interest in Urban Assets, and declined to say whether or not Roberts was a previous owner.