Go look and see what's in downtown Alton. Go look at some of the neighborhoods brought back to life in St. Louis (The Grove, Lafayette Square, Old North St. Louis). Go on line and see what urban neighborhoods consist of. You're not gonna see storage units. You need the kind of place(s) that draw people in for living and socializing. People places. Ever see anyone hanging around having a good ol' time at storage units? Lol...bet my bottom dollar you or no one else has.
Bob's idea was good. I'd say...build a market rate apartment building with retail on the ground floor (and no suburban style crap...that'll ensure failure). If that sounds doable and you're serious talk to the mayor about a TIF. Again, go on line and see what's being done in successful urban neighborhoods. Nextstl or St. Louis Neighborhood Development Blog are good sources.