I've experienced the revitalization of St. Louis first hand. Neighborhoods making a comeback isn't much of a story though. Downtown is where the headlines are made. Articles like this one in USA Today, for better or worse can have an impact. They affect public perception. Public perception affects convention booking, event scheduling, etc. Hopefully this article is a sign that public perception is changing for the better.
One thing about St. Louis that is encouraging is that all of this revitalization has been done without reinvention. St. Louis isn't known for any one thing. It hasn't become the next "silicon valley" or resort destination. There hasn't been a huge influx of out-of-towners. It was done with hard work and slow growth. Real estate prices have remained reasonable. This is a good sign for the future. We won't have to deal with any one industry taking a dive and taking the city down with it. We won't have to deal with real estate bubbles bursting or another city becoming the next hot thing and everyone moving out.
Good luck St. Louis! Hopefully you've learned from your mistakes and this will make you stronger the second time around.