Saint Paul Real Estate Pulls Out its JackHammers and Big Ambitions
There are many parts of Saint Paul that are all but a ghost town. Many older businesses closed, buildings were purchased with grand ambitions, but in this economy and real estate bust, nothing was moving. Recently, though, more activity is being seen around the city. Much of this work is not private enterprise, but non-profit and government money hard at work tearing down and preparing to build up.
Public Money
- One of the largest government projects in Minnesota state history (topping even the $250 million spent on the 35W/Mississippi river bridge) is the Central Corridor light rail line. This 11 mile line will link Minneapolis and Saint Paul; costing almost $1 billion by the time it is finished in 2014. The route will travel mostly down University avenue but will also be tearing up roads around the capital, Hamline Avenue and the University of Minnesota. While construction has started on the project West of Hamline Avenue, many obstacles stand in the way of completion including no resolution on how the light rail will route through the University of Minnesota. Additionally, at least a dozen lawsuits have been sued by various businesses and organizations including the Minnesota Public Radio, historic churches, and various business organizations that have members that will be affected by the construction and/or the route.
- While the Penfield project has been on the books for many years in Downtown Saint Paul, the project has continued to be scaled back. When first proposed by the developer, it was going to be a 40 story hotel and condo high-rise. then the project was scaled to 30 stories and now just 11 stories. The make up of the building will change to have typical apartments at market rates. The City of Saint Paul will take over the $50 million project as the developer, which has some people upset.
- The West Side Flats is mostly a private $30 million project that will hold 168 apartments in a five-story building. This prime real estate was originally going to hold luxury condos, but now the developer is reworking the project to have 20% of the units be affordable housing. In exchange, the government will chip in $600k to build the roads and sidewalks.
- Most of Saint Paul’s hospitals (Childrens, United, and St. Josephs) all have multi-million dollar expansions or renovations in the works. United will spend $34 million on a new six story emergency room. Children’s will completed its $300 million expansion of its St. Paul and Minneapolis campuses. Not to be left out, St. Joseph’s is also adding a $20 million, 20,000 square foot expansion to it emergency rooms.
Private Money
- The Union Depot continues to try to make a comeback. This Lowertown landmark was once slated to be condos, shopping and restaurants until the buildings developer was unable to completed the project. Now Ramsey County, who currently owns the property, along with state and federal help will determine the next step for this historic building. Most plans call for it to once again become the hub for all public transportation in Saint Paul. These plans will include Greyhound buses, linking the Central Corridor light rail into the Amtrak service and finally the future high-speed rail to Chicago. Estimated are around $240 million, but no funding has been secured, despite demolition and remodeling already starting.
- One of the first new Central Corridor developments happening on University Avenue is the Frogtown Square development. This $14 million project will have retail space on the main floor and low-income senior housing on the 2nd with parking underneath. This project is well underway and has received $3.4 million in funds from the St. Paul Housing and Redevelopment Authority.
- The coming light rail project is also sparking push for other housing projects including The Lyric at the Carlton Place. This would be a 171 unit apartment building that would marketed toward arts and music enthusiasts. These additional units would complement the lofts finished about a year ago.
- Located near the proposed Westgate Station for the Central Coridor line is the 2700 The Avenue. This mixed use project with office, grocery and retail will hopefully break ground this year as the project has been scaled back by 60% from its earlier designs. Although some funding has come from a government grant, financing continues to be an issue.
- As Snyder’s has closed up shop in the Highland Park neighborhood, Walgreens is waiting on final city planning commission approval to build a new store and additional retail space on that land.
These are just some of the almost 20 public projects and 20 private Saint Paul Real Estate projects that are being either proposed, built, or finished in Saint Paul currently. You can read more about the projects here.
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