The site includes four acres he purchased for $55,000 from the St. Paul Port Authority in January.
The main tenant in the renovated Drake Building would be the Northwest Area Foundation, and the overall office space is expected to bring 200 jobs to the West Side site.
The city would contribute $2.7 million in tax-increment financing for the $8-million project, which includes property located on the southwest corner of Plato Boulevard and Robert Street once targeted for housing. The property proved to be too expensive to clean up to standards necessary for a residential project. The decrepit Drake Marble building has been used as a stage for a play in recent years.
The project would also add parking in the area to serve the building, says Brian Sweeney, head of the planning department for the city of St. Paul. The renovation, which will begin in spring, could be completed by January 2002.
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