The units will be priced at roughly $200,000 to $240,000 each. Under the loan deal, the tower and two other historic buildings on the 15-acre site would be integrated into the plans. The plant on the site has not made beer for several years, but until recently operated an ethanol production facility there.
The loan was made to the group by the Housing and Redevelopment Authority. Interest would be deferred for three years. Environmental costs and demolition are expected to exceed $4.5 million.
The property will be auctioned Feb. 18 as part of a bankruptcy proceeding for Gopher State Ethanol. The site housed both the ethanol plant and Minnesota Brewing Co., which folded in 2002.
Another developer could outbid Sherman and Kraus-Anderson. The city had briefly considered bidding on the property, but decided it would cost too much. The city's loan and possible tax-increment financing may allow the city can help shape the site's design.
The city's plans, supported by the developers, fold light retail, such as a coffee shop, into a mostly residential project of condos and townhouses. The majority of the units would be for sale, although there is room for some rental apartments and affordable housing.
Developer George Sherman partnered with developer Michael Lander to build housing in Downtown St. Paul's northeast quadrant. He's also working on reconstructing the old Sears building on Minneapolis' Lake Street into condominiums and apartments.
If residents have their way, the plans might include a pub, a microbrewery, some studio lofts for artists or a smaller museum that pays homage to St. Paul's brewing roots.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
