X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Construction will start next month on a 300-unit mixed-use, multi-housing project in the north quadrant area of downtown St. Paul, including downtown’s first new owner-occupied housing in 15 years. The $50-to-$60-million project, which is being built in two phases by Minneapolis-based Sherman & Associates, will consist of 70 condominium units and 230 apartment units, according to Brian Sweeney, the city’s planning and economic development director.

The condo project, called The Essex on the Park, will offer units ranging from 750 to 2,400 sf for from $120,000 to $350,000. Along with it, two rental apartment buildings called Sibley Court Apartments will offer a total of 230 units ranging from 700 to 2,000 sf. About 80 percent of the apartment units will go for market rate rents. The remaining will be “affordable housing” for those earning up to $35,000.

The first phase of the long-awaited North Quadrant development project, near East Seventh Street adjacent to the Lowertown area of downtown St. Paul, will consist of 38 condo units and 114-unit apartments units. The project, the first of three “urban villages” planned for the downtown St. Paul area, will also include 12,000-sf of retail space along East 7thStreet as well as a small park.

The villages are part of the city’s longtime vision of a vital downtown where people work, live and play. The second village is planned for the Upper Landing, on the west end of downtown by the Mississippi River. The third encompasses the West Side Flats area, where U.S. Bancorp is planning to open a $50 million service center and office building that community leaders and city officials hope will spur new housing and related developments.

Sweeney expects the Essex/Sibley project to have as much impact on the growth and development of downtown as the recent major projects of Lawson Commons and Xcel Energy Center, the city’s new hockey arena. The first phase will cost about $26 million, including $17 million for the rental units. The rental portion will receive $2.35 million in public assistance – a $1.35 million grant arranged by the Metropolitan Council and the Minnesota Housing Finance Agency, and from the city, a $250,000 grant and a $750,000 loan.

The city also is spending $1 million to develop the park. The first-phase condominiums will cost about $9 million, with the city providing $1 million in tax-increment financing. The Metropolitan Council and Minnesota Housing Finance Agency will provide a $900,000 grant.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.