Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ST. LOUIS PARK, MN-The city has given Bader Development preliminary approval to build a $30 million new mixed-use project here on a redeveloped site. The company wants to build a five-story, 132-unit apartment project with some retail, on a 2.3-acre parcel that holds an historic bar and a cleaners. Scott Bader, president of the company, tells GlobeSt.com that he expects to earn final approval for the project, to be called the Ellipse on Excelsior, in January.

The five story building will have 16,000 square feet of retail on the first floor, and apartments on floors two through five. Bader says he’s still working on financing, but that he hopes to start construction after January and be finished by June 2010. Al’s Bar, at one time a speakeasy during Prohibition, and Anderson Cleaners will be torn down.

His company has built a few other projects in the Twin Cities area, such as the 100-unit Cornelia Place Apartment Homes in Edina and the 164-unit Waterstone Place in Minnetonka. Bader admits that the economy has made the market somewhat soft, but says he has a special place in his heart for this property for a few years. “This location has been a particular favorite of mine, and when the opportunity came up to buy it, I jumped at it,” Bader says. He has the site under contract. The city is considering to start a TIF fund for the project, and will discuss the incentive in January.

Not many developers are building right now, he says, which could be perfect for him if things improve, Bader says. “I think we’ll get a turnaround as we get into 2010, I think the timing will be good,” he says. A planned Southwest Corridor light-rail line is supposed to go near the property, Bader says.

The firm hasn’t started marketing the property yet, he says. His company has a partnership contract for management with Steven Scott Management, which has a portfolio of 7,000 units managed in the Twin Cities area.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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

Get More Information


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.