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Monday, March 22, 2010

St. Paul to take over Penfield project; 216 apartments and a Lunds grocery

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posted by Bob at Monday, March 22, 2010

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Anonymous Pioneer Press said...

By Dave Orrick
dorrick@pioneerpress.com
Updated: 03/22/2010 02:44:31 PM CDT

The city of St. Paul and a developer have come up with a plan to build the long-stalled Penfield high-rise development downtown.

Basically, the city will pay to build it, and the developer will pay the money back from proceeds of the $54.5-million mixed-use project, which will include housing and a much-needed downtown grocery store, a Lunds.

Under the plan, which will be the subject of a public hearing at 2 p.m. Wednesday, a smaller-than-originally-planned building, with rentals instead of owner-occupied condos, will be built mainly with $48 million in taxpayer-guaranteed loans and more than $3 million in proceeds from a new special taxing district.

Because of the type of taxpayer-backed loans that will be used and because they'll be used for housing, the U.S. Department of Housing and Urban Development will have to sign off before the plan can move ahead. The city's Housing and Redevelopment Authority, which is composed of City Council members, will hold the hearing Wednesday.

The Penfield will occupy part of the block bounded by 10th and 11th streets between Minnesota and Robert streets. The 990,000-square-foot project will include 216 rental units, with rents ranging from $992 for a studio to $1,782 for a two-bedroom, according to city documents. The Lunds will occupy 30,000 square feet on the first floor and have 110 surface parking spots. The building will have a green roof and 200 underground parking spots for the apartments.

To read the entire plan, go to the Wednesday agenda of the city's Housing and Redevelopment Authority at
http://www.stpaul.gov/index.aspx?NID=2113

10:34 PM  

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