It promises to be one of the largest multifamily housing development project in city history.
Centex, the Dallas-based developer, also pledged to build up to 100 units of affordable housing, recently joining forces with noted non-profit group CommonBond Communities to build rental units for low- and moderate-income families on 2 acres of the 21-acre site.
The project, which is close to the new Science Museum in downtown St. Paul, will also include public parks, a regional trail and a public plaza. The project is proposed for an area along the Mississippi River bounded by Chestnut, the High Bridge and the new Shepherd Road.
About half of the units will be rental, with rents ranging from $800 to $2,500 a month, and other half will be condos, ranging in price from $200,000 up to $600,000.
Centex will begin an $11-million cleanup of the site, part of which will be paid for by state agencies. The site, which will also have to be raised to 18 inches above the 500-year flood plain, once housed a scrap yard and a grain facility.
Preparing the site, including clean up, soil remediation and building the street and sewer infrastructure, will take nearly a year, says Roger Fraley, project manager for the Centex's Midwest region.
Through a tax increment financing district, which is excepted to the generate $32 million, the city will help build parking that will provide two spaces per unit, or about 1,320 slots, Fraley says.
The project has stirred controversy among residents from the nearby Irvine Park and West Seventh Street neighborhoods, who are concerned about the density and height of the new development. As part of a negotiated compromise, the height and density of the project has been somewhat modified. Once the cleanup is done, construction could begin early next year, with housing units available in 2003.
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