Search
 

CSM Set to Start $45M Depot East Project

MINNEAPOLIS-The Minneapolis Community Development Agency will provide more than $4 million in aid to the project, which includes a four-story building that will house the MacPhail Center for the Arts.

By Jim McCartney | Updated on May 06, 2002

MINNEAPOLIS-Flush with a city approval, CSM Corp. is getting ready to build a $45-million Depot East development project including retail, office, housing, parking and a new home for the MacPhail Center for the Arts. The Minneapolis Community Development Agency, which is helping finance the development, recently won approval from city planners to sell a 2.5-acre parking lot known as “Parcel C” to St. Paul-based CSM Corp.

MCDA officials call the move “a significant step forward in developing the Historic Mills District as a cultural, business and residential area.” The Minneapolis planning commission also recommended MCDA’s master-plan-guided redevelopment and TIF plans for Depot East, which is next to CSM’s Milwaukee Depot project.

The MCDA will provide $3.3 million in tax increment financing, contribute $300,000 toward site acquisition and $525,000 toward pollution remediation.

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?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.