ST. PAUL-Jump-started by a recent $3-million injection of public money, the century-old Lowry Medical Arts Building on St. Peter Street is about to get a $34-million facelift. Developer Rich Pakonen is renovating the 12-story office building into 129 condominium units, and is expected to try to find a few restaurants or nightclubs for the project.

The Lowry condo models, featuring modern designs, recently went on display. They will range in price from $110,000 to more than $500,000, and some will feature large windows and terrazzo floors.

City planners hope the project will boost Downtown retail, property tax revenues and nightlife on the block between Fourth and Fifth streets. Housing advocates worry that the city is helping to finance a project that fails to meet its affordable housing goals.

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.