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City Loan Could Help Convert Brewery

ST. PAUL-Sherman Associates and Kraus-Anderson Cos. land a $1-million loan from the St. Paul Housing and Redevelopment Authority to help buy the defunct Schmidt brewery, a historic landmark in the West Seventh neighborhood. The developers hope to build 350 to 400 housing units on the 15-acre site if it can prevail in an upcoming auction.

By Jim McCartney | Updated on February 10, 2005

ST. PAUL-The city of St. Paul’s housing authority has agreed to lend $1 million to a Twin Cities development team to help them buy and redevelop the old Schmidt brewery. The developers, Sherman Associates and the Kraus-Anderson Cos., plan to build 350 to 400 housing units where the idle West Seventh Street landmark stands.

The units will be priced at roughly $200,000 to $240,000 each. Under the loan deal, the tower and two other historic buildings on the 15-acre site would be integrated into the plans. The plant on the site has not made beer for several years, but until recently operated an ethanol production facility there.

The loan was made to the group by the Housing and Redevelopment Authority. Interest would be deferred for three years. Environmental costs and demolition are expected to exceed $4.5 million.

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