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RE Equities Completes Core of $50M Rehabilitation Project

ST. PAUL-The new 5,200-sf center, which opens later this week, reflects a trend among large, affordable housing complexes that provide social services to their tenants. Real Estate Equities' $50 million redevelopment will create a range of more than 300 refurbished or new affordable housing units.

By Jim McCartney | Updated on July 25, 2005

ST. PAUL-A new 5,200-sf community center opens Thursday that is expected to become a key part of the $50 million Ames Lake neighborhood revitalization project on the city’s East Side. The center includes renovation of 364 affordable housing units spread over several dozen buildings that is owned and managed by Real Estate Equities. Ultimately, with consolidation and demolition of some of the units, the development will result in more than 300 rental units in single-family houses, apartments and townhouses.

The project is in a troubled neighborhood bounded by Rose Street, Barclay Street, Magnolia Avenue and Hazelwood Street, which is east of Interstate 35E and north of Interstate 94. The center will have space for 100 people, a computer lab, a multipurpose art room and a full-service kitchen and accesses a plaza with a playground and green space for family gatherings and recreation.

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