$20 Million Apartments to be Built in St. Paul
Kraus-Anderson has begun the process of tearing down a vacant St. Paul office building in order to make room for an upscale 92-unit apartment building. The original building—Capital Professional Office Building in the Capitol Heights neighborhood—was also built by Kraus Anderson in the 1960s. The office space has been vacant for two years.
Kraus-Anderson received a permit from the City earlier this week to begin demolition. The redevelopment project will cost approximately $20 million. Kraus-Anderson will serve as developer and contractor, while UrbanWorks Architecture will serve as the building’s designer.
Kraus-Anderson expects that, due to significant employment opportunities in the nearby government buildings, these “micro” apartments and one-bedroom apartments will have high market demand. The project is expected to be completed in July 2020. Kraus-Anderson has four other ongoing developments in the Twin Cities, with this project adding to its growing real estate portfolio.