Saint Paul Considers New Commercial Real Estate Developments
Commercial real estate developments are extensive undertakings that can transform the life of a particular area. They can incorporate many different types of businesses, residential spaces and entertainment venues into one cohesive community. While these developments can be welcome changes for many neighborhoods, towns and cities, they do not always come easy. Zoning considerations, condemnations and access to utilities are just some of the many issues that need to be planned before a development can reach fruition.
The city of Saint Paul is currently exploring the possibility of creating two new large-scale commercial real estate developments within the city. The first potential development is located downtown — across the street from the Xcel Center. The lot is currently a parking lot. The city has called for new proposals for the space after previous attempts at redevelopment have failed.
The second potential commercial real estate development would be located at the corner of Snelling Avenue and University Avenue in Saint Paul. This intersection is one of the busiest in the city. The current proposal would include a complete overhaul of the 34.5 acre site located near the newly completed Green-Line light-rail line. The mix-use development would include new residential and commercial spaces costing around $64.3 million. The city is now in the process of determining if financing is available for the project.
With the right planning, commercial developments — like those considered by Saint Paul — can be a great opportunity for developers and the community alike. However, there are multiple financial, environmental and legal considerations that must go into every stage of a commercial real estate development. Without the right preparation, commercial developers, cities and private businesses can find themselves facing legal and financial headaches.
Source: MinnPost, “Sizing up two key St. Paul redevelopment sites,” Burl Gilyard, July 17, 2014