planned three residential buildings that would have likely gotten under construction next spring. It’s now on hold.Ĭondos and apartments: Across Cretin Avenue from the future Lunds & Byerlys, the Ryan Cos. Michalski said the project had been moving through the city’s permit review process for construction to begin in December.
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The Collections, Phase 2: Just south of Bohland Avenue at Cretin Avenue, Weidner Apartment Homes planned the second building in the series known as “The Collections,” a 180-unit apartment building next to Highland Bridge’s central water feature. Here’s a rundown on where projects stand. Based on the conversations I’ve had, I think the financing concerns are legitimate.” I think most developers are hitting pause to figure out the lay of the land. “One of the things we have an obligation to do - and I think we’re working on it - is to bring some certainty. “The (Highland Bridge) projects that are already in the ground are still moving forward,” Tolbert said. That might provide more reassurance to investors.
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Under the city charter, however, the ordinance could be repealed entirely after a year and then replaced with a new ordinance.Ĭouncil Member Chris Tolbert, who represents Highland Park, said the city is working on clarifying aspects of rent control, which goes into effect in May, including how to seek exemptions. Members of the council, however, have expressed concern that imposing fundamental changes to a voter-approved law would override the will of the voters and open the city to litigation. Paul Mayor Melvin Carter has promised to work with the City Council on a possible ordinance amendment that would exempt new construction from the “rent stabilization” mandate. “If you lose the market-rate units, you lose the affordable units. “We think that’s pretty compelling for people,” she said. Overall, 20 percent of the site’s 3,800 housing units are expected to be affordable. Michalski declined to identify the specific investors who have pulled out, but she emphasized there’s a ripple effect.įinancing for the Highland Bridge development is structured in such a way that market-rate units subsidize affordable housing on the same streets, using on-site property taxes. (Scott Takushi / Pioneer Press)Īnd given housing demand, and the appeal of developing a corner of the city overlooking the Mississippi River, some critics have questioned whether investors won’t come back to the table in the months ahead. In the background is Phase 1 of The Collections apartment complex, which includes a new Lunds & Byerlys. In the foreground, looking east along the new Bohland Avenue extension, is Presbyterian Homes senior housing. 29, 2021, at the Highland Bridge development in St.
Other projects at Highland Bridge are already fully financed under construction or being planned, from a new Lunds & Byerlys grocery store to senior housing and a medical office building.Ĭonstruction activity is pictured Monday, Nov. manufacturing campus won’t be transformed into a residential hub in Highland Park. That’s not to say the 133-acre former Ford Motor Co. Any kind of development, people have options.” PROJECTS STILL UNDERWAY There are other places in the metro that people can invest their money. We have partners that are owners and investors in the buildings. “It’s in response to specific conversations with capital providers, and conversations with our partners. “We were in for permit review, and we paused that,” Maureen Michalski, vice president of real estate development with the Minneapolis-based Ryan Cos., said in an interview Monday. The four projects are multi-family housing buildings where investors have balked at the prospect of moving forward under a rent control mandate, according to the developer. informed the city the development firm would put construction of multiple Highland Bridge buildings on hold. Paul voters approved a new ballot initiative that caps residential rent increases at 3 percent annually, the Ryan Cos. Paul rent cap approved, developer hitting brakes on some Highland Bridge projects – Twin Citiesĭays after St.
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