![]() They’ve expressed little interest in restarting projects that were put on hold a year ago. the master developer behind the 122-acre Highland Bridge site - have complained to the mayor’s office that the new rent control amendments don’t go far enough to lure them back to St. Still other developers such as the Ryan Cos. Others, like Alatus, had restarted projects even before the city council restructured rent control last month. Paul housing projects that had laid fallow over the past year. In light of the city’s recent concessions to developers around rent control, some companies are ready to revisit St. 10, 2022, for a future 304-unit housing development, about half of which will be designated affordable housing. DEVELOPERS SPLIT ON AMENDMENTS TO RENT CONTROL The Anderson Companies excavate land at 411 Lexington Parkway in St. ![]() Wilder Foundation site is a hopeful sign that some developers and their financial backers have once again taken interest in the capital city. The restart of the Lexington Station apartments at the former Amherst H. “Obviously, we’re in the ground,” said Shawn Meschke, senior project manager at the Anderson Companies. The construction site has been fenced and large yellow excavators have begun moving heaping piles of dirt. 19, contractors with the Anderson Companies were issued an $8 million construction permit for the foundation and footings of what will be a two-year building project at 411 Lexington Parkway - the 304-unit Lexington Station apartment building, half of which will be designated affordable housing. It’s a good thing.”įor Alatus, it’s now all systems go. “We’re generally seeing a shift in some of these large investors moving from just trying to achieve the best yield for their investment to some of these larger externalities. “In the last 12 months, it’s been eye-opening, frankly,” said Chris Osmundson, director of development with Alatus. Even before recent amendments to the city’s rent control ordinance, a new limited partner - a national investor from outside the Twin Cities - chose to back the Alatus project, fully resurrecting it. Then came a new movement in the investment market toward affordable housing and projects that deliver an environmental or social benefit. Minneapolis-based Alatus said the decision was out of its hands, as a major financing partner backed out in late November, just weeks after St. Paul voters approved a 3 percent cap on annual residential rent increases last year, the developers behind a proposed six-story, $70 million housing development near Lexington Parkway and University Avenue announced the Lexington Station project was on hold.
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