The Minnesota Department of Employment and Economic Development (DEED) will extend funding to two St. Paul projects.
According to TwinCities.com, the list from DEED released last Friday shows that two St. Paul redevelopment projects in 2016 are among 14 across the state that will collectively have $6.2 million of grant funding from the state agency for investigation and cleanup in. The funding is intended for strengthening developments that will preserve or generate more jobs in the state of Minnesota. This type of funding is given twice per year.
These two projects involve revamping previously polluted, transforming them into standard apartment buildings. TwinCities.com cites the $200,000 funding given to the city to clean up pollutants at a roughly huge area at 735 Cleveland Ave. The area was once a bank and real estate office in Highland Village. As part of the plan, the developer will mix-use buildings that is allocated for standard apartments, 9,000 square feet of office spaces and 3,500 square feet of area for merchandizing. As an effect, the project is expected to generate 42 jobs, keep the 40 existing ones and increase the tax base up to about $450,000 as state by DEED.
As for St. Paul, a grant funding of rougly $1 million will be given for environmental cleanup on 5-acre spot on Fillmore Avenue. The area was once for foundry, power plant and battery-crushing location. What will rise after the cleanup is a four-story apartment building that will contain roughly 170 standard apartment units.
In another news, market analysts believe that the real estate market in the Twin Cities looks promising in the year 2016, despite the fact that supply of housing could barely keep up with the demand. Hopefully, the projects above can help provide cushion to the tight supply of homes in the area.
