Schafer Richardson has acquired and begun construction of a $70 million redevelopment project that will provide new affordable housing and commercial space to the City of Saint Paul, Minnesota.
The Minneapolis-based real estate company acquired the site from American Red Cross, which previously owned and utilized the site as a blood donation and education facility.
Located at the intersection of Robert Street and Plato Boulevard in the city’s West Side, the development, named Soul, will add much-needed deeply affordable housing for Saint Paul residents and families. The project will provide 178 one-, two-, three- and four-bedroom apartment homes, attracting both individuals and families.
Twenty percent of the units will be set aside for households at or below 30% of the Area Median Income (AMI) with the remaining units eligible for households earning no more than 60% AMI. In addition to the apartment homes, the project also consists of surface and underground parking, indoor and outdoor amenity spaces, on-site management, and nearly 9,250-square feet of commercial space.
The project will comply with the City of St Paul’s Sustainable Building Policy and intends to pursue Enterprise Green Communities and Energy Star certifications. There will be energy and water saving measures in and around the building, as well as a photovoltaic (solar) array on the roof to offset electricity costs.
Construction at the site will begin immediately and the project will open to residents in Q2 2024.
Soul was designed by Kaas Wilson Architects and will be built by Weis Builders. Financing for the project was provided by Merchants Capital, AFL-CIO, RBC Capital, Greater Minnesota Housing Fund, the City of Saint Paul, Ramsey County, Met Council, and the Minnesota Department of Employment and Economic Development. Specific public sources include brownfield cleanup funds, redevelopment funds, and American Rescue Plan Act funds.
Schafer Richardson appreciates the partnerships of those who assisted and supported in the successful closing of Soul, as well as those who will continue to make the project a success during its construction and future operation.