Wooddale Station Area / PLACE Proposal - St. Louis Park

Twin Cities Suburbs
Multimodal
US Bank Plaza
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Re: Wooddale Station Area / PLACE Proposal - St. Louis Park

Postby Multimodal » January 15th, 2019, 8:42 am

PLACE buys in St. Louis Park, starts work:

https://finance-commerce.com/2019/01/pl ... arts-work/

Ubermoose
Nicollet Mall
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Re: Wooddale Station Area / PLACE Proposal - St. Louis Park

Postby Ubermoose » January 17th, 2019, 11:06 am

This morning I watched as a construction worker started marking the sidewalk just to the south of the Wooddale bridge. This section of sidewalk has hardly had time to dry as it was replaced during the reconstruction of the bridge and surrounding area this fall.
I wonder how many times this area will be torn up in the next few years? I'm sure that there wouldn't be any cooperation between any of the projects so I'm guessing it will be 2 more times. Once for Place and then again when they tunnel the bike and walking path as a part of the Wooddale station project for the SWLRT.

Multimodal
US Bank Plaza
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Wooddale Station Area / PLACE Proposal - St. Louis Park

Postby Multimodal » January 24th, 2019, 8:36 pm

Ubermoose wrote:I wonder how many times this area will be torn up in the next few years? I'm sure that there wouldn't be any cooperation between any of the projects so I'm guessing it will be 2 more times. Once for Place and then again when they tunnel the bike and walking path as a part of the Wooddale station project for the SWLRT.
Funny you say that when, in another thread, on the development on the NW corner of Xerxes/York & 66th, someone complained that because a planned project *wasn’t* completed, there weren’t good sidewalk facilities: Southdale Area Development - Edina
https://r.tapatalk.com/shareLink?share_ ... are_type=t

The best laid plans…
Last edited by Multimodal on January 24th, 2019, 8:36 pm, edited 1 time in total.

Multimodal
US Bank Plaza
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Re: Wooddale Station Area / PLACE Proposal - St. Louis Park

Postby Multimodal » January 24th, 2019, 8:38 pm

Detailed (and unlocked!) article on PLACE’s Via project (Via Sol and Via Luna):

https://www.hometownsource.com/sun_sail ... aee14.html

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Anondson
Capella Tower
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Wooddale Station Area / PLACE Proposal - St. Louis Park

Postby Anondson » June 7th, 2019, 6:46 pm

Financing of Via Sol and Via Luna updates in the upcoming June 10 agenda for the study session. https://www.stlouispark.org/home/showdocument?id=13752
PLACE is working with a tax credit investor, R4, that is considering purchasing the housing bonds for the Via Luna apartment building (to be constructed on the South Parcels) prior to their expiration on June 28, 2019. R4 would replace Old National Bank and become the new holder of the Note until the project’s permanent financing occurs. However, the investor is requiring that PLACE guarantee the financial performance of the project’s 33 market-rate units, which PLACE is unable to provide. PLACE therefore is requesting to remove those units from the project and add two more affordable units, for a total of 50 units, all affordable at 60% AMI. This would result in a 38% reduction in units from the currently required 81.
So the south building, the one adjacent to the LRT station, would lose all market rate, gain two more affordable units, but total units would be reduced in the south building. The north building has not unit count changes.

Multimodal
US Bank Plaza
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Re: Wooddale Station Area / PLACE Proposal - St. Louis Park

Postby Multimodal » June 10th, 2019, 9:34 am

It amazes me how complicated these financing deals are.

Is the loss of market rate housing a big concern?

rmc
Block E
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Re: Wooddale Station Area / PLACE Proposal - St. Louis Park

Postby rmc » September 11th, 2019, 9:17 am

Not much has taken place at the site this summer. Does not give me warm fuzzies about the timeline. Really guessing the second phase of the project isn't getting secured. The city project site hasn't had an update since December. https://www.stlouispark.org/government/ ... /via-place


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