HomeMy WebLinkAbout2021 06-17 Developer wants to build apartment project on former fire station site in Maplewood PIONEER PRESS6/18/2021 Developer wants to build apartment project on former fire station site in Maplewood — Twin Cities
NEWS
Developer wants to build apartment
project on former fire station site in
Maplewood
The city and Real Estate Equities have agreed to a $1.75 million sale
price
By IMICK REIRRAIRO I nferraro@pioneerpress.com I Pioneer Press
PUBLISHED: June 16, 2021 at 4:17 p.m. I UPDATED: June 17, 2021 at 5:11 p.m.
After several years on the market, a former Maplewood fire station has a buyer that wants to build
apartments on the nearly six -acre site.
The city and St. Paul -based developer Real Estate Equities have entered into a purchase agreement for
a $1.75 million sale price. The city council approved the agreement this week, initiating the
developer's 120 -day due diligence period.
The redevelopment project proposed by Real Estate Equities consists of a three-story building with
148 apartments units, with 60 percent of them market rate and the rest affordable. A site plan the
developer submitted with its offer pegs the total project cost just under $30 million, according to Jeff
Thomson, Maplewood's community development director.
The city is selling the property at 2501 Londin Lane for fair market value, he said, and proceeds will go
into a fund to help pay for building a new fire station in northern Maplewood.
The fire station went dormant in 2011, when the fire department transitioned away from the paid -on-
call staffing model. It has been used for storage from time to time, most recently leased out for
storage of a mobile dental trailer.
The property had been for sale for several years with no takers, prompting the city to solicit offers in
March. It led to two offers, with Reuter Walton Development submitting the other one. The St. Louis
Park -based developer offered $1.65 million, also with a plan for a 148 -unit apartment project,
Thomson said.
The sale includes $25,000 in earnest money that Real Estate Equities would be refunded if it walks
away from the deal after a review of the property during the due diligence period.
Real Estate Equities will be required to submit a development application to the city for any required
land -use and zoning changes. The developer will also be required to submit a tax -increment financing
application for the affordable housing portion of the project, Thomson said. 3
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6/18/2021 Developer wants to build apartment project on former fire station site in Maplewood — Twin Cities
Tags: Business, IH uusling, Maplewood, IRairnsey County
Nick Ferraro I Dakota County reporter
A Minneapolis native, Nick Ferraro joined the Pioneer Press in 1997 after graduating from the
University of St. Thomas in St. Paul. He's been a reporter covering Dakota County communities since
2007.
nferraro@pioneerpress.com
Follow Nick Ferraro @NFerraroPiPress
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