| Development
Team:
|
Sources of Funds: |
| Architect: |
DJR Architects |
| Contractor: |
Bor-Son Construction |
| Property Manager: |
Real Estate Equities |
| Attorney: |
Winthrop and Weinstine |
 |
| First Mortgage: |
$430,108 |
| National Equity Fund: |
$4,739,601 |
| City of St. Paul: |
$1,265,688 |
| Federal Home Loan Bank: |
$525,000 |
| Minnesota Housing Finance Agency: |
$700,000 |
| Family Housing Fund: |
$700,000 |
| Other: |
$26,209 |
| Total: |
$8,360,397 |
|
Site Location
Concord Square Apartments consisted of 118 units of one- and two-bedroom apartments in four buildings. HUD owned the project after a foreclosure. Nearly 50% of the apartment units were vacant and uninhabitable. The City of St. Paul designated The Cornerstone Group and its development partners as the redevelopers of the site.
Project Scope
The development team, Bluff Park Homes Limited Partnership, proposed to demolish two of the existing buildings, renovate 44 apartments in the two remaining buildings at the east end, and build 29 new, family townhouses on the balance of the site. Our goal was to achieve long-term stability for the development in a way that provides a viable home for families to raise children and enhances the surrounding community.
In the process of meeting these goals, we reduced the site density, minimized resident displacement and relocation costs, created more usable green space to accommodate families, and created an urban streetscape to integrate the development into the community.
The two existing buildings underwent a major exterior and interior re-design. Driveways and parking were reconfigured to eliminate steep grades and accommodate new construction. A central drop-off circle creates a focal point for new entrances to each building, with large lobbies, including elevators. The exterior shell has been replaced with stucco, including design elements, decks and balconies, new windows and exterior doors. Security systems were installed.
The balance of the site contains 29 new townhouses in 9 buildings, comprised of 11 four-bedroom and 18 three-bedroom units. Approximately 9 townhomes front on Concord Street, slightly above grade. Interior streets, with sidewalks, provide access to the balance of units at the uphill side. Features of the units include large living spaces, attached one-car garages, 2-1/2 baths, full basements with indoor play and storage areas, and outdoor play space at each unit.
Unit exteriors feature gabled roofs, separate front and rear entrances and brick and stucco exteriors and other
design elements to tie the townhomes to the renovated apartments. In addition to the major park/play area in the center of the development, smaller play areas and guest parking are placed strategically throughout the development. A large play space is located to the rear of the two apartment buildings.
The rents for the redeveloped apartment units range from $295 to $550 per month. Rents for the newly constructed townhomes range from $600 to $685 per month.
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