| Development
Team:
|
Sources of Funds: |
| Architect: |
Cermak Rhoades Architects |
| Contractor: |
Frerichs Construction Company |
| Property Manager: |
CommonBond Communities |
| Equity Investor: |
The National Equity Fund |
| Attorney: |
Winthrop and Weinstine |
|
| HUD First Mortgage:
|
$1,067,673 |
| MHFA 2nd Mortgage: |
$1,281,723 |
| City of St. Paul: |
$440,000 |
| MHFA Deferred
Mortgage: |
$285,000 |
| Federal Home Loan Bank: |
$400,000 |
| Limited Partners: |
$4,534,381 |
| Total: |
$8,008,777 |
|
Site Location
Cathedral Hill Homes is located on Selby and Dayton Avenues just west of the Cathedral of St. Paul in St. Paul, Minnesota in the historic Ramsey Hill Neighborhood. The development is located within ½ mile of downtown St. Paul and close to the amenities offered on Selby Avenue and nearby Grand Avenue and University Avenue. The 60-unit project is an historic renovation of seven buildings and a courtyard area with breathtaking views of the Cathedral dome.
Project Scope
The seven buildings were built at the turn-of-the-century and contained 42 “Pullman-style” apartments. The development, called Selby Dayton Apartments, was renovated in the 1970’s and the 42 apartments were subdivided into 93 small apartments, many with kitchens and bedrooms so small as to make them virtually useless. The property fell into disrepair and suffered from neglect, resident abuse, and general neighborhood decline. By 1997, when The Cornerstone Group Inc. and its development partners were designated redevelopers of the site, the property was over 50% vacant and had become the Ramsey Hill neighborhood’s single largest problem property.
The redevelopment plan called for the complete renovation of the entire property. The existing 93 units were gutted and reconfigured to provide 60 units of one-, two- and three-bedroom apartments. The units range in size from 600 square feet to 1,450 square feet. Exterior improvements included brick repair and tuck pointing, new roofs, new windows and entry doors, a renovated courtyard area and children’s play area as well as new parking lots, landscaping, and wrought-iron fencing. Interior improvements included fully renovated units, new management office and community space, creation of a Resident Service Center, and addition of a state-of-the-art security system with card reader access systems.
The project was completed in December of 1999.
|
