|
“Ramsey County and Cardon Development Group (CDG) today
announced that they have ceased negotiating a development agreement for
Riverfront Properties in downtown Saint Paul. During the past five months, Don
Cardon has researched market conditions for a proposed site plan that includes
three towers rising above the Mississippi River bluff atop a parking structure.
While CDG received significant, credible residential and commercial interest in
the site from across the country, the company determined that challenges posed
by the parking infrastructure prevent the development from being viable without
additional public investment.
“In order to be at physical grade with Kellogg Boulevard,
the proposed development would require additional parking as structural support
along its entire length. This would significantly exceed the parking capacity
necessary for the on-site residential and commercial uses, and the cost would
be difficult to finance privately and require a larger public-private
partnership.
“Ramsey County is currently working to better understand the
complete market for area parking, the technical challenges in developing along
the bluff, and other potential designs as it reevaluates its options for
developing the property. The county remains committed to transforming this
premier site into a first-class development that is a long-term landmark asset
for downtown and the broader community.”
About Riverfront Properties
Riverfront Properties is a 4.77-acre site located at the
southwest intersection of Wabasha Street and Kellogg Boulevard, overlooking the
Mississippi River in downtown Saint Paul.
Ramsey County funded the deconstruction and remediation of
the former Adult Detention Center and the Ramsey County Government Center West
buildings to prepare the site for new development. For more information, visit RamseyRiverfrontProperties.com.
Contact:
John Siqveland,
Public Communications Director, 651-746-9250.
# # #
Having trouble viewing this email? View it as a Web page.
| 
