Dive Brief:
- An Arizona developer has proposed a $225 million riverfront mixed-use development in St. Paul, MN, according to the Minneapolis/St. Paul Business Journal.
- Cardon Development Group said it wants to develop a three-building campus, which would include an upscale 200-room hotel, 300 apartments, 30,000 square feet of retail and 60,000 square feet of office space. The company is still in talks with the Ramsey County Board of Commissioners for the 4.77-acre parcel, which is the former site of a publishing business and a county jail.
- At the present pace of negotiations, the project would not start construction until next year, with the earliest projected completion date in 2021. Cardon said the project would create 2,000 construction jobs and 1,100 permanent ones.
Dive Insight:
Waterfront sites are popular locations for mixed-use developments as well as projects of all types. Even in a "cooling down" market like Miami where there is a reported glut of condominiums, some projects with an oceanfront view are still moving forward.
In New York City, Staten Island has seen its waterfront development take off, and a New York Economic Development Corp. report estimated that investors will spend $1.6 billion on the previously neglected area over the next few years.
Also in New York, AECOM has proposed a 246-acre waterfront residential development in the Red Hook area of Brooklyn. If the project comes to fruition, it would include up to 45,000 units and would be at least twice the size of Battery Park City and nine times that of the 28-acre Hudson Yards development.
In addition, Liberty Property Trust began work in December on a $1 billion waterfront project in Camden, NJ, an initiative that the company said would revitalize the area. The company has plans for 1.5 million square feet of commercial and retail space, a 180-room hotel and a 188-unit apartment complex.
