So why is the city interested in buying these properties?
If big bucks are interested, wouldn't it make sense for them to
negotiate with the current owners?
As far as Hillcrest shopping center goes, we do not need more
condos in the area. Especially if they eliminate the retail and
food purveyors. While the center has seen better days, the store
fronts are all occupied and open. Add to this the cost of redoing
White Bear Avenue curbs and sidewalks last summer. There must be
some grand plan for the area.
So, is this just another way for a property owner to get out from
under, what I assume is becoming, a money pit at the expense of the
taxpayers?
Dan Bostrom has already said that he wouldn't support living units
above retail. So it remains to be seen as to why the city wants to
do something there.
Mike Fratto
Payne Phalen
>>> <[EMAIL PROTECTED]> 03/16/2005 3:15:42 PM >>>
Randy Kelly is proposing that St. Paul purchase various property
around the
city.
So far it breaks down to this:
Hamms Brewery site $500,000
Schmitt's 1 million
Lot at Snelling and 94 8 million
N.E. corner of University and Dale 1.5 million
Former Hospital Linen on E. 7th (no given amount)
Hillcrest Shopping strip mall 14.2 million
Monday evening, I met briefly with Susan Kimberly, Kelly's Director
of
Planning and Economic Development to hear what Kelly's plan is.
Some interesting
things she said.
That Hillcrest would be rebuilt as condo's. She reiterated her
statement
that Hillcrest is a 1957 style strip mall in decay and the area
needs to be
revitalized. No mention of building a bigger Hayden Heights
Library.
The former bus barn lot at Snelling and Freeway 94 is a "hot" spot
for Big
Bucks.
She wouldn't say who the interested players are.
There seems to be no other plan in mind other than land speculation
which I
am told from a realtor friend of mine can be scary business.
Especially if
it's with people who don't know what they're doing.
Kelly wants to borrow 32 million on a 20 year bond; to be paid
back with the
city's 1/2 cent sales tax. Adding the figures above comes to a
little over
25 million. The rest of the 6 to 7 million would be used for some
land
development and enticing prospective investor interest.
Myke P. Golben
Battle Creek
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