HRA Board to review recommendation at October 22 meeting
SAINT PAUL – The Seven Corners Gateway Site review team is recommending that the Saint Paul Housing and Redevelopment Authority (HRA) enter into a tentative developer agreement with Opus Development Company, L.L.C. (Opus), in partnership with Greco LLC, for development of the 2.4 acre parcel. The HRA Board will consider the agreement at their October 22 meeting. The site, located across from the Xcel Energy Center, is bounded by Smith Avenue, Kellogg Boulevard, West Seventh and Fifth streets. It sits at the entrance to both Saint Paul’s downtown entertainment district and the vibrant West 7th Street commercial corridor.
The Opus/Greco proposal is for a mixed-use development including hotel, market-rate multi-family housing, retail, and public space components. The centerpiece includes a public plaza and activity center surrounded on three sides by the ground-floor retail with outdoor seating, public art, and engaging hardscape and plantings. A mix of uses is anticipated for the retail space including restaurants, convenience, services, apparel and entertainment.
“This is an exciting proposal from two well-respected developers that have produced high-quality, successful projects in the Greater MSP region and beyond,” said Mayor Chris Coleman. “This proposal, along with all of the other development activity underway, is continued proof of the city’s vitality and economic momentum.”
After the agreement is approved, the Opus/Greco team will work on formalizing their proposal to meet defined benchmarks. The tentative developer status is for 18 months, ending April 30, 2016.
“We’re excited to be recommended by the city in partnership with Greco for this development,” said Matt Rauenhorst, senior director of real estate development at Opus Development Company, L.L.C. “We’re confident in the Saint Paul real estate market and are thrilled to have the opportunity to bring this new offering to the community.”
“This project will add to the energy of Saint Paul and will be a great addition to this area,” said Arnie Gregory, president and owner of Greco LLC. “A unique feature of this project will be the public spaces, offering a place for residents and visitors to gather, particularly during the numerous events that take place in the area.”
Two responses were received from the Seven Corners Gateway Request for Proposals issued in July. The other proposal was submitted by M.A. Mortenson Company. For more information about the Seven Corners Gateway site, visit www.stpaul.gov/7cornersgateway
About The Opus Group
The Opus Group® is a family of commercial real estate development, construction and design companies headquartered in Minneapolis with offices and projects across the country. Opus operates as an integrated, multidisciplinary team with expertise in development, capital markets and finance; project management and construction; architecture, engineering and interior design; sales and leasing. The Opus Group includes Opus Holding, L.L.C. and its operating subsidiaries: Opus Development Company, L.L.C., Opus Design Build, L.L.C. and Opus AE Group, L.L.C. Specializing in office, industrial, retail, institutional, residential and government projects, The Opus Group has broad capabilities, deep experience and a proven design-build model that delivers solutions for customers on time and on budget. For more information, visit www.opus-group.com and follow @TheOpusGroup on Twitter.
About Greco LLC
Established in 2002, Greco provides urban infill redevelopment and building re-use in the Twin Cities. Greco is experienced in both new construction as well as historic renovations and arranges debt and equity financing. Greco saw the need for high-end property management built around an exceptional resident experience and launched Greco Properties in 2008. Greco brings their passion for development and detail into the ongoing operations of each property.
As a result, Greco Properties has grown swiftly and manages more than 1,000 units, the majority of which are “top of class” apartment homes, and approximately 100,000 square feet of commercial and mixed-use space. Greco Properties employs more than 50 talented individuals.