Weidner Purchases Land Near Downtown St. Paul
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Eden Prairie, Soccer stadium Minneapolis viewed as may bear brunt development of rail cuts tool Page 2 Page 3 PERIODICALS POSTAGE | $1.50 Thursday | June 4, 2015 FINANCE-COMMERCE.COM VOL. 128, NO. 110 Mortenson’s Weidner 4Marq tower purchases hits milestone land near in downtown downtown BY ADAM VOGE St. Paul Staff Writer BY ADAM VOGE M.A. Mortenson Co.’s Ken Sorenson re- Staff Writer members a time when downtown Minneapo- lis wasn’t so busy. The Twin Cities’ most active As he stood atop the com- apartment investor has pur- pleted structure of his com- chased a vacant site near down- pany’s 30-story 4Marq tower town St. Paul, and the company in central downtown Minne- has indicated that a new multi- apolis on Tuesday afternoon, 262 family residential development he could see an obvious differ- Apartments is on the way. ence between then and now. in 4Marq An entity related to Wash- “It’s really nice to be down- tower in ington-based Weidner Apart- town and see all the cranes,” downtown ment Homes paid $3.75 million said Sorenson, senior vice Minneapolis for about 13 acres on the south- president for the Golden Val- Source: Mortenson west quadrant of Fillmore Av- ley-based company. “We all re- Development enue and Livingston Avenue, member three or four years just across the Mississippi Riv- ago when there weren’t any er from downtown St. Paul and cranes, and hadn’t been any in a few years.” immediately south of the 266- Mortenson on Tuesday celebrated the 262- unit second phase of the West unit apartment building’s topping out, a proj- Side Flats. ect still on schedule to open later this year. The deal closed May 21, ac- From atop of the 4Marq tower, planned cording to a certificate of real as amenity space for the building’s tenants, estate value that became avail- cranes used by Mortenson and several oth- able early this week. The CRV er developers and contractors can be seen. lists apartment as a future use, To the east, Alatus LLC and Doran Cos. and the developer has shared are nearly done with the 319-unit Latitude 45. early plans with city of St. Paul Sherman Associates started work this week staff. on the 12-story, 122-unit Encore Apartments Weidner has spent at least along the Mississippi River. Ryan Cos. US Inc. $335 million acquiring exist- is working on two office towers, a new park- STAFF PHOTO: BILL KLOTZ ing apartment buildings in the ing ramp and three apartment buildings at The 30-story 4Marq apartment tower, at 400 Marquette Ave. in downtown Twin Cities since 2013, includ- Minneapolis, will open to renters later this year. Pre-leasing is expected to start 4MARQ to page 28 next month. WEIDNER to page 28 No shortage of challenges for Highway 53 project BY BRIAN JOHNSON United Taconite and thorize trunk highway Staff Writer RGGS Land and Min- bonds for the project erals, who say they in a potential bonding A tight schedule and design need access to the $220 bill during the special complexities have long posed property. MILLION session. challenges for planners of the Project backers “My guess is if Estimated $220 million Highway 53 relo- hoped to get $140 mil- there is some moti- project cost cation project in northeastern lion in trunk highway vation on the part of Minnesota mining country. bonds for the project Source: MnDOT House leaders to do Most recently, the Legisla- this spring, but the a general obligation ture’s failure to pony up fund- Legislature adjourned bonding bill, they will ing has added another layer of last month without taking ac- include Highway 53 trunk high- drama to the project, which will tion. It remains to be seen if the way bonds in that bill, because relocate a section of Highway 53 funding request will be taken up they are trying to get as many between Eveleth and Virginia. in a special session. votes as possible” to get the SUBMITTED RENDERING The Minnesota Department Sen. Scott Dibble, DFL-Min- two-thirds super-majority they Last fall, MnDOT recommended the so-called “E-2 route” as the of Transportation has to move neapolis and chair of the Sen- need for a general bonding bill, preferred alignment for the new Highway 53. The E-2 route is the Highway 53, a key corridor in ate Transportation Committee, Dibble said. northernmost route under consideration and includes construction the region, because it’s on land said Wednesday he assumes of a 1,100-foot bridge across the Rouchleau iron ore mining pit. owned by mining companies there will be an effort to au- HIGHWAY to page 28 MnDOT chose California-based Parsons to design the new bridge. 2 Finance & Commerce finance-commerce.com Thursday | June 4, 2015 730 2nd Ave. S., Ste. 100 | Minneapolis, MN 55402 730 2nd Ave. S., Ste. 100 | Minneapolis, MN 55402 Phone 612-333-4244 | Fax 612-333-3243 Phone 612-333-4244 | Fax 612-333-3243 www.finance-commerce.com www.finance-commerce.com Publisher – Michael Rifanburg Publisher – Michael Rifanburg 612-584-1537 | [email protected] 612-584-1537 | [email protected] EDITORIAL EDITORIAL Editor – Casey Selix Editor – Casey Selix 612-584-1556 | [email protected] 612-584-1556 | [email protected] Associate Editor – Jeff Sjerven Associate Editor – Jeff Sjerven 612-584-1575 | [email protected] 612-584-1575 | [email protected] Copy Editor – David Bohlander Copy Editor – David Bohlander 612-584-1527 | [email protected] 612-584-1527 | [email protected] Web Coordinator – Art Hughes Web Coordinator – Art Hughes 612-584-1549 | [email protected] 612-584-1549 | [email protected] Staff Photographer – Bill Klotz Staff Photographer – Bill Klotz 612-584-1562 | [email protected] 612-584-1562 | [email protected] Staff Writers: Staff Writers: Commercial Real Estate – Adam Voge Commercial Real Estate – Adam Voge 612-584-1577 | [email protected] 612-584-1577 | [email protected] Construction – Brian Johnson STAFF PHOTO: BILL KLOTZ Construction – Brian Johnson The proposed Town Center Station in Eden Prairie, just north of the Brunswick Zone 612-584-1525bowling |center, [email protected] could become the 612-584-1525 | [email protected] terminus of the Southwest Light Rail Transit line. Ending the line there is expected to save up to $195 million. Economic Development – Karlee Weinmann Economic Development – Karlee Weinmann 612-584-1553 | [email protected] 612-584-1553 | [email protected] Regional Planning & Transit – Cali Owings Regional Planning & Transit – Cali Owings Eden Prairie, Minneapolis612-584-1546 | [email protected] 612-584-1546 | [email protected] ADVERTISING SALES ADVERTISING SALES Advertising Supervisor – Kaila Broad Advertising Supervisor – Kaila Broad bear brunt of Southwest612-584-1539 LRT | [email protected] cuts 612-584-1539 | [email protected] Advertising Account Executive – David Seawell Advertising Account Executive – David Seawell 612-584-1545 | [email protected] 612-584-1545 | [email protected] the federal level. said she wanted the Southwest sta- Advertising Account Executive – Sheila Bennett Advertising Account Executive – Sheila Bennett Cutting three stations in Eden Prai- tion to keep progressing through en- Four scenarios 612-584-1544 | [email protected] 612-584-1544 | [email protected] rie and ending the line at the planned gineering because cutting off light rail outlined for reducing Golden Triangle station would save up Eventaccess Manager to – Amandathe main Dorn bus hub would be Event Manager – Amanda Dorn to $380 million with little need for re- 612-584-1534problematic. | [email protected] 612-584-1534 | [email protected] ductions elsewhere. Minnetonka May- Tyra-Lukens also pointed out that re- project budget or Terry Schneider said that option PUBLICducing NOTICE stations in Eden Prairie would PUBLIC NOTICE BY CALI OWINGS seemed the “most draconian” because 612-584-1563leave fewer | [email protected] employment opportunities. 612-584-1563 | [email protected] Staff Writer he said it was one-sided and didn’t fair- CIRCULATIONShe said the stations serving north CIRCULATION ly balance cuts. AudienceMinneapolis, Development Managerwhich– Disaare Mcclellan meant to en- Audience Development Manager – Disa Mcclellan Engineers for the Southwest Light Wednesday’s discussion focused on 612-659-7392sure access | [email protected] to jobs in the southwest 612-659-7392 | [email protected] Rail Transit project unveiled four sce- two scenarios that would cut two sta- metro, may not be justified if there are narios Wednesday for reducing the tions in Eden Prairie to terminate the NEWSfewer RELEASES jobs. Thereare welcome; are 5,000please send jobs to: within NEWS RELEASES are welcome; please send to: project’s estimated $1.99 billion bud- line near the Eden Prairie Center mall. [email protected] half-mile radius of the Mitchell Sta- [email protected] get back down to $1.65 billion. Building the so-called Town Center tion and 2,885 jobs within a half-mile Officials on the project’s Corridor station as currently planned north of Subscriptionradius of the Southwest Rates station. Subscription Rates Management Committee aim to spread a bowling center on Eden Road saves DailyEither Newspaper of the(Tuesday Town – Saturday) Center options Daily Newspaper (Tuesday – Saturday) $341 million in reductions throughout up to $195 million, by cutting the two 1 meansYear $249.00 between $52 million and $108 1 Year $249.00 the five communities along the 16-mile stations and the miles of track that Subscriptionmillion in Services cuts would be made else- Subscription Services line between Minneapolis and Eden are farther west.