The Saint Paul Condo Blog

Penfield collects on stimulas

The Minneapolis St Paul Business Journal has reported today that part of the $3.8 Million dollars dolled out by the Minnesota Department of Employment and Economic Development is going to help the "blighted" Penfield project.  The developer is looking to get $550,000 as long as the City of Saint Paul matches the funds.

What's this mean for the development?  Hopefully it will mean it will be easier for the developer to find financing for the project now that there is more financial support (on top of the nearly $10 Million in TIF it is already approved for).  Even thought the condo portion is gone in favor of apartments, I do hope this project can get off the ground.

Hopefully, we will see a press release in the coming days from the partners of the Penfield giving us an construction update.

Posted by Bud Kleppe on April 10th, 2009 2:44 PMPost a Comment (2)
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