Development Roundup Aug. 2018

By JANE MCCLURE

Aeon gets funds to rehab Como by the Lake

Work to retain affordable housing at Como by the Lake continues. The affordable housing complex for senior citizens and people with disabilities at 901 E. Como Blvd. is being purchased and rehabilitated by nonprofit housing provider Aeon. The St. Paul City Council July 25, acting as the Housing and Redevelopment Authority (HRA) Board, approved the sale of up to $7.3 million in conduit tax-exempt housing revenue bonds and approving a waiver of the city’s developer fee for the project.

The purchase of the 99-unit building, which includes 57 Section 8 units, will keep the property affordable for its tenants. Residents organized in 2015 after the previous owner announced the property sale that could have forced out many low-income residents.

Aeon acquired the building in late 2016 and extended the Section 8 contract for another 20 years.

Aeon has extensive experience as a developer, owner, and manager of affordable rental housing, for both families and individuals. Earlier in 2018, Aeon secured HRA funding approval for the acquisition of Larpenteur Villas in St. Paul, which was part of a larger portfolio acquired by Aeon.

Aeon is drawing on a wide range of financing sources for the $15.3 million Como by the Lake project.

Projects receive STAR funds

About $2.7 million in 2018 Neighborhood Sales Tax Revitalization (STAR) grants and loans won St. Paul City Council approval July 18. Area projects fared well in the final action. This year the program had a focus on small businesses and business proposals that are meant to fill vacant storefronts.

Projects funded include improvements for Sabrina’s Café and Deli, 518 N. Snelling Ave. Neighbor SC Upholstery, 641 N. Snelling Ave., also had building improvements approved, as did Snelling Coffee, 638 N. Snelling Ave.

Black Hart Properties, which purchased the venerable Town House bar at 1415 University Ave., also saw its request for exterior and interior improvements approved. Modernization of a building at 860 Vandalia St. for the Jobs Foundation Tech Dump electronic recycling program made the cut, as did tenth-ranked Can Can Wonderland’s (755 Prior Ave. N.) request for lighting and sound improvements.

Several other area projects were turned down.

Livable Communities funds

Metropolitan Council, at its July 25 meeting, approved four Livable Communities grants for St. Paul projects. The funds are to be used for projects that provide affordable housing, clean up of polluted sites, promote mixed-use development along transit lines, and meet other development goals.

Cities have to participate in the Livable Communities program to submit projects for funding.

One grant funded is $28,924 for the redevelopment of the northwest corner of University Ave. and Dale St. The grant is for environmental assessment and cleanup planning for a mixed-use development that would include a business incubator, professional offices, small business entrepreneur training center, and up to 60 units of affordable housing.