Tuesday, work will officially begin on a $54 million housing and retail development on University Avenue, close to St. Paul’s Westgate light rail station, according to the Minneapolis/St. Paul Business Journal.
Led by Indiana based developer Flaherty and Collins, the project, called the 2700 University Project, will include 248 apartments and 3000 square feet of retail space, the Journal reports.
The Star Tribune reported that “50 of the units will be reserved for people who earn 50 percent or less of the area’s median income, while the rest will rent for market prices, which are estimated to be $1,400 to $1,500 on average.”
The Pioneer Press wrote that the project will be financed in part by the St. Paul Housing and Redevelopment Authority, the Metropolitan Council, the Local Initiatives Support Corporation, BMO Harris Bank and the National Equity Fund, Inc.
The apartments are expected to open in the fall of 2016, according to the Pioneer Press.
