St. Paul is getting a $1 billion project for $75 million.
JLT Group, headed by Jerry Trooien, is preparing to ask the City of St. Paul, MN to create a tax-increment district to finance $75 million of a $1 billion retail project. "The Bridges of St. Paul", a 75 acre development, is envisioned as "a bustling, pedestrian-oriented complex of shops, waterfront restaurants and as many as 4,000 apartments and condominiums." Mayor Randy Kelly is optimistic about the future of the project, as well as the City's role in financing it, as JLT is only asking 7.5% financing from the city. The project is not without detractors. "People aren't going to drive past [a big box store] near their home just to get to this one," David Brennan, a marketing professor at the University of St. Thomas explained. Construction is slated to start in 12 months.
Thanks to Adam Weiss
Read the full story: ST. PAUL: Developer makes pitch for river project, public aid
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