West River Commons
4610 and 4630 E. Lake Street
West River Commons is a new mixed-use development planned for the Longfellow neighborhood flanking the Mississippi River. The project will lie directly west of the bridge from St. Paul, and with that thought in mind, the developer has designed a building that offers a transition to the parkway and a new neighborhood. A small park will be on the far-east end of the project. The project involves the construction of a three- and four- story mixed-use building with underground parking for 74 cars and an additional 35 surface spots. Existing buildings on the site have been demolished to make room for the development.
The mixed-use building will feature 53 rental apartment units, of which 12 units are to be designated as affordable housing units with project-based Section 8. The project will also construct three town homes for sale to private individuals. Approximately 7,925 square feet of commercial space is designed to be on the easterly side of the project. Proposed use of this Lake Street frontage commercial space includes a restaurant, coffee shop and one small retail shop.
|
Developer: |
Gateway Real Estate L.L.C. |
|
Financing: |
$800,000 Tax Increment Financing $8.2 million tax-exempt housing revenue bonds with Low Income Housing Tax Credits $500,000 Multi-Family Rental and Cooperative Housing Fund Loan $100,000 CEDF loan |
|
Total Development Cost: |
$11,492,400 |
|
Number of Units: |
23 one-bedroom units 5 one-bedroom with den units 11 two-bedroom units 14 two-story rental town homes |
|
Number of Affordable Units: |
12 |
|
Construction Begins: |
Summer 2002 |
|
Completion Date: |
Fall 2003 |
December 2002
Last updated Oct. 28, 2011