Star Tribune Mon, 28 Apr 2008 03:33:41 GMT
Real estate: Opus likely to get extension
A tight market for top-tier office space in St. Paul could help Opus in its search for an anchor for its proposed development. Although the weak economy is leading to a softer office market, Opus Northwest remains optimistic that it will be able to meet a new deadline for securing an anchor tenant for its proposed redevelopment of a prime riverfront site in downtown St. Paul. Ramsey County commissioners reportedly have agreed to give Opus an additional six months to sign a tenant for the project on the site of the old West Publishing complex and adjacent county jail. The County Board is expected to approve the new agreement soon. On the surface, Opus would seem to have its work cut out for it in finding a large corporate tenant in downtown St. Paul, traditionally among the weakest office markets in the Twin Cities area. A recent report by the local office of Colliers Turley Martin Tucker said that, at the end of the first quarter, the vacancy rate for office space in downtown St. Paul was 26.3 percent, compared with 16.9 percent for the overall Twin Cities area.
[[keywords: LandUse;PropertyTax;Metro;]]
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