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Friday, May 9, 2008

Adrift on the riverfront with no anchor

Star Tribune Thu, 08 May 2008 23:25:07 GMT
Ramsey County officials to vote on riverfront development deal

Ramsey County commissioners will be voting Tuesday on an amended deal with the developer that wants to transform the county's downtown St. Paul riverfront property into a mix of office, hotel and condo space. Opus Northwest canceled the original $10 million purchase agreement last month to retain $250,000 of earnest money. It hadn't found an anchor office tenant, a requirement to get the $200 million project moving, the developer said. Under the amended purchase agreement, made public Thursday, Opus will give the county a $125,000 nonrefundable payment in exchange for a six-month extension to find an anchor tenant. If Opus continues with the project, it would pay an additional $875,000. Should Opus end the agreement, it must give the county all reports and studies related to the property.

[[keywords: LandUse;Ramsey;]]

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