St. Louis Park-based Paster Properties closed a $ 2.15 million property sale related to its 112-unit multi-family development project near the renovated Texa-Tonka Mall in St. Louis Park.
Paster Development LLC sold the properties at 7916 Minnetonka Blvd. and 2901 to 2939 Texas Ave. S. to another Paster entity, Texas Tonka Apartments LLC, according to a certificate of real estate value released on August 19.
In February, the city approved Paster’s plans to develop the site with a 101-unit apartment building and 11 townhouse units. The site is located at the northeast corner of Texas Avenue and Minnetonka Boulevard. Townhouses will stand on the northern half of the site, according to the city.
Mike Sturdivant, director of real estate development for Paster, said construction would begin shortly. The Paster team includes Yellow Tree Construction, DJR Architecture and Steven Scott Management.
Jennifer Monson, senior planner for St. Louis Park, said Monday that a building permit for the residential development is expected to be issued within the next two to three weeks.
With a public footpath through the site, the residential area development will help connect the neighborhood to the Texa-Tonka Mall and “surrounding amenities” such as Rainbow Park and Cedar Lake Trail, according to the city.
Scheduled for completion in fall 2022, the project includes an affordable housing component. The city says 20% of the units in the development will be affordable to households at 50% of the region’s median income.
The Texas-Tonka Mall is located on the northwest corner of Minnetonka Boulevard and Texas Avenue. Paster bought and renovated the mall and is filling it with tenants, including the Revival restaurant, Monson said.
Sturdivant said Revival opened last summer and Angel Food Bakery will be arriving soon.
“We have seen a huge amount of rental activity even through COVID,” Sturdivant added.
Finance & Commerce reported in 2019 that Paster paid $ 4.58 million for the 54,159 square foot mall at 8000 Minnetonka Blvd., and $ 1.79 million for a 16,874 square foot bowling alley in the across the street.
The seller, Fine Properties, built the mall in 1952 and added the bowling alley in 1958. At the time of the sale, Sturdivant told Finance & Commerce that Paster planned to renovate the mall and create a new outdoor seating area. .
Finance & Commerce first reported on the apartment development project in January 2020. At the time, Sturdivant said the Texa-Tonka neighborhood had a lot of potential to “create its own sense of place” in the area. the city.
A small area plan completed by the city in 2019 examined a variety of “development scenarios” for the Paster property, including multi-family residences and townhouses.
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