Redevelopment of the original 3M headquarters site in St. Paul’s Dayton’s Bluff neighborhood edged forward recently with news that the St. Paul Port Authority awarded the developer of the project $355,932 for demolition of several buildings on the site.
Don’t worry: The Art Deco-style headquarters structure, known as Building 21, will remain as developer Jim Stolpestad’s Ironton Asset Fund moves forward with its renovation into office space.
Four other buildings on the 6.36-acre site will be demolished to make way for parking, according to Monte Hilleman, spokesman for the Port Authority. The Authority was awarded $355,932 for demolition and infrastructure costs, according to a news release issued by the Minnesota Department of Employment and Economic Development.
The project is expected to create 61 jobs, retain 150 other jobs and increase the tax base by $230,000, according to DEED. Other funds for the project will come from the Port Authority and the developer.
Stolpestad, of course, is best known for many unique projects in the Twin Cities, including three of the four corners at the Grand Avenue and Victoria Street intersection in St. Paul (Think: Café Latte) and the Highland Crossing Shopping Center in the city’s Highland Park neighborhood (Think: Barnes & Noble).
Janet Moore covers commercial real estate for the Star Tribune.