St. Paul Port Authority strikes deal to redevelop Midway Stadium site
- Blog Post by: James Walsh
- June 24, 2014 - 3:17 PM
Midway Stadium is not going to remain a lonely, empty ballpark for long.
The St. Paul Port Authority has struck a redevelopment deal with United Properties, owned by the Pohlads, to turn the longtime home of the St. Paul Saints into a mixed use industrial property once the Saints have moved to their new home in Lowertown.
The deal means that the Port Authority and United Properties will co-own and operate the site, splitting the risk and, eventually, the rent that comes once the 12.8-acre site is redeveloped.
About 190,000 square feet of building is projected for the site. Spokesman Tom Collins said the Port Authority's contribution to the deal is the land and infrastructure costs, including tearing down the stadium and getting the site ready for development. United Properties will pay the cost of new construction at the site.
Construction at the site is expected to begin in the spring of 2016 and should be ready for occupancy by that fall, according to the agreement. The project's proposed budget, including a $9 million contruction loan, is $15 million.
The agreement anticipates a future workforce at the site of more than 200 employees.
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