Penfield Condos in Saint Paul Canceled

An upscale condominium project that was to be downtown St. Paul's first residential high-rise in over 20 years is the latest victim of the condo market demise. The Penfield, a 33-story tower being developed by St. Paul-based Sherman Rutzick & Associates in conjunction with Minneapolis-based Alatus Partners, was expected to be developed at 100 E. 11th St.  

The Penfield condos were priced from about $200,000 to more than $1 million.  The Penfield condo tower had been designed to incorporate some of the historic St. Paul Public Safety Building on the two-acre site. Planned amenities included a dog-walking deck, DVD screening room, and a fitness center and spa.

The project was canceled after only about 80 of the project's 313 condo units were presold. Lenders typically have required presales of at least half of planned condo units before construction can proceed. Lending requirements have become even tighter in the past year, after the subprime mortgage meltdown.

The developers received rights to the site about three years ago.  The downtown land is owned by the St. Paul Housing and Redevelopment Authority. The city had planned to provide about $9.6 million in tax-increment financing for the $131 million project.

For now, its back to the drawing board to determine what will be built at the location now.

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