Penfield Condos in Saint Paul Canceled
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
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.