Multifamily Development Site on Western and Laurel Avenues

Highlights

• The Property can support a multifamily development of 60-80 units, or another type of development
• +/- 0.57 acre parcel, currently the site of a 60 stall parking lot, in the popular Cathedral Hill neighborhood
• Zoned RM2 - Medium Density Multiple-Family Residential
• Current zoning permits a 50' tall multifamily development, or with a Conditional Use Permit, up to a 75' building with 50% of the building being supported by structured parking
• There exists the potential to add one or two stories of underground parking. The parking stalls can either be rented or sold to nearby condominium owners and apartment renters.
• The parking lot supports a consistent revenue stream to offset holding costs until a development is underway

Description

SVN | Northco has been engaged as the exclusive advisor to ownership for the sale of 122 Western Ave N, a +/-0.57 acre development parcel in the Cathedral Hill neighborhood of St. Paul, MN, on the corner of Western Avenue N and Laurel Avenue ("Property"). The Property is zoned RM2 - Medium Density Multiple-Family Residential, which permits a 50' tall multifamily development, or with a CUP, up to a 75' multifamily development with 50% of the unit count supported by structured parking. The Property can support 60-80 units.

The Property is located in the heart of Cathedral Hill, one of the most desirable neighborhoods in the Minneapolis-Saint Paul metropolitan area (the "Twin Cities"). Cathedral Hill is in close proximity to downtown Saint Paul, Selby Avenue (and its numerous restaurants and boutiques), and Grand Avenue, one of the most popular commercial corridors in the Twin Cities. The neighborhood is known for its elegant architecture, and cultural landmarks. Well-preserved Victorian and early 20th century homes line Cathedral Hill's charming tree-lined streets. The area offers a unique atmosphere with a range of dining options, from casual eateries to fine dining. You'll find bars, coffee shops, and entertainment venues in here. A rich history and famous landmarks add to the neighborhood's charm. Just blocks from the renowned Cathedral of Saint Paul, the James J Hill Mansion, and the University Club of Saint Paul, this parcel is well situated for a multifamily development project that will support top-of-market rents. A bus stop is located one block away at Selby and Western.

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