ST. PAUL, Minn., September 17, 2014 – Paster Enterprises, a leading owner and manager of retail and mixed-use developments in the Twin Cities, and Bader Development, an experienced multi-family property developer, announced today plans to redevelop Sibley Plaza. Paster Enterprises President Howard Paster and Bader Development Vice President of Acquisitions and Development Robb Bader made the announcement.
The redevelopment plan, which was presented publicly for the first time at the Highland District Council Community Development Committee meeting on Tuesday, September 16, outlines a brand new mixed-use development featuring retail and residential space slated for completion in Spring 2017. The plan calls for the existing building located on West 7th Street and Davern Street to be razed and replaced with a multi-story development including 97,600 square feet of retail space, and approximately 120 market-rate apartments. Steven Scott Management is the property management partner of Bader Development and will be responsible for the leasing and management of the apartments.
“Sibley Plaza was built nearly 60 years ago for a different community and a different time. After extensive research, we have determined that in order for this property to best serve the surrounding community, a fresh start is required,” said Paster. “We feel a great responsibility to give back to the community that has given so much to us over the past 60 years, and we are committed to building a project that will attract good neighbors and strong retailers that support and enhance the Saint Paul community.“
The proposal includes space for a 37,000-square-foot national fitness club; a 28,600-square-foot regional grocery store; a 13,600-square-foot pharmacy or a 6,000-square-foot restaurant and 2,000-square-foot coffee shop with drive-thru; and 120 apartments including studio, one-bedroom, two-bedroom and three-bedroom layouts. Additionally, 200 underground, heated and secured parking spots have been allotted for residents, and 414 surface parking spaces are planned for retail customers. The new development will also feature ample public spaces, with open architecture, greenery and pedestrian walkways and bike paths as prominent features.
“We understand that this property is part of Saint Paul’s gateway from the west,” said Bader. “We take this responsibility very seriously, and are dedicated to developing a warm, sustainable and positive environment that welcomes people to the community, and enriches the lives of its residents and neighbors.”
The planning and approval process is currently slated for completion in Summer 2015, with demolition of the existing structure and new construction beginning in Fall 2015. The developers anticipate resident move-in and business opening to take place in Spring 2017.
To download the rendering, click the image below:
About Paster Enterprises
Founded in 1948, Paster Enterprises is a family-owned leader in shopping center management and development that owns and manages more than 1,000,000 square feet of commercial real estate. For over 60 years, Paster Enterprises has planned, built, leased and managed attractive, successful shopping centers in the Twin Cities metropolitan area, as well as in greater Minnesota. Paster Enterprises is committed to helping retailers flourish and serving as an excellent corporate citizen in the communities in which they have shopping centers. For more information, visit www.pasterenterprises.com.
About Bader Development
Based in St. Louis Park, Bader Development brings more than 50 years of development and multi-family housing experience to our team. An award winning developer, Bader works closely with city officials and neighborhood residents, and the leasing and management teams on their properties to deliver high quality housing. Their two most recent developments The Ellipse on Excelsior and e2 were awarded Top New Development from Minnesota Multi-Housing Association in 2010 and 2014 respectively. For more information on Bader, please visit their website at www.baderdevelopment.com.
About Steven Scott Management
One of the Twin Cities’ largest property management firms, Steven Scott brings over 50 years of experiencing in managing over 8000 luxury, affordable and senior apartments. Locally owned and operated Steven Scott delivers quality results to all stakeholders including renters, property owners, employees and the neighborhoods they manage in. To learn more about Steven Scott Management and the properties they manage, please visit their website at www.steven-scott.com.