The Minnesota Pioneer Press announced that the publication’s former building at 345 Cedar Street will be turned into “workforce housing.”
What is workforce housing?
The newspaper explains: “The ‘workforce housing’ apartments would be aimed at low- to middle-income workers unable to afford the luxury housing that has sprung up in recent years downtown and in other parts of St. Paul and Minneapolis.”
Bill Bisanz, CEO of Real Estate Equities, notes that “the rents will be 30% to 50% lower than other choices downtown.”
Construction on the proposed 143-unit apartment building will start this year – summer or early fall – and be complete in about a year.
Bisanz will purchase the building from the Stencil Group of South Dakota, which has owned the building since 2015. He is asking the city of St. Paul for $24 million in conduit revenue bonds, and plans to reimburse the money through rent payments.