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Ironton developing Multifamily Historic Rehab along Central Corridor

chittenden_eastman

The Chittenden and Eastman Building

On Tuesday, October 4th, Executive Insight Series speaker Jim Stolpestad of Exeter Realty discussed Ironton Asset Fund’s plans for the Chittenden & Eastman Building, which should be ready for occupancy by Fall of 2012.

Ironton is taking advantage of Minnesota and Federal historic tax credits to rehab the property and develop 104 market rate rental units.  The Chittenden & Eastman Building (“C&E”) is located on the future Central Corridor Light Rail line in St. Paul, just three stops from the University of Minnesota campus.  The apartments will be moderately priced and targeted primarily at non-students, working adults and those in the arts community.

Stolpestad has a successful history with urban multifamily projects, including Cobalt Condominiums, which is anchored by a Lunds store, in Northeast Minneapolis.  His company’s track record, and the fact that Ironton provided cash for the purchase of the distressed building, facilitated the perfect opportunity to reinvent this section of University Avenue.  While the C&E building owner received many offers, ultimately Ironton purchased the property on a short sale, for $1.6 million (asking price was $3.5 million) and acquired C&E in the Fall of 2010.  Ironton is scheduled to close on financing next week and begin the ten-month construction period.
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