Presbyterian Homes and Services is expected to break ground this month on a $143.8 million senior housing complex at Highland Bridge with the support of $135 million in conduit revenue bonds approved by the Saint Paul City Council and the Housing and Redevelopment Authority (HRA) Board on May 26.
Two buildings are planned on the northern edge of Highland Bridge, the name for the 122-acre redevelopment on the site of Ford Motor Company’s former Twin Cities Assembly Plant in Highland Park. The buildings will provide a total of 300 units of independent living, assisted living and memory care housing for residents age 55 and older.
The first building at 825 Mount Curve Blvd. and 822 Woodlawn Ave. will have 182 apartments on four floors, including 102 units of independent living, 40 units of assisted living and 40 units of memory care. One hundred and fifty-one parking spaces will be provided within the structure along with a two-level “town center” offering a variety of health-related
The second building at 820 Mount Curve will have five stories, 118 independent-living apartments, a 99-space parking ramp and 4,000 square feet of ground-floor retail space. It will be joined to the first building by a skyway over Mount Curve.
The two buildings, which should be completed by January 2023, are expected to create 265 temporary construction jobs. The senior housing component will result in the creation of 62 permanent full-time-equivalent positions with an average salary of $43,830 per year.
“This is a really good project and a good use of conduit revenue bonds,” said Ward 3 City Council member Chris Tolbert, who chairs the HRA Board.
Conduit revenue bonds are used by nonprofit organizations as a way to benefit from the city’s credit standing, according to Jenny Wolfe, debt administrator in the Saint Paul Department of Planning and Economic Development. The city acts as a pass-through entity for the bonds, and the status of their repayment does not affect its credit standing.
Presbyterian Homes was founded in 1953 when its first senior housing project was built in Arden Hills. Today it serves more than 27,000 seniors at more than 50 facilities in Minnesota, Wisconsin and Iowa.
Highland Bridge will be Presbyterian Homes’ fourth senior housing facility in Saint Paul. It also owns or operates the 11-story, 193-unit Central Towers in downtown; the 260-unit Carondelet Village at 525 S. Fairview Ave. in partnership with the Sisters of Saint Joseph of Carondelet; and Lexington Landing, a 154-unit building that opened several months ago at the intersection of Montreal Avenue and West Seventh Street in partnership with the J.S. Wedum Foundation. A second, 91-unit building at Lexington Landing is currently being developed as senior housing, also in partnership with the Wedum Foundation.
— Jane McClure
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