Politics & Government

SLP Closing on $2.25M, 3 Acre Plot Near Proposed Beltline LRT Station

The city plans to eventually sell or lease the land.

In the next several weeks, St. Louis Park will close a deal to purchase a 3.16 acre plot of land just northeast of the tentative Beltline station for $2.25 million.

The Economic Development Authority voted Monday to authorize a $2.85 million loan to the city's Development Fund to cover the cost of acquisition—in addition to the costs of environmental investigation, demolition and administration.

In addition to its proximity to the Beltline station, the property’s value comes from its “prominent location east of Highway 100,” visibility along Highway 7 and “the difficulty of assembling more than three acres in St. Louis Park,” according to an August staff report.

A 12,000 square-foot industrial building, currently leased month-to-month by the Professional Instrument Company, Inc., on the 4601 Highway 7 plot will be razed by the city.

“It’s in poor condition and structurally obsolete,” economic development coordinator Greg Hart told the city council in August.

The EDA hopes eventually to fund the purchase by selling or leasing the property in the future to a developer “consistent with the city’s station area plans.”

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