St. Cloud could sell land worth $158K to developer ... for a dollar


The City of St. Cloud is considering selling a piece of land worth $158,000 to a developer – for just $1.

Makenda LLC wants to build 46 loft units on the empty lot at 523 St. Germain St., the St Cloud Times reports, but the cost of developing the land is so high that it is looking for a little help from the City Council.

The St. Cloud Economic Development Authority (EDA) on Tuesday agreed to set a public hearing to discuss selling the property to Makenda for $1, the newspaper notes.

The sale will be subject to a review by the city's financial advisors, but would be an intriguing arrangement considering the money the city has previously spent on the property, and how much it's now worth.

The EDA's agenda for March 3 reveals the city bought the site in 1992 for $97,500 (just over $162,000 in today's money) and then spent a further $103,700 shortly afterwards demolishing the building on the lot.

It is currently being used as a parking lot, and the EDA agenda shows the estimated market value of the 10,560-square-foot property currently stands at $158,000.

Makenda says the $1 purchase price is based on a "financing gap" the company had previously mentioned about the project, as well as "the unique site constraints."

The lofts will be priced at between $165,000 and $280,000 and will be tailored towards younger and older adults who want an "urban style of living," according to the planning application.

It will include two studios, 37 one-bedroom and seven two-bedroom units.

Next Up

Northern Metals

Firefighters battling large blaze at Northern Metal site in Minneapolis

The fire sent a plume of thick smoke into the skyline.

Screen Shot 2021-04-21 at 12.10.00 PM

Charges: St. Cloud woman maced, fatally stabbed man in alley

A 36-year-old man was pronounced dead at St. Cloud Hospital 32 minutes after the 911 call was made.


Gasthof's building in Northeast Minneapolis is for sale

The restaurant opened in 1992 and has been closed amid the COVID-19 pandemic.


1 dead in single-vehicle crash in Kandiyohi County

Deaths on Minnesota roads are up approximately 20% from the same point last year.

Irwin Jacobs home

Neighbor sues to block estate from dividing billionaire's Lake Minnetonka property

The estate of Irwin Jacobs wants to build six new homes on the late businessman's property.


In the better burger battle, does Culver's trump In-N-Out?

A website says Culver's is far superior to In-N-Out.

George Floyd mural

Darnella Frazier, who filmed the video of Floyd's arrest, reacts to guilty verdict

Frazier's video challenged the initial narrative of Floyd's arrest presented by the Minneapolis Police Department.

Burnsville police shooting

Man fatally shot by police near I-35W in Burnsville is identified

The suspect killed in the incident is from western Wisconsin.

covid, vaccine

Mayo Clinic opens vaccine appointments to non-patients

After a rush for appointments, other vaccine providers are also reporting more open appointments.