Oxbō Wins EDAM Redevelopment Project of the Year Award

​We're proud to announce that Oxbō, a luxury multifamily development in Saint Paul, has been named the Economic Development Association of Minnesota's (EDAM) Redevelopment Project of the Year!

The award is given to a project that is "the best example of a project that has demonstrated a significant impact on a neighborhood, community, region and/or state." EDAM is a "state-wide association of professionals who specialize in economic development." Members are from public, private and nonprofit organizations that help impact economic development. 

Completed and open for residents in spring 2017, Oxbō Luxury Mixed-Use Development delivered 191 apartment units with high-end condo finishes, upscale amenities and 11,500 square feet of fully-leased ground-level retail to Saint Paul's Seven Corners neighborhood. Saint Paul's downtown is currently undergoing a renewal that has stretched to this corner near the Xcel Energy Center, Ordway Center for the Performing arts and more. 

From the project's inception, collaboration amongst the project team, community members and city officials ensured the redevelopment would meet the needs of the neighborhood both aesthetically and functionally and the overall goals of the city, including sustainable design and construction principles. The building now enhances the neighborhood's pedestrian activity and commerce with vibrant retailers bringing activity to the street and enhancing the pedestrian experience.

In addition to the benefits to the community, Oxbō was unique from a real estate standpoint – it was the first fully privately financed, ground-up mixed-use multifamily development in downtown St. Paul in nearly two decades. In May 2017, IRET, a publically-traded real estate investment trust, purchased Oxbō and set a new high watermark for purchase price on a per-unit basis in Saint Paul. It was also evidence of continued strong investor interest in Twin Cities' mixed-use multifamily projects and a catalyst for additional development and investment.

This mixed-use project is providing increased employment and luxury living options. The new building will generate approximately $580,000 in tax revenue for the City and create and retain at least 50 jobs for the community. As a result of the remediation and redevelopment, there will be an increase of $46.5 million in the assessed property values and an increase of 91% in real estate taxes. The remediation and redevelopment resulted in an additional $52.5 million in private and public investment in the downtown redevelopment project.

Economic benefits from the project can be directly measured in financial gains from leased apartments and retail space, by the tax base increase for the City and by new jobs added to the neighborhood. Indirectly, surrounding businesses will benefit from the added population in the neighborhood stimulating the local economy. Local companies in the area will see an increase in the talent pool and the ability to attract and retain top talent as many people desire the live-work-play lifestyle offered by Oxbō. 

The award was presented at EDAM's winter conference in Minneapolis.