St. Louis Park EDA approves amended BeltLine Station redevelopment deals with deeper affordability, early‑start work

The St. Louis Park Economic Development Authority on a unanimous vote approved three actions to move the BeltLine Station redevelopment toward construction: amendments to the mixed‑use and affordable housing contracts, a revised purchase agreement for the EDA land, and an early‑start agreement for limited site preparation.

The measures clear the way for Sherman Associates to proceed with a 6.6‑acre, four‑component redevelopment immediately north of the Green Line LRT Beltline Station that the EDA estimates will include about 380 units, 82 of them designated as affordable at various area median income (AMI) levels, a structured parking ramp and neighborhood commercial space. Redevelopment administrator Dean Porter Nelson told the EDA that “the parking stalls need need to be operational 3 months prior to the opening of the Green Line extension, which is anticipated for 2027.”

Why it matters: The EDA said the project will add residential units, commercial floor area and long‑term property tax revenue to St. Louis Park while ensuring deeper affordability than previously approved. The amended affordable contract increases deeper affordability in the affordable building by adding 20 units at 30% AMI and 23 units at 50% AMI, compared with the earlier mix that leaned heavily on 60% AMI units.

The project and the approvals The redevelopment, proposed by Sherman Associates, consists of a seven‑story mixed‑use building, a four‑story affordable building, a five‑story market‑rate building and a structured parking ramp with neighborhood commercial space. Staff described total private investment of about $147,500,000 for the full project and said the EDA’s total financing assistance across TIF notes and other tools is approximately $15,830,000 under the updated package.

Under the amended purchase agreement Sherman would pay the full $3,390,000 appraised value for the EDA parcel and $1 for the affordable‑housing parcel at closing, but the developer may defer part of…