With plans advancing for a new bus rapid-transit line from downtown St. Paul to the eastern suburbs, a prominent developer has placed a bet on its potential to attract housing and jobs with a land buy near a future station in Oakdale.
Indianapolis-based Scannell Properties, which in recent years has emerged as one of the most active industrial developers in the Twin Cities, last month purchased nearly 30 vacant acres in the Oaks Business Park, surrounding on three sides the site of the Helmo Avenue Station along Metro Transit's proposed Gold Line bus rapid transit, or BRT, route.
According to real estate records, Scannell paid approximately $2.9 million for the land to an affiliate of the Carlson Real Estate Co., which has been incrementally building the 55-acre park since 2006 near where Interstate 94 meets the 694/494 loop.
Carlson announced in 2015 it had partnered with the Opus Group on plans for the Helmo Avenue acreage that included 450,000 square feet of new space for offices and other uses. A year later, the spot was finalized as a potential stop along the BRT line after a new bridge over I-94 connecting Oakdale and Woodbury was added as part of the alignment.
Oakdale Community Development Director Bob Streetar said the firm subsequently began working with the city on an altogether different concept for the site, which, with the BRT route now firmly established, has the primary distinction of being the largest undeveloped parcel along the 9-mile route connecting downtown St. Paul's Union Depot with Woodbury.
Ideas for the Helmo site have accordingly evolved from all- office into a transit-oriented, mixed-use development, keying off the workers and residents the Gold Line could provide.
"We see at it as a TOD site, with principles such as pedestrian friendliness and higher-density types of housing," Streetar said. "Basically, what we're looking at is anywhere between 700 and 900 units of multifamily housing, around 150,000 square feet of commercial office and maybe 20,000 to 25,000 square feet of retail in this area.
"This includes not only the property that Scannell bought from Carlson, but also the existing Crossroads office/industrial park on the west side of the bus guideway. It's grounded in what the market is looking for now."