CLA (CliftonLarsonAllen LLP) has secured $11 million in opportunity zone funding for a multifamily, ground-up development located in South St. Paul, Minn. Since 2019, the firm has raised $350 million for opportunity zone projects. The Beard Group was approached by the city of South St. Paul to develop this project.
The project, known as The Yards Phase I, will provide the city with much-needed rental housing in the form of 154 market-rate apartment units at the corner of Grand Avenue and Concord Exchange. The development will have views of the Mississippi River and offers an impressive amenities package, including an outdoor dog run, lounge and game rooms, an outdoor pool, party deck, and underground parking. With a Phase I cost of $37 million, the building is expected to open in third quarter 2022.
“The Yards represents a catalytic opportunity for South St. Paul and is a demonstration of the critical partnerships needed to advance redevelopment and infill developmen
