Long-awaited Tanners Lake development plan in Oakdale includes apartments, townhomes
The west side of Tanners Lake in Oakdale, formerly the site of two restaurants and a glass-repair company, will soon be home to a 126-unit apartment building and 12 townhomes.
The 3.25-acre lakeside project, just east of Century Avenue and north of Hudson Boulevard and Interstate 94, is being developed by McGlynn Partners and Boo Realty. Construction is expected to start soon, said Jim Boo, the owner of Boo Realty.
The project includes market-rate apartments and townhomes and a number of public attractions such as a boardwalk, patio, pier launch and lakeside amenity building, Boo said.
Key selling points were the area's proximity to the headquarters of 3M Corp. in Maplewood, and the recent opening of the new Metro Gold Line, the $505 million 10-mile bus rapid transit line that runs between Woodbury and St. Paul, Boo said.
'We know there's a need,' Boo said. 'It's a wonderful site with the connectivity and the lakeshore. It feels like what should be there, including the townhouses that are on the thinner piece of land. We tried to blend two different uses. It's taking something that's not performing and turning it into something that should be good for the community. We're very cognizant of the connectivity and the water amenity, and we're excited about it.'
City officials have worked for more than 15 years to redevelop the property. Plans for condos, a hotel, medical offices and different restaurants have all previously fallen through, said Andrew Gitzlaff, the city's community development director.
'It feels good to finally get this going,' he said.
The two parcels that make up the majority of the site once housed restaurants Toby's on the Lake and Blackie's Eatery and Saloon. The city's Economic Development Authority in 2008 received special legislative approval to form a redevelopment tax-increment financing district to purchase the former Blackie's Eatery site on the north side for about $1.5 million and demolish the building, Gitzlaff said.
In 2014, the city's EDA purchased the parcel to the south, the former site of Toby's on the Lake, for $843,000. The total capital expenditure for both sites was approximately $2.4 million, including demolition, Gitzlaff said.
The Minnesota Department of Employment and Economic Development recently awarded the city of Oakdale $430,937 for soil stabilization and stormwater infrastructure on site. Officials anticipate the project will increase the tax base by $326,107 and leverage $32.1 million of private investment, DEED officials said. Matching funds will be provided by the developer.
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Oakdale owns a park, Tanners Lake Park, on the east side of the lake that features a beach for swimming. The lake has a 10 mph speed limit.
The city is contributing $4 million in tax-increment financing assistance for the project, but the developers will pay the city the full amount for the two city-owned properties, which is approximately $2.4 million, Gitzlaff said.
The project is targeted for completion in 2026, Boo said.
'We hope that within 18 months, we're putting silverware in the drawers,' he said.
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