Fuji-ya Site Now Being Developed By Heritage Development
Suprise! The Park Board recently sold the Fuji-Ya site to Jeff Arundel and Columbia Development to build a condo development with parking on the first level to be leased to the Park Board. The general shape of the building met with the Park Board's approval.
Now it seems that somehow Arundel and Columbia are out of the picture. Did they turn a quick sale to someone else right after buying it from the Park Board?
From a July 15 story by Star Tribune business columnist Neal St. Anthony titled "On business: Low-profile developer ready to make waves":
The residential building boom downtown on the Mississippi River is going to get even bigger if "The Wave" washes ashore.
A low-profile Little Canada developer next week will present to Minneapolis planners a $55 million condominium development project north of the 3rd Avenue bridge on the west bank of the river that also would incorporate the abandoned Fuji-Ya restaurant site.
Comments
When asked about what happened to Arundel and Columbia development, Neal St. Anthony said: "I think Arundel now is a minority partner of Heritage on the deal."
This seems to beg the question: Did Arundel misrepresent himself and Columbia Development in order to buy the Fuji-Ya at a better price? Now that it is a major part of a $55 million development project, maybe the sale price was too low?
This last question especially since the Park Board really can only net $1,625,000 maximum in value from it and only a maximum of $875,000 in cash which is encumbered by state law as to its specific uses.
Posted by Taxpayer (not verified) | Wed, 07/27/2005 - 7:11am | Login to post comments