Assessing a Fee on the 46th & 46th Condos

BIG UPDATE: I misread Steve Brandt’s article about who owns the 46th & 46th property. It turns out that Premier Bank owns a different blighted Longfellow property on Dight near 42nd St. (A block west of Minnehaha Ave.) I believe it would be considered Phase II of the 42nd St Lofts.

46th & 46th has had some cosmetic improvements over time. The mobile home showroom has been removed and the weather worn advertising tarps have been removed. But it’s still shown no sign of movement toward addressing the hole in the ground at the entry to the City of Minneapolis from the Ford bridge.

I curse the long-stalled development at 46th Ave S & 46th Street every time I pass it. I’ve written about them a few times in the past here. Sadly, Master properties appears to have abandoned the thing and it now resides in the hands of Premier Bank in Maplewood. (see intro) Who wants a condo foundation?

46th & 46th Condos?
March 2009 Blight. Same as July 2010 Blight.

Finally, this property appears to be getting some attention from the city. According to Steve Brandt at the Strib, the City of Minneapolis is looking at assessing the property owners a fee to cover the maintenance costs a private company is offloading onto the city:

Council Member Sandra Colvin Roy, who has fielded complaints about a stalled condo project at 4526 46th Av. S., proposed the fee’s extension. Committee member Lisa Goodman liked the idea so much that she asked if it could be made retroactive to when a project stopped; it can’t, a city attorney concluded.

The bank that owns the property, obviously, opposes the fee. Perhaps it will give them the motivation they need to do something with the property, or put it in the hands of someone who will?

The bank claims it can’t sell the property for $500,000, which – as I understand the laws of supply and demand – probably means that it’s not worth $500,000 in this market, in its current condition. Perhaps Premier Bank could convert the property back into a lot, which would allow prospects to see past the potential of condo ruins? Or, hit a selling price that considers the work someone will have to put into removing the condo ruins in order to repurpose the property for something else.

2 thoughts on “Assessing a Fee on the 46th & 46th Condos”

Leave a Reply

Your email address will not be published.