Real Estate

St. Paul officials will soon take up a master plan that would turn the former Hillcrest Golf Course into an industrial area, neighborhood and city park.

Driving the news: The St. Paul Planning Commission will hear staff present the plan for the 112-acre site on Friday and then begin a public hearing process.

Why it matters: If approved, the project would bring:

• 1,000 housing units on the north side, with the highest density at the McKnight and Larpenteur intersection.
• 54 acres of light industrial land that would be home to 1,000 jobs.
• A five-acre public park.

In a span of about two months, developers will break ground on high-rise towers on opposite ends of downtown Minneapolis.

Why it matters: News like this was commonplace during downtown's boom from 2014 to 2020. But Minneapolis housing development has slowed dramatically in late 2020 and early 2021 following COVID-19, civil unrest and crime concerns, as well as new city housing regulations.

• Investors betting hundreds of millions of dollars that people still want to live, work and play downtown is a great sign for the city.
• "None of it has knocked us on our back," said Minneapolis Downtown Council president Steve Cramer.

Project for Pride in Living released images and details for how it plans to redevelop the Lake Street Wells Fargo branch that was damaged in the 2020 riots.

Why it matters: As the rebuilding of Lake Street continues, this an important project near the high-trafficked Nicollet Avenue intersection.

Minnesotans are getting their proposed property tax statements this week, and most of you are probably noticing a hike in what you have to pay next year.

Driving the news: Overall 2022 preliminary property taxes statewide will increase by 4.5%, according to a report released this week by the Minnesota Department of Revenue.

• That compares to last year, when overall taxes only went up by 2.1%.

Zillow has gathered data to show the most popular ZIP codes in the Twin Cities metro.

• The real estate marketplace analyzed viewership data on its listings to find the median number of views per ZIP code.

The intrigue: Top searches don't always equate to sales, but people love to look at homes in the west metro, as well as Eagan — and more specifically, areas with lots of homes in the $400,000-$500,000 range.

Friends and foes of a strict rent control ballot question in St. Paul have turned up the dial on the debate ahead of Tuesday's election.

Why it matters: Proponents say the initiative will protect renters from large increases that displace them from their homes.

• But opponents say the measure will halt the development of new buildings and exacerbate the housing shortage here.

Minneapolis voters will be asked on their ballots to give City Council the power to create a policy that would limit how much landlords can raise rent on their tenants.

What they're saying: Candidates Sheila Nezhad, Kate Knuth and A.J. Awed all said they support rent control.

• Nezhad and Awed endorsed Minneapolis United for Rent Control's proposal to tie annual rent increases to inflation or the consumer price index.
• Knuth supports rent control but didn't specify what type of cap she would back. She wants to make sure it doesn't limit new housing development or hit small landlords.

Another wave of Minnesotans who are behind on their rent could face evictions this week.

What's happening: Starting Tuesday, property owners can end leases for any legal reason and file to evict tenants who are behind on rent but haven't applied to the state's rent assistance program.

• Landlords are required to give 15-day notice.

Why it matters: Evictions destabilize families and have financial repercussions that make it difficult to rent in the future.

• Landlords, meanwhile, argued this summer that the ongoing protections were putting them in a tough spot, especially when it came to evicting problematic tenants.