A Cushman & Wakefield/NorthMarq Brokered Deal
The Old Village project in Lake Elmo just got a new push forward. Two large parcels of land have been put on the market, ready for developers to grab.
For sale are a 263-acre plot and another that could be nearly as big, according to city administrator Dean Zuleger.
The sale of either parcel could kick off work on the Old Village, the downtown renovation project that would add as many as 1,600 homes to the city. The project has been discussed for more than two decades.
Zuleger said the 263-acre plot is owned by Anchor Bank and is east of the downtown area near the Lake Elmo Airport.
Pete Schiltgen, who owns the other parcel, would not say Monday, May 20, exactly how much land is for sale.
Schiltgen said he would not be selling the 100 acres surrounding the Schiltgen family farm, a picturesque site on Minnesota 5. In 2008, he told the Pioneer Press he owned 350 acres around the farm.
Schiltgen, 81, is a little remorseful about the sale but said it was inevitable. “This is one of those things that is going to have to happen,” he said.
That’s because of a Minnesota Supreme Court ruling in 2004. The court ruled that the Metropolitan Council could order Lake Elmo (population 7,000) to grow by 17,000 people by 2030.
The Met Council wants more Lake Elmo customers hooked up to its sewer lines, to help pay for them. Almost all homes and businesses in the city have septic systems.
After nine years, the city has added only a handful of residences and businesses to the sewer system.
But 2013 is shaping up to be a breakthrough year. The catalyst, administrator Zuleger said, was the Lake Elmo City Council’s approval in March of extending the sewer line to the Old Village area.
Zuleger said interest in the two new parcels will be strong. He said commuters will be attracted to Lake Elmo’s access to highways, with Minnesota 36 to the north and Interstate 94 to the south.
“Lake Elmo is the last really good infill project in the east metro area,” he said.
Source: St. Paul Pioneer Press