I waved Dianne Kyte, a realtor with Coldwell Banker South Metro, over to my corner office at GBM yesterday morning to ask her for an update on the status of the residential condo building at The Crossing where she lives. She confirmed that Highland Bank has taken over ownership of it from the developer, Mendota Homes. (The bank foreclosed on the property 6 months ago.)
Dianne has the listing for the seven unoccupied finished units (street address: 101 St Olaf Avenue N). And yes, the prices have been slashed. (continued)
Unit 202 (which we had planned to buy) had been originally listed for $350,000+. It’s now listed for $199,000. Highland is pursuing the sale of the remaining 35. There are 55 total in the building.
Brian O’Connell, Northfield’s Community Development Director, confirmed via email that he and the bank are currently in discussions about improving the condition of the property and site maintenance for it. I neglected to ask him how those discussions relate to the City’s discussions with PiperJaffray (TIF note) that I blogged about in early May, but I’ll follow up with him on Monday about it.
For more background on this, see all the blog posts here tagged The Crossing.