Sun Sailor
After financing issues have plagued the 325 Blake Road project, a new issue has been thrown into the mix: Alatus, the developer for the project, may be out.
The Minnehaha Creek Watershed District unanimously voted March 27 to send a notice of termination for the real estate purchase agreement with Alatus, leaving the future of the project in flux.
Alatus was chosen by both the city of Hopkins and the watershed for the project in 2021. The project is for four buildings and 33 proposed townhomes developed by Alatus, as well as 8,000 square feet of retail space and 9,000 square feet of standalone restaurant space.
So far, the only building completed in the project is the Chorus Apartments affordable housing complex at 1295 2nd St. NE. The rest of the project has been plagued by financing issues, a common thread in many redevelopment projects during the last few years.
Watershed President Sherry Davis White said the project had “significant outstanding issues,” “open questions” and was “out of compliance with the purchase agreement.”
The developer may remain on the project if it can meet certain conditions.
“We are still effectively under contract. … Alatus does have 30 days to cure or remedy, and of course, through that time period we remain open to conversations with Alatus as to what exactly that might look like,” said James Wisker, the district administrator for the Minnehaha Creek Watershed District.
By Natalie Cierzan