Opus backs out of $10 million real estate deal
Opus Northwest's plan to redevelop a section along the riverfront in downtown St. Paul backed out of its $10 million commitment. (PioneerPress.com)
The current residence of approximately 600 county workers in the Ramsey County Jail and the former West Publishing building was to be demolished in order to accommodate high-rises with offices and condos.
"Our plan was really dependent on securing an anchor tenant, and obviously, in this economy, that proved to be impossible," said Tim Murnane, Opus' point leader of the project.
Conditions of the existing contract between Opus and Ramsey County called for Opus paying $900,000 this month in order to exclusively market the property, leading to its decision to back out, though Opus will continue to market the site.