St. Paul said Tuesday it has finalized financing for the Penfield project, a housing and retail complex that has been in the works since 2004.

The city said in a news release that the financing will close within 30 days with construction of the project expected to start soon afterwards.

“The Penfield project is catalytic, not just for downtown, but for all of St. Paul,” Mayor Chris Coleman said in a statement. “It will drive business along the Central Corridor and provide the quality, full-service grocery store our downtown residents having been seeking for many years.”

The project will include 254 market-rate apartments and a 27,000-square-foot Lunds grocery store. The City Council approved the project in December.  read the rest (Source: Minneapolis / St. Paul Business Journal)