Ed Conley, principal with CCI Properties, recently purchased the four-story building at Wabasha and Seventh streets in downtown St. Paul that was formerly known as the Viking Apartments. He’s planning a major upgrade, right down to its long-lost witch’s hat-style turret.

The 1890s-era building, located at 467 Wabasha St., until recently housed the Just/Us restaurant on the main floor, as well as dozens of low-income tenants. The structure is currently vacant.

“It’s the last Queen Anne Victorian building left in downtown St. Paul,” Conley said in an email.

Conley intends to modernize the building, including replacing its heating system, while keeping 20 percent of the units rent- and income-restricted for low-income tenants for at least 10 years. He plans to enroll the building in the city’s 4(D) program, which offers property tax savings to landlords who keep units affordable.

Initial plans call for 30 studio apartments and four one-bedroom apartments, as well as a ground-level restaurant or commercial space.

Conley also hopes to buy a vacant surface lot at 471 Wabasha St. from the city’s Housing and Redevelopment Authority at fair market value, with the goal of having it serve as a parking lot, as well as a potential outdoor seating area for the future restaurant or outdoor green space for tenants.

“It all depends on who the restaurant tenant is,” said Chuck Repke, who is representing Conley in discussions with the city. “We’d obviously like to have some parking there.”

Among his historic renovation projects, Conley and CCI Properties have restored three contiguous buildings in the northwest corner of Selby and Snelling avenues.

Competing demand for the HRA lot is entirely possible.

“We’re intrigued by the proposal,” said Joe Musolf, principal project manager for the St. Paul Department of Planning and Economic Development, “and per the HRA’s disposition policy we have published our consideration of this offer through the (online) Early Notification System.

“We’ll possibly see other interest emerge as a result of the ENS, and we’ll compare and consider any other offers that emerge.”