Construction of the first of four planned Riversedge multi-use downtown skyscrapers could get underway along St. Paul’s river bluff as soon as the fall of next year. But that’s only if a few key ingredients come together, including major financial commitments from state and local leaders.

And those are big “ifs.”

The $788 million project from Minneapolis-based AECOM is seeking $80 million in public subsidy, half of which Ramsey County officials hope will come from the state Legislature via the next bonding bill.

And the other $40 million half?

“It’s being discussed. … We’re beginning conversations with the city, too, in terms of how the project gets financed and staged,” said Josh Olson, the county’s deputy director of Community and Economic Development. “It could be city, it could be state, it could be federal (subsidy) because the project is in a national park.”

HOW TAXPAYER MONEY WOULD BE USED

That $80 million would be devoted to the “public realm” of the project. There would be nine acres of publicly-accessible land over the Canadian Pacific/Union Pacific railway tracks, including pedestrian- and bike-friendly ramps zigzagging from Kellogg Boulevard to Shepard Road and the actual edge of the Mississippi River.

A “lid,” or shelf-like area built over the railroad tracks, would turn what previous developers had envisioned as a 5-acre building project into a 12-acre attraction. It would be oriented toward downtown but accessible to and from locations 80 feet below Kellogg.

Aecomm took a look at county’s 5-acre site and said, Can we redevelop 12 acres? Turn buildings 90 degrees and reorient them toward downtown. Double “FAR.” Create a public realm connecting Kellogg to Shepard Road with pedestrian and bike friendly ADA ramps… pic.twitter.com/VytX3kQDdm — Frederick Melo, Reporter (@FrederickMelo) October 21, 2019

Along Kellogg Boulevard, sunken atriums situated between each tower would allow clear views from downtown to the river, while providing meeting space at ground level.

“It’s been a shame that really the only places you can access the river is Jackson and Sibley (streets), or the Science Museum stairs, or Eagle Street,” Olson said. “This is really about transformation.”

Olson joined AECOM managing principal Brian Dusek for a joint presentation on the Riversedge project to the Greater St. Paul Building Owners and Managers Association in downtown St. Paul on Monday. A similar discussion is likely to unfold with the Ramsey County Board on Tuesday.

A CHANGE IN DIRECTION

A previous developer, Phoenix-based Cardon Development Group, envisioned some 2,000 to 2,500 parking stalls extending down along the bluff. Olson said that at $26,000 per stall, the county would have to likely chip in substantially to help cover all or most of some $52 million in parking costs. That partnership ended in September 2017, the latest in a series of delays for redeveloping the vacant, county-owned land where the West Publishing buildings once stood.

Rather than just “filling a hole” with buildings and hoping for the best, he said “we’ve gone from a five-acre site to 12 acres, with 9 acres of public realm.” Olson called the $40 million legislative ask Ramsey County’s “number one bonding priority.”

The seven-member county board, which entered into a preliminary development agreement with AECOM last winter, will receive the latest update on the project Tuesday and decide whether to extend the agreement for several more months of planning and due diligence. Public subsidy isn’t the only hurdle before them.

“What we’re waiting for now is negotiations with the railroads and the electric company,” said Ramsey County Commissioner Rafael Ortega, in a brief phone conversation. “That’s what they’re going to report on. That’s the main issue for now.”

TO BE BUILT IN PHASES

AECOM’s Dusek said the project would roll out in phases, with the two residential towers on the eastern side of the property built first. The first tower would be home to a 168-unit hotel, 56 condos, and 4,000 square feet of retail space. The second tower would host 350 apartments and 7,500 square feet of retail space. Between the two buildings, there will be 500 parking stalls.

Overall, the four towers would span 30,000 square feet of retail, and 950,000 square feet of modern office space built from the ground up to attract large employers.

Some skeptics have questioned why developers would build more office space downtown when so many units are being converted into residential housing, and some 21 percent of “competitive” office space (units that are not owner-occupied or government workplaces) remains vacant downtown.

Dusek said downtown St. Paul has failed to attract large new employers because it lacks modern, contiguous, high-end office space — places where big companies can occupy 150,000 square feet or more.

“The reality is it’s been 20 years since (that type of office space) has been built in downtown St. Paul,” said Dusek, who promised “large floor plates, with parking amenities that connect to retail amenities.” Even if the buildings don’t fill with new jobs, they could be retrofit down the line for residential uses, he said.

Overall, the site would host up to 1,600 parking stalls. While the site would not contain any affordable housing, AECOM has suggested making a $5 million donation instead to a housing fund. County officials have yet to approve or deny that recommendation, but the topic drew intense discussion at a board meeting held in April.