The property, located in the heart of downtown, will house a mixed-use development which includes apartment, retail, and hotel space.
CLA Helps Raise $30 Million for St. Paul Opportunity Zone Development
St. Paul, MN — CliftonLarsonAllen Wealth Advisors, LLC, is pleased to announce that it has secured $30 million in opportunity zone funding for a mixed-use development located in downtown St. Paul.
The project, known as the Seven Corners Gateway development, is located across the street from the Xcel Energy Center. The property is owned by Kaeding Development Group, who will use the funding to construct a six-story, 144-unit apartment building as well as a 120-room hotel on the site. The development will include retail, underground parking, and a public plaza. This is the third Kaeding Management Group property for which CLA has helped to secure funding.
“CLA helped us identify this site as a potential Qualified Opportunity Zone development site, and the CLA Opportunity Zone team stepped in to inform us on the benefits offered by the program,” said Carl Kaeding, owner of Kaeding Management Group. “I appreciate that they had a team ready to answer our questions and advise us along the way.”
Tony Hallada, managing principal with CLA Wealth Advisors, oversaw the capital raise. “We’re pleased to have been part of this project,” said Hallada. “This is an exciting addition to downtown, and with its proximity to the Xcel Energy Center, many other downtown amenities, and transportation routes, will surely be an attractive option to both current residents as well as visitors to St. Paul.”
In addition to the capital raise, CLA (CliftonLarsonAllen) will provide ongoing professional services for the Oppportunity Zone fund supporting this project.
A national leader in the Opportunity Zone space, CLA combines deep experience in the real estate industry, tax, and investment management services to offer stakeholders a broad spectrum of insight into the full benefits of the Opportunity Zone program.
CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, outsourcing, audit, tax, and consulting services. With more than 6,100 people, 120 U.S. locations and a global affiliation, we promise to know you and help you. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.