Funding

Funding Needed
$34.8 (Mio)
EB5 Funding
$17.5 (Mio)
EB-5 Investors
35
Investment Amount
$500,000

Jobs

Job Creation per Investor
14.4
Job Creation (Total)
505
Category
Accommodation and Food Services
Sub-Category
Hotels (except Casino Hotels) and Motels

Location

State
Minnesota
Location
St. Paul, Minnesota.

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Hyatt Place Hotel, St. Paul, Minnesota


Developer Name
Red Leaf Development & Exeter Group LLC

Project Description

This project involves the rehabilitation and repurposing of a former U.S. Post Office in St. Paul, Minnesota and is today known as “Custom House.” This seventeen story building features over 700,000 square feet of space and will be converted to a 152 room Hyatt Place hotel on the lower floors with the upper floors being converted to rental apartments. A parking structure will also be built.

Project Timeline

Property Acquired : August 2013
Historic rehab approval :
a. Part 1 approved in December 2013
b. Part 2 approved in June 2014
Start of interior demolition : May 2015
Start of full construction : July 2015
End of construction : September 2016
Operational business : 2016


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