JLT Plans $1B CRE Project

JLT Group, a diversified real estate development and investment company based in St. Paul, Minn., has reported plans for a one-billion-dollar St. Paul commercial real estate project.The so-called Bridges of St. Paul project envisages a mixed-use retail, residential, and entertainment complex encompassing approximately 550,000 square feet, JLT said. The site will include a hotel, a spa, movie theaters, and about 3,000 residential units. Jerry Trooien, founder and president of JLT Group, said the project "will provide a gathering place for the entire region by transforming the St. Paul waterfront into an enormous array of opportunities and experience." Financing for the project will come through a combination of public funding and private equity/financing, according to Jay Lindgren, a person associated with the project. JLT is seeking about $75 million in tax assistance from the city of St. Paul for building infrastructure related to the project, he said. Mr. Lindgren said mortgage financing is "very likely" to be involved, but he could not give any details.