By Jon Kerr
Developer Gene Rancone certainly isn’t known for setting his sights low. And his plans for converting 26 acres of a gravel storage area alongside the Mississippi River and Highway 13 in the village of Lilydale into a commercial /housing development are anything but unambitious.
Stone Bridge Heights, when completed in two to three years, will be valued at about $60 million and include 55 to 60 townhomes, 30 row houses, two 23-unit condominium buildings and about 45,000 square feet of office and retail space on the site. The stone and stucco buildings will surround a park-like setting that includes a small lake and landscaped gardens that aim to give the development a European village feel.
“I think it will be one of the most unique projects in the Twin Cities,” said Rancone, whose long career in real estate development includes the Amhoist Tower (now Landmark Tower) office and residential high-rise in downtown St. Paul as well as the Yorktown development in Edina. “You and I would be able to sit there and have a nice cup of coffee and look down at the neighborhood. It’ll be a totally different feel from suburban areas.”
Residence at Stone Bridge Heights - which will almost double the population of tiny Lilydale and is being supported by tax increment financing to be repaid in an expected $1.25 million property taxes - will not come cheap however. The 2,500 square foot townhomes are expected to sell for $35,000 to $450,000, The 2,000 square foot condominiums will go for $300,000 to $400,000. Row houses will run $250,000 to $300,000 for about 1,7000 square feet.
“We could have really increased the density. But we wanted to cut down the number of units to keep the feel,” said Rancone, noting that initial interest in the development has been very strong. “I don’t think we’ll have any trouble filling the place.”
Lilydale officials were pleased enough with the concept to quickly approve the plan April 26.
“We feel it’s great. It’ll be a nice way to fill up the village,” said Mayor Ed Mullarkey. “We haven’t seen all the details yet. But it’s going to be a beautiful area and a nice improvement.”
Currently the site just west of I-35E is being used by Cemstone Products for storing aggregate needed for construction work at Minneapolis-St. Paul Airport. Mounds of sand and crushed rock still give little evidence that there might ever be a peaceful village atmosphere. But purchase of the area by Rancone and his son, Mike, anticipates full control of the site by August 2000.
Already some site preparation has begun, with first efforts focusing on relocating power lines across the property and bringing in nearly 70,000 cubic yards of fill to the former pit. Grading and addition of sound barriers will follow.
“We’re going to work around Cemstone until they vacate the sight,” said Gene Rancone, who hopes that some actual building construction might begin by early next summer. “But then you’re really going to see some changes.”