The project brings a 154 unit multi-family, market-rate apartment development to South St. Paul, Minnesota, with support from Opportunity Zone funding.
CLA (CliftonLarsonAllen LLP), one of the leading professional services firms in the U.S., has secured $11 million in Opportunity Zone funding for a multi-family, ground-up development located in South St. Paul, Minnesota. 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 broad insight into the full benefits of the Opportunity Zone program. Since 2019, the firm has raised $350 million for Opportunity Zone projects.
The project, known as The Yards Phase I, will provide the city with much-needed rental housing in the form of 154 market-rate apartment units at the corner of Grand Avenue and Concord Exchange. The development will have views of the Mississippi River and offers an impressive amenities package, including an outdoor dog run, lounge and game rooms, an outdoor pool, party deck, and underground parking. With a Phase I cost of $37 million, the building is expected to open in Q3 2022.
Spearheading the project is The Beard Group, a full-service real estate development company. With experience working alongside local governments in redevelopment and mixed-use projects, The Beard Group was approached by the city of South St. Paul to develop this project.
“The Yards represents a catalytic opportunity for South St. Paul and is a demonstration of the critical partnerships needed to advance redevelopment and infill development in challenging markets like South St. Paul’s Opportunity Zone,” said Ryan Garcia, economic development manager for South St. Paul. “From the onset of our engagement with The Beard Group, their entire team was committed to collaborate creatively and methodically toward the achievement of a shared vision.”
Bill Beard, The Beard Group president and CEO, worked closely with CLA Wealth Advisors to secure funding.
“The Beard Group is excited to help meet the emerging demand for residential options in South St. Paul and to play a part in the city’s broader revitalization plan,” said Bill Beard. “The Yards project brings additional housing options to the Concord Exchange commercial area and we hope it serves as a catalyst for further investments in this desirable neighborhood.”
CLA played an instrumental role in the capital raise, and the firm also provided tax advisory and compliance services, financial model development support, consultations on structure, and guidance on Opportunity Zones, deploying its full suite of services.
“CLA is excited to accelerate this project, which will bring new high-quality, multi-family rental housing to this area for the first time in decades,” said Tony Hallada, managing principal with CLA Wealth Advisors, who oversaw the capital raise. “We are grateful for the opportunity to collaborate with The Beard Group and to contribute to the success of this community.”
Skydeck Capital, a private investment firm based in Chicago, served as the lead investor.
“Skydeck Capital is excited to partner with The Beard Group in delivering innovative housing solutions to downtown South St. Paul,” said Evan Wood, principal with Skydeck Capital. “We appreciate the community’s vision for the Concord / Grand Avenue Gateway and look forward to being a part of the progress.”
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CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, digital, audit, tax, consulting, and outsourcing services. With nearly 9,000 people, more than 130 U.S. locations, and a global vision, we promise to know you and help you. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.