Just Sold: Wellington closes on Blaine development site.

Byline: Anne Bretts

Editor's note: "Just Sold" is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State's Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded. Full prices are available on the CRVs posted here.

St. Paul-based Wellington Management Inc. has closed on the 75-acre site in Blaine for Lexington Meadows, a mixed-used development planned for land once considered for a Minnesota Vikings stadium.

Lexington Meadows LLC closed Oct. 10 on the $1.965 million purchase of the site at 10840 Lexington Ave. N. from United Hospital Foundation, part of St. Paul-based Allina Health System. The price works out to $26,200 per acre.

Wellington President Steve Wellington admitted Monday that he's scrambling to complete site work needed to allow Plymouth-based Dominium to close this month on its purchase of 5.5 acres for The Legends of Blaine, a 192-unit affordable senior housing complex.

As Finance & Commerce has reported, the site lies in the southwest quadrant of 109th Avenue Northeast and Lexington Avenue Northeast. It is north of the Interstate 35W-Lexington Avenue interchange, near Cub Foods, Home Depot, Walmart and other commercial development.

"It's a very complicated site," Wellington said, noting that the land is so marshy that less than half of it can be developed. He said he has been working with the city, the Rice Creek Watershed District, the U.S. Army Corps of Engineers and others to get approvals fora mix of apartments, a day care center, offices and retail. Dominium's project is the only part of the development that has been confirmed.

The Legends units would range from 800 to 1,200 square feet of space and one to three bedrooms, with amenities including a fitness center, a theater room and heated underground parking. Dominium has developed at least nine similar projects under The Legends brand.

Purchase price: $1.965 million

Price per acre: $26,200

Last sale: N/A

Property ID: 23-31-23-11-0001; 23-31-23-12-0001

Date of deed: 10-10-18

ECRV released: 10-10-18

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