Affordable-housing project in St. Paul finishes with help of stimulus funds

Federal stimulus dollars are helping complete the rehab of a new affordable-housing apartment complex opening this week in downtown St. Paul.

Residents are moving into the Art Deco-style Minnesota Building, which first opened as office space in 1929.

Jamie Thelen is the CEO of Sand Companies, which assisted in the redevelopment. Thelen said the soft office market downtown is providing opportunities for other vacant buildings to be converted into rental housing.

"There's a number of buildings available. The times are getting better, and it's a little bit easier to find financing for projects," Thelen said. "I think with light rail coming to downtown, it's going to be a huge bonus, and I think downtown St. Paul will be even a better place to live."

Thelen said many of the building's new tenants work downtown.

Two other downtown buildings are also being transformed into affordable housing, but many other redevelopment projects have stalled due to the tough economy.