The row homes are a prime example, she said, exceeding initial projections by 72%. Pulte Homes, the company behind the existing units, elected not to acquire another 7.5 acres in 2022, so Ryan is now in talks with another potential developer. Building the infrastructure would help make the project viable for that partner, Michalski said.

While developers across the Twin Cities metro and beyond are struggling to get projects to pencil out – or make financial sense – in the current economic environment, those building in St. Paul have said the city’s rent stabilization policy makes it particularly difficult to get lenders and investors on board. In response to those concerns, Mayor Melvin Carter last week urged the City Council to permanently exempt new construction from the ordinance.

It remains to be seen whether the council will take up Carter’s request. When asked whether such a change would move the needle for Ryan’s projects at Highland Bridge, Michalski sent a statement saying that they look forward to hearing more about the specifics of the proposal.

“We all want to see the area be vibrant and thriving,” she said. “The neighborhood wants to see it. The city wants to see it. We want to see it. So we’re all striving towards the same goals here.”

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