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5109-5125 W. 49th St., Edina
Dan Hunt, one of the most successful condo and apartment developers in Minneapolis during the past decade, filed for Chapter 11 bankruptcy protection this summer to prevent two real estate assets from going into foreclosure.
Hunt, who is president of Minneapolis-based Hunt Associates, filed for bankruptcy June 9 in U.S. Bankruptcy Court. He has liabilities of $18.5 million and assets with a “book value” of $26.3 million.
So railroad tracks on the west side of the unit, 100 on the east side and 50th street to the south blocking it from accessing the multiple on ramps and stores. And don't forget it is also right next to a gas station.
The townhouses are not replacing apartment buildings. The structures are double bungalows.
Hunt is in arrears on his residential property taxes as well. I am dismayed that City of Edina does not consider the financial worthiness of developers as part of the overview of the planning process. The project was pitched and repitched, each time coming closer to what is allowable by existing building code. Edina City Planning Commission spent a lot of time listening to the pitches. As a resident living in the impacted area, I would like the Edina City Planning Commission to stick to the Comprehensive Plan which was developed and approved not long ago and not reinterpret our neighborhood, Todd Park/Brookside as part of the Grandview Plan. The townhouses are replacing two fourplexes and a ramshackle settler's house. The market for the new project is a moving target. Hunt put out one plan after another until one stuck.
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