Luther Seminary in negotiations to sell Eustis Street apartments
Luther Seminary is in discussions with a potential buyer for the Sandgren and Burntvedt apartment buildings, located on the lower part of the seminary campus on Eustis Street.
The potential buyer owns property in the area and, if the sale goes through, plans to maintain the buildings as apartments with seminary students receiving priority leases, said seminary spokeswoman Diane Hummon. The apartments would then open to area residents, she said.
Both the buyer and Sonshine Learning Center, an early childhood education center located in the Sandgren building, have indicated interest in keeping the center in the building, Hummon said.
The seminary has gone through an extensive process to get to this point, Seminary President Rick Foss said in a news release. In November, requests for proposals were sent out. In early December, the property task force began sorting through many offers.
“Having a partner who is committed to both the seminary and the surrounding communities is critical,” Foss said. “We were looking for the buyer who would best meet our requirements for the sale by continuing to offer affordable housing to Luther Seminary students, upgrading the buildings both inside and out, and paying us a fair market value. We believe we have found a strong partner for this project.” On Feb. 8, the Luther Seminary board approved the task force’s recommendation to proceed with the purchase agreement and due diligence phases of the purchase process with the potential buyer. Assuming everything progresses according to plan, the deal will be signed and the sale of the two apartment buildings, along with the maintenance building to the south of the apartments, will be completed in July. The open green space to the south of the buildings along Como Avenue is not part of the negotiations, Hummon said. Luther Seminary plans to keep the community informed and involved by providing regular updates at the monthly St. Anthony Park Community Council Land Use Committee meetings. The next meeting will be held Thursday, March 6, at 7 p.m. at South St. Anthony Rec Center, 890 Cromwell Ave.—Kristal Leebrick