SPMU, LP is the largest project this development group has undertaken with a total project cost exceeding $110,000,000. SPMU is currently fundraising and will ultimately be comprised of 35 investors contributing $17,500,000 in EB-5 investment. This project involves the rehabilitation and repurposing of a former U.S. Post Office in St. Paul, Minnesota and is today known as “Custom House.” This seventeen story building features over 700,000 square feet of space and will be converted to a 152 room Hyatt Place hotel on the lower floors with the upper floors being converted to rental apartments. A parking structure will also be built.
This project will be funded by EB-5 investment, a construction bank loan, developer equity, and historic tax credits proceeds. Investors will begin filing I-526 petitions in January or February 2015 in cooperation with International Creative Capital, a regional center covering the entire State of Minnesota.
Below you will see a photograph of the SPMU building as well as a visual to understand its attractive location in downtown St. Paul.