883 Payne Ave, St Paul, MN 55130
RETAIL For SaleYear Built: 1906
Floors: 2
| Space | Size | Type | Pricing |
|---|---|---|---|
| Mixed Use Property for Sale | SALE | $1,495,000.00 |
William Schultz - KW Commercial Premier - St Paul
PHONE: 6512166814
PHONE: 6512166814
A future owner of 883 Payne Ave would control a rare dual asset: a stabilized, cash-flowing mixed-use building and a true redevelopment site with its own surface parking lot on one of the East Side’s highest-traffic commercial corridors. Over time, the existing structure and parking area could be transformed into a larger mixed-use project with new residential units above modern commercial space. This mirrors several recent Saint Paul infill projects—such as the mixed-use redevelopment along Grand Avenue—where older restaurant and retail buildings have been replaced with multi-story apartment communities featuring ground-floor commercial space and structured parking. Payne Avenue has similar fundamentals, including strong restaurant anchors, growing foot traffic, and proximity to major catalytic investments such as the Hamm’s Brewery redevelopment and Plaza del Sol. Saint Paul is also one of the most active municipalities in Minnesota when it comes to incentivizing density, infill housing, and mixed-use redevelopment. The city frequently deploys tools such as Tax Increment Financing (TIF), Low-Income Housing Tax Credits (LIHTC), and other gap-financing programs to support projects that may not otherwise be financially feasible—especially those that add residential units, redevelop underutilized sites, or replace surface parking. A developer with the right vision could leverage these programs to create a financially viable project at 883 Payne Ave, potentially replacing the surface parking lot with structured parking and multiple levels of new housing while preserving or enhancing the corridor’s commercial vibrancy. Given its location, the property aligns closely with the city’s long-term strategy of increasing density while supporting walkable neighborhood retail, making it a compelling opportunity for an experienced infill or mixed-use developer.