VOLUME 34, NUMBER 1
©2018 Real Estate Publishing Corporation
January 2018
Allianz Field Construction Moving Along at Rapid Pace Redevelopment plans around new soccer stadium call for mixed-use development By Liz Wolf
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llianz Field – the future home of Minnesota United FC – is taking shape and on track for a
spring 2019 completion. The $200 million, privately-financed stadium is being constructed at the intersection of Snelling and University Avenues, off Interstate 94, in St. Paul’s Midway neighborhood. It’s being built on a vacant bus barn site that previously was used by Metro Transit. Part of the Midway Shopping Center, including anchor tenant Rainbow Foods, was also razed to make way for the stadium. “Everything that we need for stadium construction, which is the first phase of this giant redevelop-
ment, has been demolished,” says Hannah Burchill, marketing and PR manager at the city of St. Paul. “There’s still some foundation cleanup continuing,” she adds. Site is part of superblock The stadium site is part of a 34.5-acre superblock. The city of St. Paul has a master plan to guide redevelopment of this large urban area with the new stadium as the anchor. The area is bounded by UniversiStadium to page 10
The New Tax Bill: Boom or Bust for Commercial Real Estate? By Jeffrey Shea and Patricia Weller, Monroe Moxness Berg
primary concern to owners and operators of commercial real estate.
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Changes to Section 179 of the Tax Code According to Congress, one of the primary goals behind of the new Act was to stimulate reinvestment by companies into their facilities. The Act seeks to accomplish this by providing generous depreciation treatments and cost recov-
et’s jump right to the conclusion: the real estate industry is one of the winners under the recently passed Tax Cut and Jobs Act (“Act”). Although the new Act affects many aspects of the Tax Code, this article will focus on three of
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Weller
eries for improvements made to facilities and equipment purchased and placed into service after December 31, 2017. The Act increases the maximum amount a taxpayer may expense under Section 179 to $1,000,000 and the maximum cost of eligible equipment and improvements (before the phase out Tax Bill to page 14