INFORMATION #3 08-18-1997 - Laserfiche WebLink

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MONDAY, AUGUST 11 · 1997 Developer does well on farm deal , would have a market value of Tlre~Krueger farm was on the market for more thaa~ a year before "There comes a time When the demographics developer Uob Brackey bo~,gl~rit are right for development'''' in 1994 for nearly $2 milbon. Brackey, owner of Brac's Auto Parts Inc., in St. Paul, sold the 37- acre woods ahnost iminediately for an upscale housing project to Arcon Development Inc. The price was $1.1 million; Arcon also paid another $357,137 for water and sewer hookups. I1~ that transaction Brackey recovered slight!y more titan half of what he is paying over several years for the entire 101 acres. Brackey also sold nearly 12 acres to Menards for nearly $1.8 million in Au§ust 1995. Rick Packer, Arcon Development Inc. "You can rest assured that he did very well. And we did, too," said Rick Packer, a project man- ager with Arcon and a member of the Metropolitan Council. Brackey, who refused to b'e in- terviewed for this article, contin- ues to do well on property taxes. He still owns 49 acres of the for- inet Krueger farm, and the Wash- about $2.6 million and would be taxed about $110,000. Packer said Arcon Develop- ment expected that it would take three years to sell most of the 77 lots in the 37-acre housing devel- opment, but the demand for lots is so high that it has taken just two. ington County Assessor's office "Ther'e comes a time when the still classifies it as agricultural demographics are right for devel- property. Including the house that opment," Packer'said.. was torn down last year, the 49 ' Although built in the former acres has a market value for prop- woods and advertised as "wood- e rty tax purposes of $ l 10,000, and he will pay $1,810 in 1997 property taxes, county records show. If the land were classified as vacant commercial property, it ed lots," Packer acknowledged that' by the time the streets and utilities are pUt in, "you don't have much of a woods left." ~ Dennis Cassano' Star Tribune Photo by Mike Zerby The 77 lots in this 37-acre development on the former Krueger property are advertised as "wooded," but once streets and utilities are put in, "you don't have much of a woods left," said Rick Packer, project manager.