Edwards Jones Mortgage, LLC, a joint venture between Wells Fargo and investment firm Edward Jones, will close next month.
Real Estate
Indeed Brewing Company plans to double its production capacity through a $250,000 upgrade; 612Brew, meanwhile, will open its taproom on Wednesday.
A plan from The Minnesota Sports Facilities Authority calls for 11 percent of Vikings stadium construction contracts to go to women-owned firms and 9 percent to minority-owned businesses; only work by Minnesota companies will count toward the goal.
Chad Arthur Anderson received a five-year sentence, while Troy Allen Huston was sentenced to four years and nine months; their fraud scheme involved 32 Minnesota properties.
Construction on a total of 1,344 new Twin Cities homes began last quarter, up 57 percent from the same period in 2011 and the largest fourth-quarter growth since 2007.
Brookfield Properties, which is looking to exit the Twin Cities market, has agreed to sell the building to a California-based real estate investment trust.
HomeServices of America, which made a handful of acquisitions last year, plans to continue its growth with additional purchases.
M.A. Mortenson Company, Hunt Construction Group, and Skanska AB have submitted bids to oversee construction of the stadium.
Infor’s current lease at Lawson Commons is set to expire in mid-2015, and a spokesman said the company always explores its options when a lease is up for renewal but added that Infor’s need for physical space in St. Paul has diminished.
The Kresge Foundation, led by former McKnight Foundation President Rip Rapson, unveiled a 50-year blueprint for Detroit and pledged $150 million to help revitalize the ailing city.
Minneapolis-based real estate brokerage firm HomeServices of America, which made a series of acquisitions last year, has continued the trend into the new year with its purchase of California-based Guarantee Real Estate, one of central California’s largest brokerage firms.
The City of St. Paul previously selected the company to design and build the new Saints stadium, but public opposition to the contract award prompted the city to seek competitive bids.
The band’s leaders did not disclose the names of the hotels, although sources told local news outlets that they are the Crowne Plaza and DoubleTree in downtown St. Paul.
Bell State Bank & Trust’s parent company is acquiring Minnetonka-based The Business Bank and its mortgage division; together, the two companies originated nearly $3 billion in mortgages last year.
U.S. Bancorp said that its portion of the $8.5 billion settlement includes $80 million in cash and about $128 million in mortgage assistance services; Wells Fargo, meanwhile, will pay $766 million in cash.
For the full year, there were 4,275 residential construction permits issued for a total of 9,035 units—nearly double the number of total units permitted in 2011.
Where are all the gas stations going?
Vélo, which will cater to residents with active lifestyles, will offer 101 luxury units and its first level will include 12,000 square feet of retail space.