St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-02-12


While there was no distinct change in
the situation last week, operations i'll
the real estate market in st. Paul took
more definite shape, and there was
clear and distinct progress toward the
active trading that it is not unreasonable
to expect in the spring. There were
transactions that were expected to have
been carried through that failed, one in
particular, in the very heart of the bus
mess portion of the city. Several other
important properties, that for several
weeks have been under consideration,
were dropped, for the time being,
at least. and possibly for gooA. In some
other cases the negotiations were more
successful, and several high-prlccd
pieces were negotiated for.
<x*
The week has also been characterized
by what may be called new feature,
Perhaps it should be spoken of as the
re-intrOduction of plan spoken of by
the GLOBE several weeks ago, and that
is an effort to quietly buy up, by a syn
dictate. as much Of the desirable and
available property as can be secured
between Third and Eighth streets and
Pine and a point little above the Seven
corners. This scheme has been carried
forward very quietly indeed, and up to
the time the GLOBE published it, the
plan was successfully carried out. Con-
siderable property between the points
named was secured, and many of the
most desirable lots were bought up by
| the syndicate. The prices, as near as
| can be learned, ranged from $3.50 to $500
per front foot.
These purchases were not made with
view especially for Improvement.
| though the syndicate stood ready and
| has abundant means to improve II 1t
| should become desirable to do so at any
time hereafter. The primary object the
| organization had in view was simply to
| secure, all things. considered, some OF
the cheapest and most desirable proper
| ty in st. Paul at price much below
! its true value. In this it has been mod
erateIy successful. 1t has bought freely
| and is still in the market for more when
it can secure lots for such prices as it
has heretofore purchased, or even at a
moderate advance. The organization
is i'll no hurry and has money enough to
wait as long as is necessary.
The example furnished by the rapid
advance in value of all the property be-
| tween Third, Eighth, WabaSha and
Jackson streets taught everybody les
son and demonstrated to all that the
| most valuable real estate in st. Paul,
both now and forever, lies within the
| district bounded byWabasha and Eighth
streets and Dayton's bluff and the river.
1t has come to be a conceded fact that
the railroads and heavy warehouses will
ultimately crowd out everything
! ole EnIn
and Eighth streets, and per-
haps even beyond the latter
street. All the railroads are very much
cramped for room. They have no suit
able place for their cars, and every day
| these cars can be seen strung along far
down the river front at DaytCn's bluff,
up Trout brook. around the north part
of the city, even out to Hamline and be-
yond, while the Milwaukee & st. Paul
road has it's tracks IN front Of the city
filled far up the river. AS new railroads
| new trackage will, necessarily, be re-
quired, and sooner or later this matter
will come to be a serious one.
These and similar considerations
have influenced the gentlemen who
constitute the syndicate referred to. and
it is the general idea in their minds that
all this lower town property spoken of
must sooner or later become business or
railroad property. AS residence prop
erty it must give way. The general din
and the whistling of the locomotives
will necessarily, it is claimed, crowd
out all residences, and cause everything
OF that nature to give way. AT present
all the property in this general locality
is cheap. On Broadway, Olive, Pine
| and other streets i'll that section, lots
can be purchased for reasonable figure
that will soon come to be very valuable.
~
| There is an unmiStakable tendency to
crowd out into that district north oil
the city. on and around Rice street
This property has always been neg
lected and held at very cheap prices
Even at the present day all the district
ridiculously low figures. Rice street
as it is to-day. is very different from
the same street few years ago. From
one end to the other it is now All active
business thOrOughfare, full of hustle
and life. On each side of it have gath
cred thousands of people who are indus
trious aud thrifty, and so far as can be
seen there is not district in st
Paul more prosperous than is thi:
Rice street district. A large
part OF the street has been macada
| miZed and street cars are running out Il
Maryland avenue, and will soon be run
| ming to Como and Phalen avenue. The
, | Northern Pacific. the 800" and Othel
roads are running in and making theil
J ! connections, so as to get into st. Paul
! Of the 100000 inhabitants now in st
! Paul not one-Quarter of them have am
,, idea Of the growth and Importance O
| the Rice street district. If any ont
will take the map and study out tn,
situation, it will be very easy to SCI
! very satisfactory reasons why it is in
evitable that this Rice street district, a.
it is called, is destined to fill up and be
come a very important part of the city
On the east of the city for many year
, population has been moving in, an,
! building has been almost uninterrupted
l Into Arlington Hills, and all alOn
, through that region, and on Mississippi
, street, and everywhere population ha
l been flowing i'll. The consequence
that realty in that locality has increase
I in value until it has reached pretty fai
= figures. On the west of the city it
: the same, except that it is worse. Price
are much higher out in that direction
, and very firm. All this property bt
: tween the two cities is regarded as gill
! edged. The result naturally is tina
), people are forced both from the east an
west of the city into this Rice street di
>. trict, which is the center of the town.
1 ~
~ There is also a pretty we'll define
" idea that sooner or lateI large part {
I the railroad passenger business will b
:, done in that locality nearest TO Ric
V street, and somewhere near the Man
toba or Northern Pacific roads. Th
present railroad facilities are excee,
ingiy limited and must be enlarged, an