You may know of Jerry Trooien as the St Paul Real estate developer that had proposed the Bridges of St. Paul, a $1.5 billion complex of retail shops, a hotel and housing on the West Side flats across the Mississippi River from downtown St. Paul. That proposal was turned down by St Paul in 2007. He also owned the Cloud 9 Sky Flats (condominiums) in Minnetonka, which is under investigation and 3 real estate professionals have pleaded guilty in fraud charges. This issue is yet to be resolved.
As he tries to re-establish himself with five properties he was allowed to keep, he’ll need to win over some lenders who have already started foreclosure proceedings.
The deal was finalized Tuesday in federal bankruptcy court in Minneapolis.
And if he can hold onto the properties, he’ll share half the cash he generates with creditors who OK’d the reorganization plan.