St. Paul Downtown Development Corporation acquires vacant Alliance Bank Center building
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The St. Paul Downtown Development Corporation announced Friday that it has acquired the Alliance Bank Center building from Madison Equities.
The 16-story building in downtown St. Paul was left vacant by Madison Equities after it stopped paying the building’s utility bills. Tenants were forced to leave in March.
The St. Paul Downtown Development Corporation — a subsidiary of the St. Paul Downtown Alliance — announced in June it purchased the bank note of the Alliance Bank Center for an undisclosed amount.
The development corporation said it will work with the community to decide what to do with the property.
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The redevelopment evaluation is expected to last approximately 12 months, according to a statement from SPDDC.
“Plans are also being finalized for a robust community and stakeholder engagement process to inform a vision of the downtown core for decades to come. Details on the process and how to get involved will be shared later this fall,” the statement said.
St. Paul Mayor Melvin Carter said the building is “critical to the future of our entire city.”
“This ownership transition is the next key step in driving investment, revitalization and growth of our tax base in the core of downtown; I’m grateful to our Downtown Development Corporation for taking it on,” he said in the statement.
St. Paul had been responsible for keeping the building secure, but the development corporation said it will now take over security and property management.
“The SPDDC has hired private property management and security partners to oversee the building, which will remain closed to the public for the foreseeable future to ensure safety and security,” the statement said.
That includes skyway closures that cut people off from some connections around Alliance Bank Center. The St. Paul Downtown Alliance said it is working with the city to update skyway maps to reflect the closures.
