Investment fund announced for downtown St. Paul projects
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The St. Paul Downtown Development Corporation announced Thursday that it has formed an investment fund for downtown redevelopment projects. The organization says Securian Financial and the Bush Foundation have invested $30 million into the fund.
The fund will support projects like office-to-residential conversions and pedestrian-focused street improvements, among other goals.
The fund has also already been used by the St. Paul Downtown Development Corporation to purchase several distressed buildings for redevelopment — including the Alliance Bank Center, which closed abruptly last year.
It was also used in the purchase of the Capital City Plaza Parking Ramp, Empire Building and Endicott Arcade, and the U.S. Bank Center mortgage note.
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“We are all in on doing our part to help revitalize downtown and are investing in this fund because St. Paul is our home and we are committed to it for the long run,” Securian Financial President and CEO Chris Hilger said in a statement released Thursday.
Securian Financial is headquartered in downtown St. Paul.
“An investment fund is a critical step to advancing the work of the Downtown Development Corporation, and ultimately, to benefit all stakeholders of downtown,” St. Paul Downtown Development Corporation President Dave Higgins said in the statement. “We’re here to serve as the driver and centralized organization to encourage broader market investment in the central business district in downtown, and this fund and its investors are critical in making these projects a reality.”
The fund will also be used for projects that eliminate substandard property conditions, increase the volume and types of housing downtown, attract and retain jobs and foster the development of minority and women-owned businesses and entrepreneurship. It will also focus on historical preservation.
The St. Paul Downtown Development Corporation is a real estate-focused subsidiary of the nonprofit St. Paul Downtown Alliance.
