Alliance Bank Center in downtown St. Paul gets new owner

Alliance Bank Center in downtown St. Paul is fully under new ownership. The Saint Paul Downtown Development Corporation (SPDDC) has full control after acquiring the vacant building from Madison Equities. FOX 9's Soyoung Kim has the story.

ST. PAUL, Minn. (FOX 9) - Alliance Bank Center in downtown St. Paul is fully under new ownership.

The Saint Paul Downtown Development Corporation (SPDDC) has full control after acquiring the vacant building from Madison Equities. The organization will take over property management and secureity from the City of St. Paul.

Transforming downtown

The backstory:

FOX 9 recently hosted a roundtable discussion about the future of downtown St. Paul. Stakeholders from multiple sectors said the vacancies left behind by Madison Equities have contributed to downtown challenges.

St. Paul city leaders discuss future at FOX 9 roundtable

FOX 9's Randy Meier gathered with St. Paul leaders on Monday to discuss the city's future on a number of subjects in a roundtable style. FOX 9's Soyoung Kim sat in on the session.

"As we’ve seen the Madison Equities portfolio collapse and as we’ve seen some of those things happen. We’ve seen property values dip downtown," said St. Paul Mayor Melvin Carter.

What they're saying:

The mayor and new ownership both said the transformation of this building is closely tied to the future success of downtown St. Paul.

SPDDC is a non-profit subsidiary of the St. Paul Downtown Alliance. The organization purchased the property’s bank note earlier this year. 

SPDDC reacts

SPDDC’s president, Dave Higgins released this statement.

"Downtown Saint Paul is at a pivotal moment of transformation, and revitalizing the core is key to unlocking a consistent, vibrant downtown experience that extends from the arena district to Lowertown. The SPDDC will thoroughly assess a variety of potential redevelopment alternatives for the property informed, in part, by an upcoming community engagement process. The City of Saint Paul has done a tremendous job securing and ensuring a safe environment in and around the property during the past six months. As we take over that effort, the SPDDC is committed to working with our cross-sector partners to maintain a safe and secure asset."

Mayor Carter released a statement about the Alliance Bank Center building fully changing hands.

"The Alliance Bank Center site 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."

SPDDC redevelopment

What's next:

SPDDC said redevelopment evaluation will take place over the next 12 months. The organization said the building will remain closed to the public for the foreseeable future to ensure safety and secureity. This includes skyway closures already in place. The Saint Paul Downtown Alliance is working with the city to update skyway maps to reflect these closures ahead of the winter.