2 days ago
St. Paul Downtown Development Corp. seeks to acquire Alliance Bank Center
The St. Paul Downtown Development Corporation, a new nonprofit created by the Downtown Alliance, has purchased the bank note for the troubled Alliance Bank Center on Fifth St., the first step toward placing the recently-vacated property under the control of a legal receiver.
'There's no greater example of the challenges and opportunities in downtown St. Paul than the Alliance Bank Center site,' said corporation president Dave Higgins, in a written statement. 'We can't create a strong and vibrant downtown St. Paul without creating a stable and robust core, and the Alliance Bank Center site is critical to making that happen.'
Officials with the Downtown Development Corporation said details behind the bank note purchase are private. The nonprofit plans to initiate legal proceedings to place the 300,000-square-foot vacant building into receivership and ensure it is properly maintained and secured, according to the written statement from the corporation.
Current skyway closures will continue.
The Downtown Development Corporation plans to 'assess opportunities to restore the property,' which it says 'faces significant structural and mechanical issues following years of disinvestment and neglect.'
The city of St. Paul has been providing emergency building services since Madison Equities stopped paying for maintenance and utilities, effectively shuttering the building in March.
Some retail and office tenants impacted by the closure have found new homes in other parts of downtown.
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