SPDDC evaluating future opportunities for the property, which is central to transforming the core of downtown Saint Paul
SAINT PAUL, Minn. – Oct. 10, 2025 – The Saint Paul Downtown Development Corporation (SPDDC) today announced it has acquired the Alliance Bank Center building from Madison Equities. The transaction gives the SPDDC full ownership and control of the site, located in the core of downtown Saint Paul at 55 and 56 5th St E., after purchasing the property’s bank note earlier this year. Financial details of both transactions are private.
“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,” said SPDDC President Dave Higgins. “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.”
The redevelopment evaluation is expected to last approximately 12 months. 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 Alliance Bank Center site is critical to the future of our entire city,” said Saint Paul Mayor Melvin Carter. “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.”
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. This includes the skyway closures that have been in place since April 2. The skyway connections to Osborn370 and Treasure Island Center remain open. The Saint Paul Downtown Alliance is working with the City of Saint Paul to update skyway maps to reflect these closures ahead of the winter.
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About the Saint Paul Downtown Development Corporation
The Saint Paul Downtown Development Corporation is a nonprofit real estate development and finance organization focused on advancing redevelopment initiatives in downtown Saint Paul. A subsidiary of the Saint Paul Downtown Alliance, the organization partners with local public and private stakeholders, developers, and investors that prioritize urban development and revitalization with a commitment to accelerating the next chapter and long-term success of Minnesota’s capital city. For more information, visit downtownstpaul.com/ddc.