The property is another key asset on 5th Street critical to revitalizing downtown core
SAINT PAUL, Minn. – Jan. 8, 2026 – The Saint Paul Downtown Development Corporation (SPDDC) announced today it has purchased the distressed mortgage on the U.S. Bank Center building, located in the core of downtown Saint Paul at 101 East 5th St. The seller and former lender is First Interstate Bank of Omaha. SPDDC is not disclosing the full financial details of the transaction but confirms that the purchase was fully funded by private investment, and no public funds were involved. SPDDC closed on the bank note on Dec. 30, 2025.
“U.S. Bank Center is a key asset on 5th Street, a property that will be critical to bridging the vibrancy of the entertainment district and Lowertown,” said SPDDC President Dave Higgins. “Acquiring this property’s debt gives the SPDDC additional influence on the continuing stabilization of the downtown core.”
The 516,171-square-foot building includes 25 floors of office and commercial space, as well as a 348-stall parking ramp. Download photos of the U.S. Bank Center courtesy of the Saint Paul Downtown Alliance.
“A thriving downtown and a functional urban core will make our city far more desirable for people to live, work, and do business here,” said Saint Paul Mayor Kaohly Her. “As we look to build a downtown that works for current and future generations, I am confident that the Saint Paul Downtown Development Corporation’s acquisition of the U.S. Bank Center mortgage to their growing portfolio will open more doors and possibilities in Saint Paul.”
In early December, Reimagine Downtown Saint Paul: Transforming the Core, a six-month community and stakeholder engagement process led by the Downtown Alliance and SPDDC, kicked off. The initiative is designed to gather community input and is intended to inform the future of downtown’s economic vitality and urban experience. Stakeholders will be invited to participate through community meetings, events, focus groups and an online survey, which is available now through Jan. 31. More details, event locations and engagement updates will be available at downtownstpaul.com/reimagine and through the Downtown Alliance’s communication channels.
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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.