The Saint Paul Downtown Development Corporation was formed with a mission and mandate to invest in, develop, and redevelop, catalyst properties in downtown Saint Paul. This effort will be executed in partnership with local public and private stakeholders, and investors broadly, who prioritize and focus on urban development and revitalization with a commitment to accelerating the next chapter and long-term success of Minnesota's capitol city.
Why downtown, and why now?
It’s no secret that the last several years have been hard on the Central Business District in downtown Saint Paul. But transforming into a modern, lively city center is key to cultivating and securing economic and residential stability for the future across the city and region.
In spring 2024, the Alliance released its Downtown Investment Strategy calling for critical changes in approach and underscoring key priorities. As an initial step in executing the strategy, in fall 2024, the Alliance released the findings of an office-to-residential conversion study of 20 downtown Saint Paul commercial buildings, which found that half of the properties studied meet preliminary key criteria for a successful conversion and warrant further exploration.50
In preparing the Downtown Investment Strategy and through broader market discussions, it became clear downtown required a centralized organization to drive its turnaround in order to be successful. The Saint Paul Downtown Development Corporation will be that driver.
GOALS
Embracing proven tools that have successfully revitalized downtowns across the nation, as well as others sourced and tailored locally, the Saint Paul Downtown Development Corporation will pave the way for a more vibrant downtown Saint Paul by investing in, developing and redeveloping catalyst properties.
ORGANIZATIONAL GOALS
- Increase investment
- Add 20,000 residents
- Maximize property tax revenue
- Improve experience
Market Data
Gain a deeper understanding of downtown Saint Paul’s evolving landscape through key market trends and economic signals. This growing hub of insight is designed to illuminate opportunity and support informed decision-making for those shaping the future of downtown.
With strong demand drivers and a healthy housing pipeline, downtown Saint Paul is primed for continued residential investment. Our latest market study outlines opportunities across affordability levels and reveals where the next wave of multifamily growth could happen.
Maxfield Research
July 25, 2025
Office-to-residential study finds half of properties studied meet threshold for conversion
Conducted by architecture and design firm Gensler, the study evaluated the compatibility of 20 commercial properties as office-to-residential conversions. Properties included in the study were identified by the Saint Paul Downtown Alliance and total nearly 3.8 million square feet.
Gensler
November 8, 2024
News
Stay informed on recent news and activity from the Saint Paul Downtown Development Corporation.
Press Release
January 8, 2026
Property is another key asset on 5th Street critical to revitalizing downtown core
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.
Press Release
December 11, 2025
Property advances 5th Street revitalization goals, brings opportunity for street-level retail
The SPDDC announced it has purchased the Empire Building, a 55,000-square-foot property located at 360 N. Robert St., and the adjacent Endicott Arcade located at 134 5th Street, immediately north of the Minnesota Museum of American Art and historic Pioneer Endicott. SPDDC is not disclosing the full financial details of the transaction beyond that the $745,000 purchase was fully funded by private investment and no public funds were required to secure the property.
Press Release
December 3, 2025
Input from residents, workers, visitors and businesses to help inform future planning of projects and initiatives for improved downtown core; survey open now through Jan. 31
The Saint Paul Downtown Alliance today announced the launch of Reimagine Downtown Saint Paul: Transforming the Core – a comprehensive, community-driven initiative designed to inform the future of downtown’s economic vitality and urban experience. With the Downtown Investment Strategy in place, the Downtown Alliance and its subsidiary Saint Paul Downtown Development Corporation (SPDDC) are moving from vision to implementation, engaging the community in shaping a future-ready downtown.
Press Release
November 7, 2025
SPDDC will work to get neglected ramp in downtown core operational by end of 2026
The Saint Paul Downtown Development Corporation (SPDDC) today announced it has purchased the Capital City Plaza Parking Ramp from Madison Equities. The ramp is located at 50 4th St. near the Alliance Bank Center, which the SPDDC took full ownership and site control of in October. SPDDC is not disclosing the financial details of the transaction beyond that it was fully funded by private investment and will prevent the city from spending public funds to secure the property.
Press Release
October 10, 2025
SPDDC evaluating future opportunities for the property, which is central to transforming the core of downtown Saint Paul
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.
LEADERSHIP
