Downtown Saint Paul Draws $15 Million Commitment from Saint Paul & Minnesota Foundation
The Foundation joins Securian Financial and the Bush Foundation in backing downtown’s redevelopment and takes seats on the governing bodies directing the work
The Saint Paul & Minnesota Foundation today committed up to a $15 million investment in downtown Saint Paul in partnership with the Saint Paul Downtown Development Corporation, joining a redevelopment effort that has drawn more than a billion dollars in aligned public and private investment over the past two years.
The commitment places Minnesota’s largest community foundation alongside Securian Financial and the Bush Foundation, which seeded the Saint Paul Downtown Investment Fund with $30 million in November of 2025. The Downtown Development Corporation, a real estate subsidiary of the Saint Paul Downtown Alliance, has used that capital to acquire and stabilize several of the distressed properties at the center of downtown’s vacancy problem.
The Foundation’s capital will move through several channels, including the Downtown Investment Fund, direct investment in specific downtown properties, and the Foundation’s community investment portfolios.
“We are investing in downtown Saint Paul because we believe in its future and in the role a strong capital city plays in the economic vitality of our state. This moment calls for both optimism and investment. By putting our capital alongside public, private and philanthropic partners, we are part of unlocking new possibilities for downtown: more people living here, inclusive economic development, people gathering here and a stronger economic engine for Minnesota. This is what community investment looks like, using the resources we hold today to help build the future we believe is possible,” said Chanda Smith Baker, President and CEO of the Saint Paul & Minnesota Foundation.
The Foundation’s involvement in downtown Saint Paul is not new. Since the 1940s, it has convened civic, corporate and philanthropic partners roughly every fifteen to twenty years to address downtown’s condition, producing a succession of planning efforts that remain in its archives.
As part of the partnership, the Foundation will hold seats on the Saint Paul Downtown Alliance, the Saint Paul Downtown Development Corporation, and the committee that directs the corporation’s investment decisions.
“When a section of our downtown goes dark, it is not only an economic problem. Residents route around it. Visitors leave right after the show. Shift workers lose hours. Lighting downtown back up is what makes it safe, vibrant and a terrific place to live,” said Shannon O’Leary, Chief Investment Officer of the Saint Paul & Minnesota Foundation.
The Foundation’s two newest investment vehicles, Future Ready and Momentum Minnesota, are among the sources available to support downtown projects. Both were created to put the Foundation’s assets to work in Minnesota communities, preserving and growing investment capital alongside its grantmaking.
To learn more about the Saint Paul & Minnesota Foundation’s investment work, visit www.spmcf.org.
About the Saint Paul & Minnesota Foundation
The Saint Paul & Minnesota Foundation believes in the best of Minnesota and the power of its communities. With roots in Saint Paul and partners across the state, it is Minnesota’s largest
community foundation and the partner of choice for thousands of donors, nonprofits and community organizations. The Foundation aspires to create an equitable, just and vibrant Minnesota where all communities and people thrive by inspiring generosity, advocating for equity and investing in community-led solutions. Visit spmcf.org.
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 and investment in downtown Saint Paul. Through strategic property acquisition, public-private partnerships and the Saint Paul Downtown Investment Fund, the SPDDC supports commercial, residential and mixed-use projects that increase density, vitality and investment in Minnesota’s capital city. For more information, visit downtownstpaul.com/ddc.
About the Saint Paul Downtown Alliance
The Saint Paul Downtown Alliance is a nonprofit organization that represents downtown businesses, nonprofits, government entities, residents and entrepreneurs, working to build a strong, vibrant downtown and create a positive experience for all who live, work, visit and invest in downtown. The Alliance also serves as the umbrella organization for the Saint Paul Downtown Improvement District, which provides enhanced safety, cleanliness, and public realm services and programming in downtown’s core cultural and business areas, and the Saint Paul Downtown Development Corporation, a nonprofit focused on advancing real estate development and accelerating redevelopment downtown through public- and private-sector partnerships. For more information, visit downtownstpaul.com.