Saint Paul Downtown Development Corporation completes purchase of U.S. Bank Center building
Transaction marks next step in ongoing redevelopment and revitalization efforts
The Saint Paul Downtown Development Corporation (SPDDC) announced today that it has completed the purchase of the U.S. Bank Center building, located at 101 E. 5th St., across from Alliance Bank Center. SPDDC closed on the property on June 30, 2026.
The transaction marks the next step in SPDDC’s efforts to redevelop the property after acquiring its distressed mortgage from First Interstate Bank in December 2025. The building was purchased with the Saint Paul Downtown Investment Fund, which supports commercial, residential and mixed-use real estate development projects of the SPDDC.
“Acquiring the U.S. Bank Center’s debt gave us an opportunity to stabilize an important asset to the downtown core,” said SPDDC President Dave Higgins. “Closing on the purchase brings us one step closer to redeveloping the building and transforming the core of downtown.”
The property includes 361,000 square feet of commercial space across 26 floors and a 348-stall parking ramp. Existing tenants will remain in the building and continue normal operations.
SPDDC plans to stabilize the property, while advancing its reposition analysis and planning toward the property’s next chapter. Redevelopment opportunities will be evaluated as part of the organization’s long-term strategy for the site.
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.