SAINT PAUL, Minn. – June 10, 2025 – The Saint Paul Downtown Development Corporation (SPDDC) today announced it has purchased the bank note for the former Alliance Bank Center building, located in the core of downtown Saint Paul at 55 5th St E. The financial details of the transaction are private.
The SPDDC will soon initiate legal proceedings to place the currently vacant building into a receivership to ensure the 300,0000-square-foot property is appropriately maintained and secured, including continuing the current skyway closures. The City of Saint Paul has been providing emergency building services to Alliance Bank Center since the previous property management company abruptly closed the building in March.
As the SPDDC evaluates legal options to obtain site control, it is also assessing opportunities to restore the property, which faces significant structural and mechanical issues following years of disinvestment and neglect, to a productive use either through rehabilitation or redevelopment.
“There’s no greater example of the challenges and opportunities in downtown Saint Paul than the Alliance Bank Center site,” said SPDDC President Dave Higgins. “We can’t create a strong and vibrant downtown Saint Paul without creating a stable and robust core – and the Alliance Bank Center site is critical to making that happen. We’re grateful to the City of Saint Paul for its proactive leadership in providing essential building security since March and for its partnership as we look ahead to the site’s future.”
Several businesses were impacted by the building’s closure earlier this year. City staff worked with the Saint Paul Downtown Alliance to help businesses transition to new downtown locations, many of which have already reopened or plan to in the weeks ahead.
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About the Saint Paul Downtown Development Corporation
The Saint Paul Downtown Development Corporation is a nonprofit 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.