Securian Financial and the Bush Foundation as lead funders have invested $30 million

SAINT PAUL, Minn. – Feb. 5, 2026 – Announced today, the Saint Paul Downtown Development Corporation (SPDDC), a real estate-focused subsidiary of the Saint Paul Downtown Alliance, has formed a Saint Paul Downtown Investment Fund which will support commercial, residential and mixed-use real estate development projects of the SPDDC – all focused on advancing redevelopment initiatives in downtown Saint Paul. Securian Financial and the Bush Foundation as lead funders have already invested $30 million in this new fund.

“Downtown Saint Paul isn’t just where Securian Financial has been headquartered for more than 145 years—it’s an essential part of who we are as a company,” said Chris Hilger, chairman, president and CEO of Securian Financial. “We are all in on doing our part to help revitalize downtown and are investing in this fund because Saint Paul is our home and we are committed to it for the long run.”

The mission-driven capital fund will facilitate access to capital for projects supported by the Saint Paul Downtown Investment Fund and is intended to contribute to the momentum in the ongoing revitalization of downtown Saint Paul. To date, the fund has contributed to the purchase of the Alliance Bank Center, Capital City Plaza Parking Ramp, Empire Building and Endicott Arcade, and the U.S. Bank Center mortgage note.

“The strength and vibrancy of downtown Saint Paul is important. It matters for the health of the city and the region more broadly,” said Jen Ford Reedy, president of the Bush Foundation. “At the Bush Foundation, we are glad to put our assets to work this way. We support big ideas for making the region better. The Downtown Development Corporation is thinking big about change, and how to make the downtown Saint Paul of the future dynamic, inclusive and resilient.”

The fund supports projects that strengthen the downtown commercial, residential and entertainment districts; eliminate substandard property conditions; implement office-to-residential conversions both to create new housing and to strengthen the commercial office market; invest in pedestrian-oriented streetscape improvements to enhance public spaces; advance key priority redevelopment projects; attract and retain jobs; foster the development of minority and women-owned businesses and entrepreneurship; advance civic space restoration and historical preservation; and increase the volume and types of housing available in downtown Saint Paul.

“An investment fund is a critical step to advancing the work of the Downtown Development Corporation, and ultimately, to benefit all stakeholders of downtown,” said SPDDC President Dave Higgins. “We’re here to serve as the driver and centralized organization to encourage broader market investment in the central business district in downtown, and this fund and its investors are critical in making these projects a reality.”

The Saint Paul Downtown Alliance and SPDDC are jointly leading a community and stakeholder engagement process, Reimagine Downtown Saint Paul: Transforming the Core. The initiative is designed to gather community input and is intended to inform the future of downtown’s economic vitality and urban experience. More details, event locations and engagement updates are 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.