The Saint Paul Downtown Development Corporation has completed its purchase of the U.S. Bank Center, a 26-story office building at 101 E. Fifth St.
The organization closed on the property June 30 after acquiring the building’s distressed mortgage from First Interstate Bank in December 2025. The purchase was financed through the Saint Paul Downtown Investment Fund, which supports commercial, residential and mixed-use redevelopment projects.
The property contains about 361,000 square feet of commercial space and a 348-stall parking ramp. Existing tenants will remain and are expected to continue normal operations while the development corporation evaluates the building’s future.
Corporation President Dave Higgins said acquiring the debt allowed the organization to stabilize an important downtown asset. Completing the purchase gives the corporation greater control over potential redevelopment and repositioning.
No final redevelopment plan has been announced. The organization said it will work to stabilize the building while analyzing possible uses and planning the property’s next phase. Options could include continued office use or a broader commercial, residential or mixed-use strategy, but the corporation has not committed to a specific approach.
The acquisition is part of a larger effort to address distressed and underused downtown properties as St. Paul works to increase housing, street activity and investment in the central business district.
The U.S. Bank Center sits across from Alliance Bank Center near several major downtown office, transit and civic properties. Its size and location make it a significant piece of the downtown core.
Updates on the project are expected as the corporation completes its analysis and moves into redevelopment planning.
Leave a Reply