St. Paul Downtown Development Corporation Working to Acquire Alliance Bank Center

The St. Paul Downtown Development Corporation (SPDDC) announced it has purchased the bank note for the former Alliance Bank Center building, located 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 St. 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 St. Paul than the Alliance Bank Center,” said SPDDC President Dave Higgins. “We can’t create a strong and vibrant downtown St. Paul without creating a stable and robust core – and the Alliance Bank Center site is critical to making that happen.”

Several businesses were impacted by the building’s closure earlier this year. City staff worked with the St. Paul Downtown Alliance to help businesses transition to new downtown locations, many of which have already reopened or plan to in the weeks ahead.

Learn more about the SPDDC and the downtown investment strategy at downtownstpaul.com/ddc.