Downtown’s New Market Cycle

This week I want to highlight the momentum building in downtown Saint Paul. The Downtown Alliance and the Downtown Development Corporation – as well as exciting new investors in Saint Paul – are making a real difference. Directly from Joe Spencer: 

With the fresh sales of Park Square Court and 375 Jackson, nearly all of the former Madison Equities portfolio is now in new hands. A year ago, it was hard to imagine that transition happening this quickly. We knew these buildings needed new ownership and new investment, but moving an entire portfolio of distressed properties through the market in roughly a year is a pretty remarkable pace.

That doesn’t mean the work is done. Far from it. But it does mean it is time to start looking forward. New owners are evaluating their buildings, making investments and figuring out what comes next. We clearly still have real challenges to face, but there are more people looking at downtown properties with fresh eyes and new ideas.

That’s certainly true for the buildings owned by our Saint Paul Downtown Development Corporation. We’ve been working quietly on what comes next for the Alliance Bank Center, U.S. Bank Center, Empire Building, Endicott Arcade and Capital City Parking Ramp. We’re getting closer to having some plans to share, and I look forward to unveiling more of that work in the not-too-distant future.

For me, that’s the encouraging part of this moment. Turning a corner doesn’t mean the work is finished, it means the direction has changed. The market is moving, buildings are changing hands, investment is coming in and people are beginning to see the possibilities again. That’s how a new cycle starts.
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See you in the trenches, 
B

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