The investment fund supports downtown St. Paul projects

The St. Paul Downtown Development Corporation announced Thursday that it has formed an investment fund for downtown redevelopment projects. The organization says Securian Financial and the Bush Foundation invested $30 million in the fund.

The fund will support projects such as converting offices into residential units and pedestrian-focused streetscape improvements, among other goals.

The fund has also already been used by St. Paul Downtown Development Corporation to purchase several distressed buildings for redevelopment – incl Alliance Bank CentreWhich suddenly closed last year.

It was also used to purchase the Capital City Plaza Parking Ramp, the Empire Building, the Endicott Arcade, and the U.S. Bank Center mortgage note.

“We are all doing our part to help revitalize downtown and are investing in this fund because St. Paul is our home and we are committed to it for the long term,” Chris Hilger, president and CEO of Securian Financial, said in a statement released Thursday.

Securian Financial is headquartered in downtown St. Paul.

Dave Higgins, president of St. John’s, said: Paul Downtown Development Corporation, said in the statement: “The investment fund is a critical step to strengthen the work of the Downtown Development Corporation and, ultimately, to the benefit of all downtown stakeholders.” “We are here to act as the engine and central organization to encourage broader market investment in the city center CBD, and this fund and its investors play a crucial role in making these projects a reality.”

The fund will also be used on projects that work to eliminate substandard property conditions, increase the size and types of downtown housing, attract and retain jobs, and promote minority- and women-owned business development and entrepreneurship. It will also focus on historic preservation.

St. Paul Downtown Development Corporation is a real estate-focused subsidiary of the St. Paul Downtown Development Corporation. Paul Downtown Alliance non-profit.