A local nonprofit has completed its purchase of the U.S. Bank Center building, adding to a portfolio of beleaguered properties in downtown St. Paul that it plans to redevelop.
The St. Paul Downtown Development Corporation (SPDDC) announced Wednesday that it just closed on the 26-story office tower at 101 E. Fifth St. in St. Paul, across the street from Alliance Bank Center, which the organization bought in October.
Terms of the deal weren’t disclosed, and a public record of the sale hasn’t been made available online yet. The property’s estimated market value is $11 million…