The St. Paul Downtown Development Corporation announced Friday that it has acquired the Alliance Bank Center building from Madison Equities.

The 16-story building in downtown St. Paul was left vacant by Madison Equities after it stopped paying the building’s utility bills. Tenants were forced to leave in March.

The St. Paul Downtown Development Corporation — a subsidiary of the St. Paul Downtown Alliance — announced in June it purchased the bank note of the Alliance Bank Center for an undisclosed amount.

The development corporation said it will work with the community to decide what to do with the property.

The redevelopment evaluation is expected to last approximately 12 months, according to a statement from SPDDC.

“Plans are also being finalized for a robust community and stakeholde

See Full Page