ST. PAUL, Minn. (FOX 9) - Alliance Bank Center in downtown St. Paul is fully under new ownership.

The Saint Paul Downtown Development Corporation (SPDDC) has full control after acquiring the vacant building from Madison Equities. The organization will take over property management and security from the City of St. Paul.

Transforming downtown

The backstory:

FOX 9 recently hosted a roundtable discussion about the future of downtown St. Paul. Stakeholders from multiple sectors said the vacancies left behind by Madison Equities have contributed to downtown challenges.

"As we’ve seen the Madison Equities portfolio collapse and as we’ve seen some of those things happen. We’ve seen property values dip downtown," said St. Paul Mayor Melvin Carter.

What they're saying:

The mayor and new

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