Eager to see better days ahead for downtown St. Paul, Securian Financial and the Bush Foundation have invested $30 million into a new St. Paul Downtown Investment Fund, which has already helped administrators acquire rights to five distressed properties.

The fund, which will support real estate redevelopment projects, is administered by the St. Paul Downtown Development Corp., a nonprofit subsidiary of the St. Paul Downtown Alliance, which is a partnership between major downtown employers and City Hall.

The fund has already contributed to the nonprofit’s recent purchase of the Alliance Bank Center, the Capital City Plaza Parking Ramp, the Empire Building and the adjoining Endicott Arcade, as well as the mortgage note for the U.S. Bank Center.

The Downtown Development Corp. formed about a year ago, with the goal of advancing commercial, residential and mixed-use real estate development.

“Downtown St. Paul isn’t just where Securian Financial has been headquartered for more than 145 years — it’s an essential part of who we are as a company,” said Chris Hilger, chairman, president and chief executive officer of Securian Financial, in a written statement.

“We are all in on 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 run,” Hilger wrote.

Jen Ford Reedy, president of the Bush Foundation, said the “strength and vibrancy of downtown St. Paul is important. It matters for the health of the city and the region more broadly,” and added that the Downtown Development Corp. “is thinking big about change, and how to make the downtown St. Paul of the future dynamic, inclusive and resilient.”

The fund, according to a statement from organizers, is intended to support projects that eliminate substandard property conditions, implement office-to-residential conversions, invest in pedestrian-oriented streetscape improvements and enhance public spaces, and advance key priority redevelopment projects.

It also aims to attract and retain jobs, foster the development of minority- and women-owned businesses and entrepreneurship, advance civic space restoration and historical preservation, and increase the volume and types of housing available in downtown St. Paul.

The fund is expected to grow with added investment from additional donors in time.

“We do expect additional investors,” said Dave Higgins, president of the St. Paul Downtown Development Corporation, in a brief interview. “It would be more along the line of larger corporate businesses and foundations, as opposed to the general public.”

Related Articles

Review: Katie Chin celebrates her mom Leeann Chin in sweet, savory and delightful show

One Direction star Zayn will perform his first solo show in the state in July

Camp Bar to host benefit show to cover lost wages after canceling controversial comic

Interstate 94 east of downtown St. Paul to close for the weekend — for real this time

Dave Chappelle to headline Grand Casino Arena in support of ‘communities in crisis’