Downtown St. Paul Development Nonprofit Buys Alliance Bank Center’s Bank Note

St. Paul Downtown Development Corp. buys bank note for Alliance Bank Center

A nonprofit organization is taking steps to breathe new life into a troubled downtown St. Paul high-rise, though the building's future remains uncertain.

Downtown St. Paul Development Nonprofit Buys Alliance Bank Center’s Bank Note

The Saint Paul Downtown Development Corporation (SPDDC) purchased the bank note from downtown St. Paul’s former Alliance Bank Center building on Tuesday. The SPDDC is not disclosing details of the bank note deal, but it is now looking for receivership for the site, along with means of taking control. The SPDDC, a nonprofit organization focused on advancing redevelopment initiatives in downtown St. Paul, will initiate legal proceedings “soon” to …