St. Paul Downtown Development Corporation buys 2nd condemned Madison Equities property

A coalition of private investors has funded another acquisition of a downtown St. Paul property abandoned by the sinking Madison Equities real estate empire.

The St. Paul Downtown Development Corporation (SPDDC) announced on Friday it had purchased the Capital City Plaza Parking Ramp, which the city had condemned in April due to “chronic neglect” and failed inspections.

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The group hopes to get the ramp up and running by the end of next year, with an eye on the upcoming development of the neighboring Central Station site.

“This ramp has been a public safety concern in the heart of downtown Saint Paul for too long, and our first priority is making it safe and secure again. Parking is essential infrastructure: when it is offline or neglected, people notice, and when it works well, it shapes the first impression of our downtown,” SPDDC President Dave Higgins said. “Reviving this property fits our mission to take on catalytic projects that strengthen the downtown core and support future investments.”

The SPDDC is a nonprofit real estate venture created by the St. Paul Downtown Alliance in early 2025 to spearhead large-scale investment in the core of the Capital City.

Last month, the SPDDC closed on Alliance Bank Center, a block away from the Capital City Plaza Parking Ramp. That office building shuttered in March after Madison Equities said it could no longer afford to keep the utilities running.

St. Paul cut off skyway access through both abandoned structures until they were safe enough for people to pass through. SPDDC said those closures will continue “for the foreseeable future” while development is underway.

For the status of all skyway connections in downtown St. Paul, check this interactive map.
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