The St. Paul Downtown Development Corporation has completed the acquisition of the condemned Capital City Plaza parking ramp from Madison Equities. The corporation aims to fully reopen the facility by late 2026. Located at 50 Fourth St., adjacent to the Alliance Bank Center, the acquisition marks a significant step for the nonprofit organization, which gained full ownership and site control of the center in October 2023.
Financial specifics of the transaction were not publicly disclosed. However, a spokesperson for the Downtown Development Corporation indicated that the purchase was entirely funded through private investment. This strategic decision prevents the city from utilizing public funds to secure the property, thus safeguarding taxpayer resources.
The parking ramp was condemned by the city in April 2025 due to safety concerns. In a prepared statement, the corporation announced plans to immediately assess the necessary repairs to address these violations. The goal is to reopen the ramp as a public parking facility by the end of 2026.
Revitalizing Downtown St. Paul
Dave Higgins, president of the St. Paul Downtown Development Corporation, expressed optimism about the project. “Reviving this property fits our mission to take on catalytic projects that strengthen the downtown core and support future investments,” he stated. The corporation envisions this acquisition as a crucial element in enhancing the downtown area’s appeal and functionality.
Both the Capital City Plaza parking ramp and the Alliance Bank Center will remain closed to the public for the foreseeable future. Despite this closure, the skyway connections to Osborn370 and Treasure Island Center will continue to operate, ensuring accessibility in the surrounding area.
The nonprofit organization, which formed under the Downtown Alliance a year ago, plans to engage the community in a public consultation process. This initiative aims to gather insights on the community’s needs and preferences, which will inform a long-term strategy for improvements in downtown St. Paul.
As the St. Paul Downtown Development Corporation embarks on this project, the community awaits further updates on the redevelopment efforts and their potential impact on the local economy and urban landscape.
