Saint Paul Athletic Club Building: Landmark Property and City Block Development Opportunity (Qualified Opportunity Zone)
Property Details
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Property Description
The historic Saint Paul Athletic Club Building ("Property") is located in downtown Saint Paul, MN, and currently offers two distinct office or retail spaces for lease, and one office / training center. This landmark building also houses Hotel 340, a 56 room, award-winning boutique hotel, and numerous beautiful event spaces.
The Property is centrally located in the CBD, and connected by skyway to two adjacent parking ramps, and all that downtown Saint Paul has to offer.
Highlights
- Fully built out, turnkey spaces: 3,380 SF (NW corner) and 4,400 SF (SW corner) on the first floor, 10,509 SF on the lower level, and 2,545 SF on the skyway level
- These spaces are located in a landmark building that was built in 1917 and designed by Reed and Stem, the architecture firm behind Grand Central Terminal in New York City and many other famous commissions. The building features one of the most beautiful lobby common areas in the metropolitan area.
- Building security is provided
- Located in the Central Business District of Downtown Saint Paul on Cedar Street and 4th Street. Located two blocks from the Mississippi River, three blocks from Rice Park (and the many bars and restaurants that line Saint Peter Street), and four blocks from Lowertown, a popular arts and restaurant district in downtown Saint Paul.
- Adjacent to the Central Station of the LRT Green Line and near numerous bus lines
- Skyway connected
- Located across the street from the Capital City Plaza Parking Ramp, and one block from the Victory Ramp (both skyway connected)
- Also in the building: Hotel 340 (56 room award-winning boutique hotel), and numerous beautiful event spaces. Building tenants receive special deals at these establishments.
Map
Location Description
The Property is located in the center of the Saint Paul Central Business District between the Xcel Energy Center, the Ordway Center for the Performing Arts, Rice Park, and the Lowertown Arts District.
Saint Paul is the capital city in the state of Minnesota and is one half of the Twin Cities (along with Minneapolis), the 16th largest MSA in the United States with a population of approximately 3,600,000 inhabitants. Saint Paul's core downtown area, located in Ramsey County, has seen unprecedented growth in the past couple of years, especially in the residential sector. The number of residential units in the downtown district is expected to climb to 8,100 over the next few years, compared with 5,500 units in 2010. The average monthly apartment rental rate has risen nearly 13 percent over the past two years to $1.74 per foot, with the average vacancy rate at 4 percent. There is no sign of a slowdown in growth.
The Metro Green Line, which connects the Union Depot in Saint Paul to Target Field in Minneapolis, has five stations in downtown Saint Paul and had ridership of 12.4 million in 2015. The line provides easy access to University Avenue, Dinkytown (the campus of the University of Minnesota), and Downtown Minneapolis. The Property is adjacent to the Central Station of the Metro Green Line. The Xcel Energy Center, the home of the Minnesota Wild, attracts roughly 1.5 million visitors per year. The Saint Paul RiverCentre has hosted more than 3,000 events since its opening in 1998, and is the host of numerous national and international conferences and conventions.
Saint Paul's proximity to Minneapolis, and the slew of re-development projects that continue in the downtown core, makes it a very attractive place to live and play.
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Negotiable
Negotiable
$2.00 SF/yr (NNN)
$2.00 SF/yr (NNN)
$3,999,000
$3,999,000
$2,995,000
