Iconic St. Paul First National Bank tower sold at 90% discount
Downtown Revival Trust purchased the iconic First National Bank Building at 332 Minnesota St. for $3.8 million, a fraction of its prior market price.[1]
The 660,000-square-foot building, built in 1915 and last renovated in 1970, is roughly 32% occupied and includes a 360-stall parking garage and skyway access.[1] Buyer Jamie Rand said he will invest at least $7 million in upgrades.[1]
Madison Equities bought the property in 2015, and the $3.8 million price is about 10% of that earlier sale price.[1] The sale was a short sale negotiated with Old National Bank and Madison Equities' estate, while Ramsey County places the building's tax value at $14.83 million.[1]
Rand said he is weighing a potential housing conversion or other repositioning and will seek community input on the building's future, and he has pledged up to $1 million to support downtown St. Paul businesses as part of the plan.[1]
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📌 Key Facts
- Downtown Revival Trust bought the First National Bank Building at 332 Minnesota St. for $3.8 million, about 10% of its 2015 sale price to Madison Equities.
- The 660,000‑square‑foot building, built in 1915 and last renovated in 1970, is roughly 32% occupied and includes a 360‑stall parking garage and skyway access.
- Jamie Rand plans to invest at least $7 million in upgrades, is considering a potential housing or other repositioning based on community input, and has pledged up to $1 million to support downtown St. Paul businesses.
- Ramsey County values the property at $14.83 million for tax purposes, underscoring the depth of the discount in the short sale negotiated with Old National Bank and Madison Equities’ estate.
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