St. Paul approves Macy's store development partnership
Thursday, September 24, 2015
The board of the St. Paul Port Authority's nonprofit subsidiary has voted to enter into a joint partnership with a developer to ready the vacant Macy's Department Store building downtown for commercial tenants.
A few steps remain before Capital City Properties' redevelopment agreement is official, but Oppidan Investment Co. is expected to close on the deal in early 2016.
The Port Authority would retain a 10 percent interest in the $60 million redevelopment project.
Tenants are expected to include the Minnesota Wild hockey team, who will lease a covered practice rink on the rooftop; two restaurants and a brewery. A developer has purchased part of the building to install a Walgreens pharmacy.
The Port Authority also supported an $11 million development loan to Oppidan, which would be paid back over the course of 25 years through property taxes generated by the site improvements.
The St. Paul City Council will host a hearing on the proposed tax-increment finance loan on Oct. 21.