The Landmark Saint Paul Athletic Club Building

340 Cedar Street, Saint Paul, MN

IN CONTRACT

Market Price

Price

175,000 sqft

Building Size

0.15 acres

Lot Area

Gallery
Street
Map
Overview
Building Size
175,000 sqft
Lot Area
0.15 acres
Class
B
Year Built
1917
Floors
8
Description

SVN | Northco is pleased to present for sale or lease the historic Saint Paul Athletic Club Building in Downtown Saint Paul, Minnesota ("Property"). This iconic Property has been an integral part of St. Paul's community and social fabric since 1917. The Property is comprised of two separate buildings: the 1917 building and a 1980 building, located in the center of the business district.

The building has many potential re-uses with additional event venues being an attractive option. In addition, the Property could be ideal for a non-profit user(s) as the current infrastructure and amenities would allow most non-profits to meet their programmatic objectives.

Pre-Pandemic, the building housed a 56-room boutique hotel (Hotel 340), a first-class health club (The SPAC), banquet operations in the original ballroom & Lobby, a partially completed roof-top banquet venue, and miscellaneous tenant office spaces. Today, banquets are still held in the ballroom, the health club has closed (although it still has much of its infrastructure), the hotel is partially occupied by a homeless shelter, and there are many re-use options for the former office/retail spaces. Construction has begun to add two new event venues.

The property is located in the Central Business District, just a few blocks from Rice Park and the Lowertown Arts District, and it is adjacent to the LRT Green Line Station (the station is on the same block).

The Owner will entertain reasonable purchase offers, lease proposals, and joint venture ideas.

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.

The Saint Paul Athletic Club is located on Cedar Street and 4th Street in downtown Saint Paul, Minnesota. The property is located in the Central Business District and is adjacent to the Central Station of the LRT Green Line.

Highlights
  • There are numerous potential sale, lease and partnership structures. Seller financing is also available.
  • The Property is located in a Qualified Opportunity Zone, which was approved by the U.S. Department of Treasury on May 18, 2018.
  • State Historic Tax Credits (HTCs) may be available.
  • Located adjacent to a premier development site in Downtown Saint Paul, the Central Station Block Development. More information about that development opportunity is available.
  • The Property is comprised of two buildings: one built in 1917, and a primarily athletic expansion built in 1980.
  • Designed by the renowned architecture firm of Reed & Stem and completed in 1917. Reed & Stem contributed to the design of New York City's Grand Central Terminal and Seattle's King Street Station, among many other commissions.
  • 1917 Construction is brick and concrete and the 1980 addition steel frame.
  • Located in the Central Business District of Downtown Saint Paul on Cedar Street and 4th Street.
  • The Property is located only two blocks from the Mississippi River and is within blocks of numerous restaurants, bars, entertainment options, and transit.
  • Adjacent to the Central Station of the LRT Green Line.
  • Entrance off Cedar Street between 4th Street and 5th Street.
Documents
Location
Gallery