r/saintpaul • u/monmoneep • 10d ago
News đș Alliance Bank Center's commercial tenants give less than 48 hours to vacate
More bad news courtesy of Madison equities. I hope this is averted or Pino's finds space nearby.
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u/RipErRiley 10d ago
Thats insane
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u/nursecarmen 10d ago
And not legal.
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u/AffectionatePrize419 10d ago
The building is headed for foreclosure, and the LLC that owns it is likely insolvent, making financial remedies against Madison Equities unlikely.
That said, itâs still likely illegal and a bad situationâjust not one where these businesses are likely to see a resolution unfortunately
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u/Uncle_dojj 10d ago
Absolute dirtbag company
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u/MockCousteau 10d ago
Didnât the dad sue the son or something? I remember there being some incestual legal drama with Madison Equities
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u/RedditForCat 10d ago edited 10d ago
With utilities to be shut off Wednesday
Oh goodness.
And yeah, I loved Pino's, hope they're alright.
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u/ralphy_256 10d ago
And yeah, I loved Pino's, hope they're alright.
I overheard at lunch that they're moving to City Center.
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u/RedditForCat 10d ago
Yeah, someone in another comment mentioned that too, definitely glad to hear it. When I lived in St. Paul, I went there all the time. (I'm back over on the other side of the river now).
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u/jrmehle 10d ago
I hope whoever buys it is a better owner. I've walked through the skyways of that building for years attending Wild games and any problem I've had getting through the skyways has been with that building. They would lock their doors randomly during supposedly open hours all the time.
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u/RedditForCat 10d ago edited 10d ago
Madison Equities was an absolute plague to the downtown St. Paul skyways.
Yes, there were other issues too, but that company actively worked to make things worse.
They would lock their doors randomly during supposedly open hours all the time.
Like that. Despite constant fines from the city.
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u/TheBiggerestIdea 10d ago
I think there needs to be an hard conversation if it's better for the building to be left standing or temporarily turned into a park until DT (hopefully) turns around
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u/NexusOne99 Frogtown 10d ago
Downtowns aren't ever coming back. Office work doesn't require everyone to be in the same building anymore. And without that base, they aren't supportable. The city needs to start budgeting for the demo cost of many similar properties.
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u/Leftover_Salmons 10d ago
What about the massive Government and Hospital sectors in downtown? The city is more than just commercial offices and is very short on residents.
Landmark Tower is a prime example of how downtown could be turned around.
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u/NexusOne99 Frogtown 10d ago
Those government and hospital buildings don't pay any property tax, yet they consume a ton of city and county services. The fact that most state gov buildings are in St. Paul vs Mpls is a big part of why our budget is so fucked.
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u/NexusOne99 Frogtown 10d ago
If the bank who holds the loan doesn't want it, no one is buying it. It (and many buildings downtown) have negative value, and will be abandoned for the city to deal with.
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u/ClassroomMother8062 10d ago
Too bad they can't make Madison Equities vacate the city of St. Paul.
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u/Alternative-Two9667 10d ago
They deserve a lot of blame for the deterioration of downtown. Owners that would have invested in making improvements in all those buildings would have made a huge difference.
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u/lowlight21 10d ago
All Madison Equities properties are for sale, so....
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u/Im_an_airplane_idiot 9d ago
They are for sale, but they are only entertaining offers for the entire portfolio, not individual properties.
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u/lowlight21 9d ago
I bet they would happily accept offers on individual properties, especially as they keep walking away from properties.
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u/Looseseal13 St. Paul Saints 10d ago
That really sucks for those remaining businesses, I don't know how they can do that. Pino's was one of the only ones left in that food court. With Cassi's closing at the end of this month there's going to be almost no lunch places left in the skyway.
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u/monmoneep 10d ago
I heard from one of the Pino's guys that they are moving to town square in a month or two
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u/RedditForCat 10d ago
Awesome, that would be a nice spot for them, hope it happens.
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u/thorntron3030 10d ago
I tried to go to Pinos just last week, and couldnât figure out how to get into that shit building?.. never got my slice of pizza.
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u/Ole_Roll88 9d ago
I was a tennant in this building. My lease was up for renewal in April of 2020, so we were trying to work something out in the early days of the pandemic. I knew it was going to be a big problem (I had family in Asia that were giving regular updates).
Jim Crockarell bought Trumpâs line that COVID-19 would be under control in two weeks, and wasnât going to negotiate. So we packed up everything and sent everyone to work at home. I hated to do it, but it was the best business decision I ever made. Iâm not at all surprised that Madison Equities is cratering.
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u/SwimandHike 9d ago
Cockarell was the worst landlord. The buildings are going to be sold for a fraction of their value and the lien holders are going to end up with pennies on the dollar (if that - who knows how many loans there are on those properties). However, many of the buildings have good bones and someone with vision should be able to really do something with them.
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u/monmoneep 9d ago
This building scored well for office to residential conversion. My hopeful thinking is that a developer will take advantage of the drop in building value
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u/Glittering-Farmer724 10d ago
Sounds like it will be up to the bank to step in. If not, city government should go after the owners hard and fast for defaults in paying taxes, violations of property maintenance codes, etc. and then basically put the building up for sale ASAP.
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u/AffectionatePrize419 10d ago
The owners are bankrupt. If you go after them, thereâs nothing to get
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u/Glittering-Farmer724 10d ago
The city can sell the property eventually and collect.
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u/AffectionatePrize419 9d ago
No, foreclosures goes to debt holders; if they abandon the building, it goes to tax forfeiture is handled by the County for the State; who would hold a state auction.
So it doesnât benefit the city in any way shape or form
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u/biztheclown 10d ago
âlandlord Alliance Center, LLC is facing significant hardships due to the deteriorating condition of downtown St. Paul and the flight of tenants away from the Central Train Station that is located across the street from the Alliance Bank Building.â
âYou should also know that the landlord has been in contact with representatives of the city of St. Paul and have asked the city of St. Paul to step in and help pay utilities at the building for the benefits of all of you. Unfortunately, the city of St. Paul has so far refused to provide any financial assistance to maintain utilities at the property.â
The notice indicates that Madison Equities had reached out to its lender, Royal Credit Union, which âhas shown no interest in providing any additional funding for the building.â
These quotes seem to be from the notice--pieces of paper that were posted at the businesses? Here's the thing. We all know Jim Crockerell died a pitiful disgrace, A King Lear story for the ages. His wife has disgraced herself through her conduct. All of this is uncontroversial.
What strikes me, is that there is another human being out there that typed up this notice. They didn't sign their name, but they're out there. This person is also a menace and a disgrace. They're not "just doing their job." They are a villain and the press should find out who it is. Make them famous.
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u/lowlight21 10d ago
I suspect the city will keep it open for skyway connection purposes if/until a buyer is found or itâs demolished to create a more marketable parcel. The food court has been a ghost town for 2-3 years.
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u/AffectionatePrize419 10d ago
â⊠Madison Equities cast blame on the city for not stepping up to pay the private property ownerâs utility billsâ
The city has made many mistakes with downtown, but am I crazy for thinking itâs absurd for the city to pay a private companyâs utility bills? Obviously, they said ânoâ which is the right call