For sale: Giant five-story former department store in heart of downtown, brick '60s-style exterior, close to light rail and skyways, comes with 590-stall parking ramp. Adaptable for variety of uses. For more information, contact the St. Paul Port Authority.
That's the word from the Port Authority, which on Tuesday purchased the vacant Macy's store in downtown St. Paul from the Cincinnati-based retailer for $3 million.
The authority's board quickly ratified its committee's recommendation to swing the deal, which is expected to close on Wednesday.
The agency already has produced a full-color, four-page sales brochure for potential buyers that highlights the property's prime location on the new light-rail line, its flexible zoning for "general business" and redevelopment options.
It also will provide a building analysis to prospective buyers, who Port Authority President Louis Jambois said would be given enough time to examine the property, identify potential uses for it and explore financing options.
"We are open to any combination of appropriate downtown uses," including market-driven housing, commercial, office, entertainment and institutional uses, Jambois said.
So far, more than a dozen parties, both from the region and out-of-state, have expressed interest, he said.
If a future use hasn't been determined after a year or so, the authority will likely demolish the building to give developers a chance to build from scratch, he said.
