The Saint Paul Downtown Development Corporation (SPDDC) purchased the bank note from downtown St. Paul’s former Alliance Bank Center building on Tuesday. The SPDDC is not disclosing details of the bank note deal, but it is now looking for receivership for the site, along with means of taking control.

The SPDDC, a nonprofit organization focused on advancing redevelopment initiatives in downtown St. Paul, will initiate legal proceedings “soon” to place the vacant building into receivership, to make sure the 300,000-square-foot site is properly maintained, according to a news release.

With the former bank center’s property having mechanical and structural problems from years of neglect, the release states, the SPDDC is evaluating opportunities to rehabilitate the building for more productive use. It is also evaluating legal options to gain site control.

St. Paul has provided emergency building services to Alliance Bank Center since March, when the previous management company closed the building abruptly.

“We can’t create a strong and vibrant downtown St. Paul without creating a stable and robust core,” said SPDDC President Dave Higgins in the release, noting “the Alliance Bank Center site is critical to making that happen.”

Businesses were impacted by the building’s closure in March, but city staff worked with the Saint Paul Downtown Alliance in moving businesses into new downtown locations, many of which are open or will soon open.