CASE STUDY:
Treasure Island Center
Saint Paul, Minnesota
The former Macy’s department store was an old building in need of a new use.
280,000
SQUARE FEET
3.36
ACRES
$71.3 M
DEVELOPMENT BUDGET
Built in 1962, the former Dayton’s, Marshall Field’s, and more recently Macy’s department store was an old building in need of a new use. It was a four-story brick structure sitting in the heart of downtown Saint Paul and had been vacant since 2013.
In just 12 months, Hempel’s contractors transformed the building, putting in walls of glass where before there was only artificial lighting. Treasure Island Center is now home to Walgreens, Tria Orthopedics, Tim Horton’s, the Saint Paul Police Department Special Forces Unit, Stacked Deck Brewing which occupies the ground floor off Wabasha Avenue, and the offices of Minnesota Housing Finance Agency with 60,000 SF on the 4th floor. Treasure Island Center’s crown jewel is the new practice rink for the Minnesota Wild. It serves as their permanent practice home – one with a view of downtown St. Paul. What had at one time been a rooftop surface parking lot is now a sparkling sheet of ice. Besides the Wild, it also serves as home ice for Hamline University hockey teams as well as 1,000’s of hours of youth and adult hockey.
MIXED USE
Office Space
130,000 sf
Retail Space
130,000 sf
Ice Arena
NHL sized rink and
seating for 1,200 people
Athletic Facility
20,000 sf
Parking
780 stalls
AWARDS Won
2019 MCA Choice Award | Minnesota Construction Association
2018 Excellence Award - Renovated/Reposition, New Use | NAIOP
2018 MREJ Award - Redevelopment, Non-Housing | MN Real Estate Journal
2018 STARR Award - Mixed-Use | Minnesota Shopping Center Association
2017 Top Project | Finance and Commerce
BEFORE
THE CHALLENGE
When the vacant Macy’s building in downtown Saint Paul was purchased by the Saint Paul Port Authority, they were faced with two options: demolish or re-purpose the building for new uses. Complete demolition was systematically ruled out due to a $13 million price tag, property line concerns, and impact to light rail. A significant makeover, therefore, made sense as the best option, and the Saint Paul Port Authority sought out Hempel Companies to take on the project.
The joint venture, Go Wild LLC, was formed between the Saint Paul Port Authority and Hempel in March 2016 with Hempel owning 75% of the partnership and the Saint Paul Port Authority owning 25%. With a shared vision and commitment to the project, Hempel provided the private investment and redevelopment expertise needed to make the project a reality.
