THIS PROPERTY WILL BE AUCTIONED VIA TEN-X FROM SEPTEMBER 9-11, 2024.

Shape the future of Downtown St. Paul with the exciting adaptive reuse opportunity at 340 Cedar Street, also known as the Saint Paul Athletic Club Building. Formerly home to Hotel 340, The College of St. Scholastica, the Saint Paul Athletic Club (fitness center), and a variety of banquet spaces, this 13-story building was the first boutique hotel in downtown St. Paul. The offer allows investors and developers to reimagine this historic downtown fixture and create a vibrant mixed-use destination. The Saint Paul Athletic Club's stunning architectural features, along with significant modern updates and prime location make it the perfect candidate for use as multifamily apartments, an expanded hotel, and/or an upscale event venue (with supplementary uses).

Originally built in 1917, the building was designed by renowned architecture firm Reed and Stem, famous for their work on New York City’s Union Station and Seattle’s King Street Station. The 175,000-square-foot building has seen extensive remodeling during the current owner's tenure and currently boasts lavish interiors, including a marble lobby, a grand ballroom, four smaller event spaces, a (former) one-of-a-kind luxury fitness center that is currently being re-positioned, or which could be re-opened as a fitness center, and 56 exceptionally maintained guest rooms. Large windows, expansive hardwood floors, high ceilings, and elegant lighting create a spectacular atmosphere for anyone who walks through the front door. This rare opportunity allows investors to get a running start on a new project with a world-class building at well below replacement cost that radiates with historic charm.

One potential reuse scenario is multifamily. The St. Paul CBD Multifamily submarket’s recent performance strongly supports the development of new quality space. Both segments have shown tightening vacancy rates below the ten-year average and growing rental rates outpacing the greater metro. With no new housing inventory delivered in the past year and economic headwinds delaying local project starts, the stage is set for vacancies to tighten again beginning in 2025 and for rent growth to accelerate thereafter.